Oregon Revised Statutes Chapter 390 § 390.067 — Request for issuance of state park lottery bonds; Oregon Parks for the Future

Request for issuance of state park lottery bonds; Oregon Parks for the Future Fund; uses of fund. (1) State park lottery bonds shall be issued only at the request of the State Parks and Recreation Director. State park lottery bonds may be issued in an amount sufficient to provide no more than $105 million of net proceeds to pay costs of state park projects, plus the amounts required to pay bond-related costs. (2) The Oregon Parks for the Future Fund is established in the State Treasury, separate and distinct from the General Fund. The net proceeds from the sale of the state park lottery bonds which are available to pay costs of state park projects shall be credited to the Oregon Parks for the Future Fund. Investment earnings on amounts in the Oregon Parks for the Future Fund shall be credited to the Oregon Parks for the Future Fund. All moneys from time to time credited to the Oregon Parks for the Future Fund, including any investment earnings, are appropriated continuously to the State Parks and Recreation Department only for payment of costs of state park projects and for payment of bond-related costs that are allocable to state park lottery bonds. Amounts in the Oregon Parks for the Future Fund shall be disbursed upon the written request of the State Parks and Recreation Director to pay for costs of state park projects pursuant to subsection (3) of this section, and upon the written request of the Director of the Oregon Department of Administrative Services to pay for bond-related costs that are allocable to state park lottery bonds. (3) The State Parks and Recreation Director shall apply amounts in the Oregon Parks for the Future Fund to pay costs of state park projects. The State Parks and Recreation Director may make and administer contracts to carry out state park projects. In addition, the director may enter into agreements with any state agency or local government that commits the State Parks and Recreation Department to pay anticipated funds from the Oregon Parks for the Future Fund to the agency or local government for state park projects. Agreements under this subsection may, subject to the provisions of this section, provide for the remittance of the moneys on such periodic basis, in such amounts, over such period of years and with such priority over other commitments of such funds as the director shall specify in the agreements. The obligation of the state and the department to provide funds under any such agreement shall be subject to the availability of amounts in the Oregon Parks for the Future Fund and any other amounts lawfully available to the State Parks and Recreation Department. The State Parks and Recreation Department and any agency or local government receiving proceeds of state park lottery bonds shall, if so directed by the Oregon Department of Administrative Services, take any action specified by the Oregon Department of Administrative Services which is necessary to maintain the excludability of lottery bond interest from gross income under the United States Internal Revenue Code. [1997 c.800 §4] Note: See note under 390.060.