Oregon Rainy Day Fund; use; interest

(1) The Oregon Rainy Day Fund is established as an account in the General Fund. (2) The Legislative Assembly may appropriate moneys from the Oregon Rainy Day Fund only if the appropriation is approved by three-fifths of the members serving in each house of the Legislative Assembly and the Legislative Assembly finds one of the following: (a) That the last quarterly economic and revenue forecast for a biennium indicates that moneys available to the General Fund for the next biennium will be at least three percent less than appropriations from the General Fund for the current biennium; (b) That there has been a decline for two or more consecutive quarters in the last 12 months in seasonally adjusted nonfarm payroll employment; or (c) That a quarterly economic and revenue forecast projects that revenues in the General Fund in the current biennium will be at least two percent below what the revenues were projected to be in the revenue forecast on which the legislatively adopted budget for the current biennium was based. (3) Once each month, the Oregon Department of Administrative Services shall calculate the amount of General Fund interest that is attributable to moneys in the Oregon Rainy Day Fund. Except as otherwise provided in ORS 293.148, the department shall: (a) Transfer 6.7 percent of the amount calculated to the Landscape Resiliency Fund established under ORS 477.502; (b) Transfer 13.3 percent of the amount calculated to the Community Risk Reduction Fund established under ORS 476.396; and (c) Transfer 80 percent of the amount calculated to the Oregon Rainy Day Fund. (4) The Legislative Assembly may not appropriate for any one biennium more than two-thirds of the amount that is in the Oregon Rainy Day Fund at the beginning of that biennium. If the appropriation is for a biennium that has not yet begun, the Legislative Assembly may use as the base the most recent estimate of the amount that will be in the Oregon Rainy Day Fund at the beginning of the biennium for which the appropriation is made. (5) As used in this section, “legislatively adopted budget” has the meaning given that term in ORS 291.002.