(1) There is created a Local Economic Opportunity Fund, separate and distinct from the General Fund, to consist of all moneys credited thereto, including moneys from the Administrative Services Economic Development Fund, and all interest earned on the Local Economic Opportunity Fund. The fund is continuously appropriated to the Oregon Business Development Department to be used for grants to implement ORS § 280.518 and 285B.230 to 285B.266.

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(2) The department may use moneys in the Local Economic Opportunity Fund to pay for the administrative expenses of operating the local investment program under ORS § 285B.230 to 285B.266.

(3) The fund shall not be used to retire any debt, to reimburse any person or municipality for expenditures made or expenses incurred prior to the adoption of a local economic development strategy or to substitute for local government expenditures for existing and continuing public services. The department shall adopt rules to carry out the provisions of this subsection.

(4) After consulting with representatives of communities or geographic areas, the department, by rule, shall adopt standards, objectives and criteria for the use and distribution of moneys in the Local Economic Opportunity Fund.

(5) The Local Economic Opportunity Fund is created to provide a flexible funding source for financing those locally determined programs and projects that may not be eligible for financing through other state and federal funding sources. [Formerly 285.650; 1999 c.509 § 56; 2003 c.773 § 25; 2007 c.354 § 15; 2007 c.804 § 67; 2009 c.830 § 79]

[Formerly 285.651; 1999 c.509 § 57; 2001 c.552 § 3; 2003 c.773 § 26; 2007 c.804 § 68; repealed by 2009 c.830 § 171]

[2003 c.773 § 26a; 2007 c.804 § 69; repealed by 2009 c.830 § 171]