(1) Notwithstanding ORS § 670.335, except where otherwise specifically provided by statute pursuant to ORS § 182.462 (1)(e), all moneys collected or received by a board, placed to the credit of that board and remaining unexpended and unobligated on the date that the board is established as a semi-independent state agency, and all moneys collected or received by a board after the date that the board is established as a semi-independent state agency, must be deposited into an account established by that board in accordance with ORS § 295.001 to 295.108. All moneys in the account are continuously appropriated to the board making the deposit for the purpose of carrying out the functions of the board.

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(2) Subject to the approval of the chairperson, president or administrator, a board may invest moneys collected or received by the board. Investments made by a board are:

(a) Limited to investments described in ORS § 294.035;

(b) Subject to the investment maturity date limitations described in ORS § 294.135; and

(c) Subject to the conduct prohibitions listed in ORS § 294.145.

(3) Interest earned from any accounts invested under subsection (2) of this section shall be made available to a board in a manner consistent with the board’s annual budget.

(4) Subject to the approval of the chairperson, president or administrator, all necessary board expenses shall be paid from the moneys collected or earned by a board. [1999 c.1084 § 10; 2001 c.409 § 3; 2003 c.405 § 3; 2007 c.871 § 25; 2011 c.110 § 3; 2019 c.587 § 34]

See note under 182.454.