(1) There is created within the State Treasury, separate and distinct from the General Fund, the Port Planning and Marketing Fund. All moneys in the Port Planning and Marketing Fund are appropriated continuously to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority and shall be used by the authority for:

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(a) Administrative expenses of the authority in processing grant applications and investigating proposed planning or marketing projects related to ports.

(b) Payment of grants under ORS § 285A.654 to 285A.660 to ports formed under ORS § 777.010 and 777.050.

(c) Direct purchase by the authority of goods or services to assist ports in implementing planning or marketing projects approved for grant financing under ORS § 285A.654 to 285A.660.

(2) The Port Planning and Marketing Fund shall consist of:

(a) Moneys appropriated to the fund by the Legislative Assembly.

(b) Moneys obtained from gifts or grants received under ORS § 285A.200.

(c) Moneys obtained from interest earned on the investment of such moneys.

(3) Moneys in the Port Planning and Marketing Fund, with the approval of the State Treasurer, may be invested as provided by ORS § 293.701 to 293.857, and the earnings from such investments shall be credited to the Port Planning and Marketing Fund. [Formerly 285.850; 2001 c.883 § 7a; 2003 c.802 § 154; 2007 c.804 § 26; 2009 c.830 § 35]