Oregon Production Investment Fund; source of moneys in fund; uses of moneys

(1) The Oregon Production Investment Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Oregon Production Investment Fund shall be credited to the fund. (2) Moneys in the Oregon Production Investment Fund shall consist of: (a) Amounts donated to the fund; (b) Amounts appropriated or otherwise transferred to the fund by the Legislative Assembly; (c) Other amounts deposited in the fund from any source; and (d) Interest earned by the fund. (3) Eighty-seven and one-half percent of moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes of making: (a) Reimbursements to filmmakers or local media production services companies under ORS 284.368; (b) Payments to a tax credit marketer for marketing services provided by the marketer as described in ORS 284.369; and (c) Refunds described in ORS 315.514 (5). (4) Seven and one-half percent of moneys in the fund are continuously appropriated to the department for the purpose of making reimbursements to local filmmakers or local media production services companies under ORS 284.368 (3). Total annual reimbursements to local media production services companies under this subsection may not exceed seven and one-half percent of the moneys deposited annually in the fund. On July 1 of each fiscal year, any moneys that remain unexpended or unallocated from the previous fiscal year may be used by the department for the purpose of making reimbursements to filmmakers or local media production services companies under ORS 284.368 (2). (5) Three percent of moneys in the fund are continuously appropriated to the department for the purpose of making payments to filmmakers under ORS 284.368 (4). Total annual payments to filmmakers under this subsection may not exceed five percent of the moneys deposited annually in the fund. On July 1 of each fiscal year, any moneys that remain unexpended or unallocated from the previous fiscal year may be used by the department for the purpose of making payments to filmmakers under this section. Any excess over five percent that remains unexpended or unallocated shall be used by the department for the purpose of making reimbursements to filmmakers or local media production services companies under ORS 284.368 (2). (6) Two percent of moneys in the fund are continuously appropriated to the department for the purpose of making payments to entities under ORS 284.371. On July 1 of each fiscal year, any moneys that remain unexpended or unallocated from the previous fiscal year may be used by the department for any purpose authorized under this section. (7) Expenditures from the fund are not subject to ORS 291.232 to 291.260.