Oregon Revised Statutes Chapter 348 § 348.702 — Oregon

Oregon Growth Account. (1) There is created within the Education Stability Fund the Oregon Growth Account, to which shall be credited, in the manner provided in subsection (2) of this section, 10 percent of the funds transferred under Article XV, section 4, of the Oregon Constitution, from the Administrative Services Economic Development Fund to the Education Stability Fund. Separate records shall be maintained for moneys in the Oregon Growth Account that are available for the purposes specified in subsection (5) of this section. The account may be credited with unrestricted appropriations, gifts, donations, grants or contract proceeds from any source, with investments or funds from any source and with returns on investments made from the account. (2) The Oregon Department of Administrative Services may credit to the Oregon Growth Account from the first funds transferred in a fiscal year to the Education Stability Fund under Article XV, section 4, of the Oregon Constitution, an amount up to the amount the department estimates to be 10 percent of the funds required to be transferred to the Education Stability Fund for that fiscal year. (3) If at the end of the fiscal year the amount credited to the Oregon Growth Account under subsection (2) of this section is less than or greater than 10 percent of the amount required to be transferred under Article XV, section 4, of the Oregon Constitution, to the Education Stability Fund, the amount credited to the Oregon Growth Account shall be adjusted in one of the following ways: (a) The amount credited to the account in the following fiscal year may be adjusted; (b) Any excess may be transferred from the Oregon Growth Account to the Education Stability Fund; or (c) Any shortage may be transferred from the Education Stability Fund to the Oregon Growth Account from funds available for that purpose. (4) Adjustments required by subsection (3) of this section shall be made without consideration of any interest or other earnings that have accrued during the fiscal year. (5) The purpose of the Oregon Growth Account is to earn returns for the Education Stability Fund. (6) The investment of funds in the Oregon Growth Account shall be governed by the Oregon Growth Board. (7) The Oregon Business Development Department, on behalf of the Oregon Growth Board, may use moneys in the Oregon Growth Account to pay the administrative costs associated with the account and with administering those portions of ORS 284.881 to 284.890 that pertain to the account. [1995 c.811 §§3,4; 1997 c.323 §2; 2001 c.922 §2; 2002 s.s.3 c.6 §4; 2003 c.14 §154; 2003 c.606 §6; 2005 c.835 §32; 2007 c.71 §96; 2007 c.172 §2; 2009 c.805 §§1,2; 2012 c.90 §§7a,33a; 2013 c.732 §10; 2015 c.818 §3]