Oregon Revised Statutes Chapter 757 § 757.738 — Surcharge trust accounts related to removal of Klamath River dams

Surcharge trust accounts related to removal of Klamath River dams. (1)(a) The Public Utility Commission shall establish a separate trust account for amounts generated by each of the two surcharges imposed under ORS 757.736. The commission shall establish the trust accounts as interest-bearing accounts: (A) With an agency of the United States identified in the final agreement; (B) In a qualified depository under ORS 295.001 to 295.108; or (C) With the State Treasurer, to be invested as provided in ORS 293.701 to 293.857. (b) The commission may establish each of the two trust accounts with a different trustee among those listed in paragraph (a) of this subsection. (c) The commission may authorize transfer of funds from one trust account to another as necessary to fund removal of the Klamath River dams. (2) If an agreement is entered into under ORS 757.742 (2), the parties to the agreement may agree that a portion of the amounts collected under one surcharge may be deposited in the trust account established for amounts collected under the other surcharge. (3) Upon request of an agency of the United States, or upon request of the designee of an agency of the United States, the commission shall require the trustee of the appropriate trust account established under this section to transfer to the agency or designee the amounts that are necessary to pay the costs of removing the Klamath River dams as described in ORS 757.736 (11). (4) If any amounts remain in a trust account established under this section after the trustee makes all payments necessary for the costs of removing the Klamath River dams as described in ORS 757.736 (11), the commission shall direct the trustee of the account to refund those amounts to customers or to otherwise use the excess amounts for the benefit of customers. [2009 c.690 §5; 2011 c.394 §2; 2019 c.587 §50]