Oregon Innovation Fund

(1) There is created within the State Treasury, separate and distinct from the General Fund, the Oregon Innovation Fund. Interest earned by the Oregon Innovation Fund shall be credited to the fund. (2) Moneys in the Oregon Innovation Fund shall consist of: (a) Amounts donated to the fund; (b) Amounts appropriated or otherwise transferred to the fund by the Legislative Assembly; (c) Investment earnings received on moneys in the fund; and (d) Other amounts deposited in the fund from any source. (3) Moneys in the fund are continuously appropriated to the Oregon Innovation Council for the purposes of making grants, loans and equity investments under ORS 284.742 and, subject to the approval of the Oregon Business Development Department, entering into contracts and grant agreements to carry out the recommendations included in the state plan developed under ORS 284.715. (4) The council may establish accounts and subaccounts within the fund when the council determines that accounts or subaccounts are necessary or desirable and may credit any interest or income derived from moneys in the fund to any account or subaccount in the fund. (5) The council may use moneys in the fund to pay the administrative costs associated with the fund and with making grants, loans, equity investments and other distributions of moneys from the fund.