(1) The Director of the Oregon Business Development Department shall enter into, or modify, a grant agreement with the primary sponsor committing the Oregon Business Development Department to request that the State Treasurer issue lottery bonds as provided in ORS § 285B.551 (3) and section 6, chapter 942, Oregon Laws 2001, to obtain lottery bond proceeds for deposit in the Channel Deepening Account for payment of the Oregon nonfederal share.

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(2) The total amount paid to the primary sponsor pursuant to the grant agreement may not exceed the lesser of the amount of the Oregon nonfederal share or the total amount deposited in the Channel Deepening Account. The grant agreement:

(a) Shall specify a method for determining the total amount of the Oregon nonfederal share; and

(b) May not contain provisions or be construed or enforced in any manner that would cause the grant agreement to constitute a debt or liability of the state that violates section 7, Article XI of the Oregon Constitution. [1997 c.644 § 4; 2001 c.942 § 10; 2002 s.s.1 c.8 § 3; 2003 c.741 § 16; 2009 c.830 § 146]

See note under 777.277.

[Repealed by 1963 c.268 § 21]