Industrial Lands Loan Fund

(1)(a) The Industrial Lands Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Industrial Lands Loan Fund shall be credited to the fund. (b) Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes set forth in ORS 285B.003 to 285B.030. In addition, the department may finance administrative costs incurred by the department under ORS 285B.003 to 285B.030. (c) The department may establish other accounts within the fund for the payment of project costs, reserves, debt service payments, credit enhancement, administrative costs and operation expenses or any other purpose necessary to carry out ORS 285B.003 to 285B.030. (2) Moneys in the fund may be invested as provided by ORS 293.701 to 293.857, and the earnings from the investments shall be credited to the account in the fund designated by the department. (3) The fund shall consist of moneys credited to the fund, including: (a) Moneys appropriated to the fund by the Legislative Assembly; (b) Moneys transferred to the fund by the department; (c) Earnings on moneys in the fund; (d) Repayment of financial assistance, including interest, under ORS 285B.024 and 285B.027; (e) Moneys received from the federal, state or local governments; and (f) Moneys, or the proceeds of assets, from any other public or private source, including, but not limited to, grants and gifts. (4)(a) The department may commit moneys in the fund, or reserve future income of the fund, for expenditure in future years in accordance with this section. (b) The department may commit moneys or reserve future income under this subsection only after: (A) Allowing for contingencies; and (B) Determining that there will be sufficient unobligated net moneys in the fund to make the future payments, consistent with the requirements of this section.