ORS 286A.570¹
Lottery Bond Fund
  • purposes

(1) The Lottery Bond Fund is established in the State Treasury, separate and distinct from the General Fund. The amounts of unobligated net lottery proceeds described in ORS 286A.576 (Allocation of lottery moneys for lottery bonds) (2)(a) and (b) and any appropriated funds and investment earnings of the Lottery Bond Fund shall be credited to the Lottery Bond Fund. The State Treasurer may establish reserves for lottery bonds as provided in ORS 286A.580 (Issuance of lottery bonds) (6). The reserves shall be credited to such account in the Lottery Bond Fund as the State Treasurer may designate.

(2) The amounts credited to the Lottery Bond Fund are continuously appropriated only for the purpose of paying, when due, the principal of and the interest and premium, if any, on outstanding lottery bonds, funding lottery bond reserves and paying amounts due in connection with any instrument authorized by ORS 286A.580 (Issuance of lottery bonds) (6).

(3) The moneys in the Lottery Bond Fund shall be used and applied solely to pay, when due, the principal of and the interest and premium, if any, on any lottery bonds, to fund reserves and to pay amounts due under instruments authorized by ORS 286A.580 (Issuance of lottery bonds) (6). [Formerly 286.570]

Note: Section 9, chapter 44, Oregon Laws 1999, provides:

Sec. 9. (1) The State Treasurer shall merge into the Lottery Bond Fund the lottery bond funds authorized by ORS 285B.530 (Definitions for ORS 285B.530 to 285B.548) to 285B.548 (Amount of infrastructure lottery bonds), 327.700 (Definitions for ORS 327.700 to 327.711) to 327.711 (Payment of debt service) and 390.060 (Definitions for ORS 390.060 to 390.067) to 390.067 (Request for issuance of state park lottery bonds).

(2) The State Treasurer shall merge into the Lottery Bond Administrative Fund the lottery bond administrative funds authorized by ORS 285B.530 (Definitions for ORS 285B.530 to 285B.548) to 285B.548 (Amount of infrastructure lottery bonds), 327.700 (Definitions for ORS 327.700 to 327.711) to 327.711 (Payment of debt service) and 390.060 (Definitions for ORS 390.060 to 390.067) to 390.067 (Request for issuance of state park lottery bonds).

(3) The State Treasurer may merge into a single reserve account the reserve accounts created for lottery bonds authorized by ORS 285B.530 (Definitions for ORS 285B.530 to 285B.548) to 285B.548 (Amount of infrastructure lottery bonds), 327.700 (Definitions for ORS 327.700 to 327.711) to 327.711 (Payment of debt service) and 390.060 (Definitions for ORS 390.060 to 390.067) to 390.067 (Request for issuance of state park lottery bonds). [1999 c.44 §9]

1 Legislative Counsel Committee, CHAPTER 286A—State Borrowing, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­286a.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.
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