2015 ORS § 348.570¹
Funds in State Treasury

(1)(a) There is established in the State Treasury a fund, separate and distinct from the General Fund, to be known as the Oregon Student Assistance Fund. Interest earned by the fund shall be credited to the fund.

(b) The fund shall consist of moneys appropriated to the Higher Education Coordinating Commission for deposit into the fund, collections and penalties received by the Executive Director of the Office of Student Access and Completion under ORS 442.545 and any donations or grants received by the commission for a purpose of the fund.

(c) Moneys in the fund are continuously appropriated to the commission for:

(A) Investments as provided by ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government);

(B) The payment of expenses of the commission in carrying out the purposes of ORS 348.250 (Procedure for awarding grants under ORS 348.260), 348.285 (Oregon Roadmap to Language Excellence Scholarships), 348.505 (Financial aid defined) to 348.615 (Appeal procedure), 348.625 (Definitions for ORS 348.570 and 348.625 to 348.695) to 348.695 (Rights and remedies of bondholders and trustees), 348.696 (Education Stability Fund) and 348.992 (Criminal penalty);

(C) The payment of expenses of the Nursing Services Program created in ORS 442.540; and

(D) The purpose of carrying out the provisions of ORS 348.272 (Scholarships for current or former foster children).

(d) The commission shall use moneys in the fund for those purposes for which the moneys were provided to or received or collected by the commission.

(2) There is established in the State Treasury a fund, separate and distinct from the General Fund, to be known as the ASPIRE Program Fund. Moneys received from donations and grants shall be credited to the ASPIRE Program Fund. Moneys in the fund are continuously appropriated to the commission for the purposes of investment, as provided by ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government), and for carrying out the provisions of ORS 348.500 (Purpose). Interest earned by the fund shall be credited to the fund.

(3)(a) There is established in the State Treasury the Nursing Faculty Loan Repayment Fund, separate and distinct from the General Fund. Interest earned on the Nursing Faculty Loan Repayment Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the commission for carrying out ORS 348.440 (Definitions for ORS 348.444 and 348.448) to 348.448 (Program eligibility). The Nursing Faculty Loan Repayment Fund consists of:

(A) Moneys appropriated to the commission for the Nursing Faculty Loan Repayment Program created in ORS 348.444 (Nursing Faculty Loan Repayment Program); and

(B) Grants, gifts or donations received by the commission for the program.

(b) Any unexpended funds in the fund at the end of a biennium shall be retained in the fund and may be expended in subsequent biennia. [Formerly 351.665 [bad link]; 1967 c.335 §41; 1967 c.430 §§6, 7; 1969 c.573 §4; 1975 c.520 §5; 1977 c.725 §10; 1981 c.209 §2; 1983 c.639 §1; 1987 c.48 §2; 1987 c.842 §18; 1989 c.966 §32; 1997 c.524 §5; 1999 c.704 §3; 2001 c.599 §6; 2001 c.730 §2; 2003 c.360 §§4,5; 2007 c.293 §§3,4; 2007 c.426 §§4,5; 2009 c.815 §4; 2011 c.358 §3; 2011 c.637 §174; 2011 c.642 §3; 2013 c.747 §118; 2015 c.513 §8; 2015 c.829 §5]

Note: 442.540 was repealed by section 8, chapter 829, Oregon Laws 2015. The text of 348.570 (Funds in State Treasury) was not amended by enactment of the Legislative Assembly to reflect the repeal. Editorial adjustment of 348.570 (Funds in State Treasury) for the repeal of 442.540 has not been made.