(1) The Article XI-F(1) Bond Fund is established in the State Treasury, separate and distinct from the General Fund, or with a third party under contract with the Oregon Department of Administrative Services and approved by the State Treasurer. Moneys in the Article XI-F(1) Bond Fund may be invested as provided in ORS § 286A.025 and 293.701 to 293.857, and interest earned on the fund must be credited to the fund. Moneys credited to the Article XI-F(1) Bond Fund are continuously appropriated to the department for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-F(1) bonds. The department shall deposit in the fund:

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(a) Capitalized or accrued interest on Article XI-F(1) bonds;

(b) Moneys, if any, appropriated or otherwise provided by the Legislative Assembly for deposit in the fund;

(c) Reserves, if any, established for the payment of Article XI-F(1) bonds;

(d) Moneys transferred from a project fund under ORS § 286A.833 (4);

(e) Moneys received as payment under a loan agreement or the schedule provided under ORS § 352.415;

(f) Moneys received from ad valorem taxes levied pursuant to ORS § 291.445; and

(g) Moneys provided by the Legislative Assembly in lieu of ad valorem taxes levied pursuant to ORS § 291.445.

(2) The department shall credit any interest earnings in the fund on amounts paid by a public university pursuant to a loan agreement or the schedule provided under ORS § 352.415 that exceed the amount needed to repay outstanding Article XI-F(1) bonds issued for the benefit of the public university against the payment obligations of the public university under a loan agreement or the schedule provided under ORS § 352.415.

(3) At the request of the department, the State Treasurer may create or cause to be created separate accounts in the fund for reserves and debt service for each series of Article XI-F(1) bonds. [2015 c.828 § 5]