Oregon Statutes 286A.718 – Renewable Energy Fund; purposes; rules
(1) The Renewable Energy Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the fund may be invested as provided in ORS § 293.701 to 293.857, and interest earned on the fund must be credited to the fund. Amounts credited to the fund are continuously appropriated to the State Department of Energy for the purpose described in ORS § 286A.712 (2)(a) and for the purpose of paying bond-related costs. The department shall deposit in the fund:
Terms Used In Oregon Statutes 286A.718
- Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
- Revenue: means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a state agency or to which a state agency is entitled. See Oregon Statutes 286A.001
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
(a) The net proceeds of Article XI-D bonds transferred pursuant to ORS § 286A.712 (4);
(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the fund; and
(c) Gifts, grants or contributions received by the department for the purpose described in ORS § 286A.712 (2)(a).
(2) The State Department of Energy may create separate accounts in the Renewable Energy Fund as appropriate for the management of moneys in the fund.
(3) The State Department of Energy and any other state agency or other entity receiving or holding net proceeds of Article XI-D bonds shall, at the direction of the Oregon Department of Administrative Services, take action necessary to maintain the excludability of interest on Article XI-D bonds from gross income under the Internal Revenue Code.
(4) If at any time the Oregon Department of Administrative Services or the State Department of Energy determines that there are moneys in the Renewable Energy Fund in excess of the amounts necessary for the purpose described in ORS § 286A.712 (2)(a), the Oregon Department of Administrative Services or the State Department of Energy may transfer the excess amounts to the Article XI-D Bond Fund or to the Article XI-D Bond Administration Fund.
(5) The State Department of Energy may adopt rules to carry out this section, including procedures for distributing and monitoring the use of moneys from the Renewable Energy Fund. [2009 c.893 § 6]