Renewable Energy Fund; purposes; rules

(1) The Renewable Energy Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the fund may be invested as provided in ORS 293.701 to 293.857, and interest earned on the fund must be credited to the fund. Amounts credited to the fund are continuously appropriated to the State Department of Energy for the purpose described in ORS 286A.712 (2)(a) and for the purpose of paying bond-related costs. The department shall deposit in the fund: (a) The net proceeds of Article XI-D bonds transferred pursuant to ORS 286A.712 (4); (b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the fund; and (c) Gifts, grants or contributions received by the department for the purpose described in ORS 286A.712 (2)(a). (2) The State Department of Energy may create separate accounts in the Renewable Energy Fund as appropriate for the management of moneys in the fund. (3) The State Department of Energy and any other state agency or other entity receiving or holding net proceeds of Article XI-D bonds shall, at the direction of the Oregon Department of Administrative Services, take action necessary to maintain the excludability of interest on Article XI-D bonds from gross income under the Internal Revenue Code. (4) If at any time the Oregon Department of Administrative Services or the State Department of Energy determines that there are moneys in the Renewable Energy Fund in excess of the amounts necessary for the purpose described in ORS 286A.712 (2)(a), the Oregon Department of Administrative Services or the State Department of Energy may transfer the excess amounts to the Article XI-D Bond Fund or to the Article XI-D Bond Administration Fund. (5) The State Department of Energy may adopt rules to carry out this section, including procedures for distributing and monitoring the use of moneys from the Renewable Energy Fund.