(1) There is created within the State Treasury a revolving fund known as the Oregon Port Revolving Fund, separate and distinct from the General Fund. Interest earned by the Oregon Port Revolving Fund shall be credited to the fund. Moneys in this fund are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for the following purposes:

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(a) Administrative expenses of the authority in processing applications and investigating proposed projects.

(b) Payment of loans to port districts pursuant to ORS § 285A.666 to 285A.732.

(c) Administrative expenses of the authority relating to ports. In any one year, administrative expenses may not be charged under this paragraph in an amount greater than five percent of the total asset value of the fund.

(2) The fund created by subsection (1) of this section shall consist of:

(a) Repayment of moneys loaned to port districts or others from the Oregon Port Revolving Fund, including interest on such moneys.

(b) Payment of such moneys as may be appropriated to the fund by the Legislative Assembly.

(c) Moneys obtained from any interest accrued from such funds.

(3) Outstanding debt on the fund shall not exceed 95 percent of all deposits, accounts payable, and other assets of the fund.

(4) No money shall be expended from the Oregon Port Revolving Fund for any economic development study costing more than $50,000 unless a work plan and budget for such study has been provided to appropriate legislative committees. [Formerly 285.915; 2001 c.883 § 19; 2007 c.354 § 13; 2007 c.804 § 30; 2009 c.830 § 48; 2023 c.41 § 5]