(1) The Community College Bond Sinking Fund is established separate and distinct from the General Fund. The Community College Bond Sinking Fund shall be used to provide for payment of the principal and the interest upon bonds issued under the authority of Article XI-G of the Oregon Constitution for the benefit of community college districts under ORS 341.721.
(2) Moneys in the fund are appropriated continuously to the Department of Community Colleges and Workforce Development.
(3) The fund may be invested by the State Treasurer, and earnings on the investments shall be credited to the fund.
(4) The fund shall consist of all moneys received from ad valorem taxes levied pursuant to ORS 291.445, all moneys that the Legislative Assembly may provide in lieu of such taxes, all moneys received as accrued interest upon bonds sold, all earnings from investments of the fund and the proceeds of the sale of refunding bonds.
(5) The department may credit the fund with moneys received from either a sale or interfund transfer of land, buildings or facilities.
(6)(a) The department may not use the fund for any purpose other than the purposes for which the fund was created.
(b) Notwithstanding paragraph (a) of this subsection, the department may transfer any surplus in the fund to other funds designated by the department if a balance remains in the fund and:
(A) The purposes for which the fund was created have been fulfilled; and
(B) A reserve sufficient to meet all existing and future obligations and liabilities of the fund has been set aside. [2005 c.787 §23]
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