Oregon Statutes 357.195 – State Library Donation Fund; Talking Book and Braille Library Endowment Fund
(1) The State Library Donation Fund is established in the State Treasury, separate and distinct from the General Fund. The following moneys shall be placed in the fund:
Terms Used In Oregon Statutes 357.195
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.
- 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) Gifts and donations to the State Library;
(b) The interest, income, dividends or profits received on any property or funds of the State Library derived from gifts, legacies, devises, bequests, endowments or other donations;
(c) Other interest earned by the fund; and
(d) Any other moneys placed in the fund as provided by law.
(2) Moneys in the fund that are derived from profits, interest or other earnings traceable to a specific gift, legacy, devise, bequest, endowment or other donation shall be used in the same manner as the principal or corpus of the gift, legacy, devise, bequest, endowment or other donation.
(3) Moneys in the fund, including moneys in the Talking Book and Braille Library Endowment Fund subaccount if established pursuant to subsection (5) of this section, may, at the discretion of the State Library Board, be invested as provided in ORS § 293.701 to 293.857.
(4) The State Treasurer shall credit monthly to the fund any interest or other income derived from the fund or the investing thereof.
(5) The board may establish a Talking Book and Braille Library Endowment Fund as a subaccount of the State Library Donation Fund.
(6) Moneys in the State Library Donation Fund are continuously appropriated to the State Library for use by, and support and maintenance of, the State Library. Claims against the fund shall be approved and warrants issued in the manner provided by law. [Formerly 357.270; 1989 c.966 § 42; 2001 c.379 § 1; 2005 c.755 § 28; 2015 c.328 § 20; 2015 c.840 § 23]