ORS 541.785¹
Disposition and use of bond proceeds

Except for the proceeds of refunding bonds, all moneys obtained from the sale of bonds under ORS 541.780 (Bonds to provide project financing) to 541.815 (Limitation on bond issuance amount) shall be credited by the State Treasurer to the Water Development Fund. Such moneys shall be used only for the purposes stated in Article XI-I (1), Oregon Constitution, and ORS 541.700 (Definitions for ORS 541.700 to 541.855), 541.705 (Project applications) to 541.770 (Federal project loan contract terms) and 541.835 (Water Development Fund). If there are insufficient funds in the Water Development Administration and Bond Sinking Fund to make the payments set forth in ORS 541.830 (Water Development Administration and Bond Sinking Fund), moneys in the Water Development Fund may be transferred to the Water Development Administration and Bond Sinking Fund. Pending the use of moneys in the Water Development Fund for the proper purposes, such moneys may be invested in the manner provided by law. [1977 c.246 §20; 1981 c.660 §46; 1989 c.950 §4; 2009 c.907 §§11,39]

1 Legislative Counsel Committee, CHAPTER 541—Water Distributors; Water Releases; Conservation and Storage;, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors541.­html (2019) (last ac­cessed May 16, 2020).
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. Currency Information