2011 ORS § 348.570¹
Funds and accounts created

(1) 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 for investment as provided by ORS 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (Separate accounts for each local government) and for the payment of the expenses of the Oregon Student Access Commission in carrying out the purposes of ORS 348.210 (Scholarships at Eastern Oregon University) to 348.250 (Procedure for awarding grants under ORS 348.230 and 348.260), 348.285 (Oregon Roadmap to Language Excellence Scholarships), 348.505 (Definitions for ORS 348.500 to 348.695) to 348.615 (Appeal procedure), 348.696 (Education Stability Fund) and 348.992 (Criminal penalty). Interest earned by the fund shall be credited to the fund.

(2) There is established in the State Treasury a fund, separate and distinct from the General Fund, to be known as the Alternative Student Loan Program Fund for investment as provided by ORS 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (Separate accounts for each local government) and for the payment of expenses of the commission in carrying out the purposes of ORS 348.625 (Definitions for ORS 348.570 and 348.625 to 348.695) to 348.695 (Rights and remedies of bondholders and trustees). This fund, including the interest earnings on the fund, if any, is continuously appropriated to the commission for those purposes for which such funds were provided to, received or collected by the commission.

(3)(a) There is established in the General Fund an account to be known as the Nursing Services Account. Funds in the account shall be used for the payment of expenses of the Nursing Services Program created in ORS 442.540 (Nursing Services Program created).

(b) The account shall consist of:

(A) Funds appropriated to the Oregon Student Access Commission for deposit into the account;

(B) Collections and penalties received by the commission under ORS 442.545 (Conditions of participation in Nursing Services Program); and

(C) Any donations or grants received by the commission for purposes of the Nursing Services Program.

(c) Any funds in the account that are not expended in any biennium shall be retained in the account and may be expended in subsequent biennia.

(4) There is established in the State Treasury a fund, separate and distinct from the General Fund, to be known as the Foster Youth Scholarship Fund. Moneys received from appropriations, donations and grants shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Student Access Commission for the purposes of investment, as provided by ORS 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (Separate accounts for each local government), and for carrying out the provisions of ORS 348.270 (Scholarships for children of public safety officers and former foster children) (1)(b). Interest earned by the fund shall be credited to the fund.

(5) 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 Oregon Student Access Commission for the purposes of investment, as provided by ORS 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (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.

(6)(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 Oregon Student Access 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; 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]