(1) The Oregon Innovation Bond Administration Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon Innovation Bond Administration Fund consists of:

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(a) The amount of revenue bond proceeds remaining after depositing the net proceeds in the Oregon Innovation Bond Fund pursuant to ORS § 284.747;

(b) The proceeds of revenue bonds issued to pay bond-related costs;

(c) Any funds appropriated or allocated to the Oregon Innovation Bond Administration Fund; and

(d) Investment earnings received on moneys in the Oregon Innovation Bond Administration Fund.

(2) Moneys in the Oregon Innovation Bond Administration Fund are continuously appropriated to the Oregon Innovation Council for paying bond-related costs during the term of revenue bonds issued under ORS § 284.746.

(3) The council, in consultation with the Oregon Business Development Department and the State Treasurer, may use amounts in the Oregon Innovation Bond Administration Fund to pay bond-related costs during the term of revenue bonds issued under ORS § 284.746. Amounts in the fund must be disbursed upon the written request of the council in consultation with the department. [2011 c.610 § 15]

[1987 c.911 § 3; 1993 c.744 § 14; 1997 c.631 § 433; repealed by 2005 c.80 § 7]

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