(1) Except as set forth in subsection (2) of this section, moneys described in ORS 530.110 (Distribution of revenues from lands acquired under ORS 530.010 to 530.040) (1)(b) and (2)(c) shall be credited to the county in which the lands are situated and shall be paid quarterly to the county by a warrant drawn as provided by law, pursuant to claim therefor, duly approved by the State Board of Forestry. Payment shall be made on or before the last day of each month following the end of the calendar quarters ending on March 31, June 30, September 30 and December 31. Money received under this subsection by the county shall be applied in the following order:
(a) The county general fund shall be reimbursed for all costs and expenses incurred by the county in the maintenance and supervision of such lands and in any suits by it to quiet its title to lands conveyed to the state; provided that the proceeds so applied shall not be less than 10 percent of the total proceeds received.
(b) Twenty-five percent of the remainder of the money shall be credited and paid into the county school fund created under ORS 328.005 (County school fund).
(c) The remainder of the money shall be by the county prorated and apportioned to the various taxing districts in which the lands are situated in the proportion that the rate of tax levy in each district as shown by the tax levy filed with the assessor for the last year in process of collection, bears to the total rate of tax levy of all such taxing bodies for such year.
(2) After payment of the principal and interest of each bond issue issued pursuant to ORS 530.210 (Definitions for ORS 530.210 to 530.280) to 530.280 (Sinking fund account), 20 percent of the moneys derived from forest products created through expenditures of moneys available from such bond issue shall be credited to the General Fund until the state is reimbursed for its costs under the bond issue in that county. However, the governing body of the county in its discretion may authorize a higher percentage of that county’s allocation for any year to be so credited to the General Fund. [1969 c.428 §3; 1969 c.595 §16; 1973 c.436 §2; 1977 c.840 §17]