Oregon Statutes 348.716 – Oregon Education Fund; use; payment of education lottery bonds
The Oregon Education Fund is established in the State Treasury, separate and distinct from the General Fund. Moneys in the Oregon Education Fund are continuously appropriated to the Oregon Department of Administrative Services for public education and education lottery bond debt service. Seventy-five percent of the declared earnings of the Education Stability Fund as described in ORS § 348.696 shall be transferred monthly to the Oregon Education Fund as directed by the Director of the Oregon Department of Administrative Services. Investment earnings on amounts in the Oregon Education Fund shall be credited to the Oregon Education Fund. The Legislative Assembly may, but shall be under no legal obligation to, allocate and appropriate amounts in the Oregon Education Fund to pay education lottery bonds. The Director of the Oregon Department of Administrative Services may specify when during any fiscal year amounts shall be transferred from the Oregon Education Fund to be used for public education or education lottery bonds. [1999 c.44 § 8; 2001 c.536 § 10; 2002 s.s.3 c.6 8,8a; 2009 c.805 § 6]
Terms Used In Oregon Statutes 348.716
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
348.716 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 348 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
[1975 c.553 § 3; 1987 c.880 § 3; repealed by 1991 c.667 § 17]
[Formerly 351.275; repealed by 1987 c.880 § 19]
[Formerly 351.280; repealed by 1987 c.880 § 19]
OPEN EDUCATIONAL RESOURCES