(1) There is created the Special Public Works Fund, separate and distinct from the General Fund. Interest earned by the Special Public Works Fund shall be credited to the fund. All moneys credited to the Special Public Works Fund are appropriated continuously to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for the purposes set forth in this section.

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(2) The fund shall consist of all moneys credited to the fund, including:

(a) Moneys appropriated to the fund by the Legislative Assembly or transferred to the fund by the authority;

(b) Earnings on the fund;

(c) Repayment of financial assistance, including interest;

(d) Moneys received from the federal government, other state agencies or local governments;

(e) Bond proceeds as authorized under ORS § 285B.410 to 285B.482 or other law; and

(f) Moneys from any other source, including but not limited to grants and gifts.

(3) Moneys in the Special Public Works Fund may be invested as provided by ORS § 293.701 to 293.857 and the earnings from the investments shall be credited to the account in the Special Public Works Fund designated by the authority.

(4) The authority shall administer the Special Public Works Fund.

(5) The authority may establish other accounts within the Special Public Works Fund for the payment of project costs, reserves, debt service payments, credit enhancement, administrative costs and operation expenses or any other purpose necessary to carry out ORS § 285B.410 to 285B.482.

(6) The authority may directly or indirectly grant, expend or loan moneys in the fund or extend credit to:

(a) Provide to municipalities any form of financial or other assistance that the authority considers appropriate to assist communities with a project, including the refinancing of temporary project financing.

(b) Purchase goods or services related to a project on behalf of the municipality.

(c) Provide state funds as a match for federal funds available for the administration of the Community Development Block Grant program.

(d) Finance administrative costs of the authority pursuant to ORS § 285B.410 to 285B.482.

(e) Provide annual grants on behalf of a municipality in the form of partial repayment to bondholders of amounts owed.

(f) Cover contracts that are issued to guaranty any portion of the obligation of a municipality to finance a development project and that are not sold to the State of Oregon. Guaranty contracts under this paragraph shall be payable solely from moneys in the Special Public Works Fund, and shall not constitute a debt or obligation of the State of Oregon. The authority may, on behalf of the state, establish a special account in the fund and commit to deposit into the account specified portions of existing and future allocations to the fund. The commitments shall be made by rule of the department and shall constitute covenants of the state for the benefit of the owners of obligations guaranteed by the state pursuant to this section.

(7) As used in this section, ‘administrative costs’ includes the authority’s direct and indirect costs for investigating and processing an application, developing a contract, monitoring the use of funds by a municipality, investigating and resolving budget discrepancies, closing a project and providing financial or other assistance to a municipality. [Formerly 285.733; 2001 c.633 § 5; 2001 c.883 § 32; 2003 c.773 § 41; 2003 c.800 § 24; 2005 c.835 § 4; 2007 c.783 § 102a; 2007 c.804 § 34; 2009 c.830 § 102]

Section 32, chapter 773, Oregon Laws 2003, provides:

On and after the effective date of this 2009 Act [July 28, 2009], all repayments of financial assistance provided from the Community Facilities Account shall be credited to the accounts within the Special Public Works Fund designated by the administrator of the Oregon Infrastructure Finance Authority. [2003 c.773 § 32; 2009 c.830 § 97]