(1) The Distributable Income Account is established within the Common School Fund. The Department of State Lands shall administer this account in accordance with Article VIII, section 4, Oregon Constitution, and applicable laws.

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(2) The following moneys in the Common School Fund shall be credited to the Distributable Income Account:

(a) Moneys determined by the State Land Board to be available for apportionment according to ORS § 327.410, after payment of the expenses of the State Land Board authorized to be paid under Article VIII, section 2 (2), of the Oregon Constitution.

(b) Other moneys received by the Department of State Lands that are required by law to be credited to the Distributable Income Account.

(3) All other moneys received by the Department of State Lands shall be credited to the Common School Fund.

(4) The moneys in the Distributable Income Account are appropriated continuously for apportionment according to ORS § 327.410. [1967 c.421 § 21; 1969 c.338 § 1; 1969 c.601 § 29; 1977 c.344 § 1; 1987 c.760 § 2; 1991 c.348 § 1; 1995 c.205 § 1; 2003 c.253 § 16; 2005 c.296 § 1; 2013 c.358 § 1]