(1) The Environmental Quality Commission shall maintain, with the State Treasurer, a Pollution Control Sinking Fund, separate and distinct from the General Fund. The Pollution Control Sinking Fund shall provide for the payment of the principal and interest upon bonds issued under authority of Article XI-H of the Constitution of Oregon and ORS § 468.195 to 468.260 and administrative expenses incurred in issuing the bonds. Moneys in the sinking fund are continuously appropriated to the commission for such purpose. With the approval of the commission, the moneys in the Pollution Control Sinking Fund may be invested as provided by ORS § 293.701 to 293.857, and earnings from such investment shall be credited to the Pollution Control Sinking Fund.

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(2) The Pollution Control Sinking Fund shall consist of all moneys received from ad valorem taxes levied pursuant to ORS § 291.445 and assessments collected under ORS § 468.220 (8), moneys transferred from the Orphan Site Account under ORS § 465.381 (6), moneys transferred from the Water Pollution Control Revolving Fund under ORS § 468.429 (3), all moneys that the Legislative Assembly may provide in lieu of such taxes, all earnings on the Pollution Control Fund, Pollution Control Sinking Fund, and all other revenues derived from contracts, bonds, notes or other obligations, acquired, by the commission by purchase, loan or otherwise, as provided by Article XI-H of the Constitution of Oregon and by ORS § 468.195 to 468.260.

(3) The Pollution Control Sinking Fund shall not be used for any purpose other than that for which the fund was created. Should a balance remain therein after the purposes for which the fund was created have been fulfilled or after a reserve sufficient to meet all existing obligations and liabilities of the fund has been set aside, the surplus remaining may be transferred to the Pollution Control Fund at the direction of the commission. [Formerly 449.690; 1981 c.312 § 3; 1989 c.833 § 115; 1991 c.220 § 13; 1993 c.411 § 5; 2005 c.755 § 44]

[Formerly 449.692; repealed by 1991 c.220 § 15]