(1) There is created within the State Treasury, separate and distinct from the General Fund, the Oregon Business, Innovation and Trade Fund. Interest earned by the Oregon Business, Innovation and Trade Fund shall be credited to the fund. The moneys in the Oregon Business, Innovation and Trade Fund are continuously appropriated to the Oregon Business Development Department for the purpose of financing programs and projects that promote business and economic development throughout the state. The fund shall consist of all moneys credited to the fund, including moneys from the Administrative Services Economic Development Fund, federal funds collected or received, and fees, moneys or other revenues, including Miscellaneous Receipts, collected or received by the department, and all interest earnings that accrue to the fund.

(2) The Oregon Business, Innovation and Trade Fund is created to provide a flexible funding source for financing those programs and projects that are determined by the Oregon Business Development Commission under the policies, criteria and standards set forth in ORS § 285A.020, 285A.045 and 285A.055 to further business and economic development. The Oregon Business Development Department may finance programs and projects determined by the commission to further business and economic development by making grants or loans using moneys in the fund. Notwithstanding ORS § 279A.140, the department may enter into contracts as necessary or appropriate to implement programs and projects determined by the commission to further business and economic development using moneys in the fund.

(3) The Oregon Business Development Department, by rule, shall adopt standards, objectives and criteria for use of the moneys in the Oregon Business, Innovation and Trade Fund and for the adjustment of allocations to programs and projects that receive funding from the fund. [1997 c.620 § 1; 2001 c.883 § 5; 2003 c.794 § 236; 2007 c.804 § 10; 2009 c.830 § 28]

285A.227 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 285A or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.