1. (1) The Article XI-O Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on the bond fund must be credited to the bond fund. Amounts credited to the bond fund are continuously appropriated to the Oregon Department of Administrative Services for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-O bonds. The Oregon Department of Administrative Services shall credit to the bond fund:

   1. (a) Capitalized or accrued interest on Article XI-O bonds;
   2. (b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond fund;
   3. (c) Reserves established for the payment of Article XI-O bonds; and
   4. (d) Amounts received in payment of a bill for bond-related costs in amounts and at times so that sufficient moneys are available in the bond fund to pay the principal of, the interest on and the premium, if any, on Article XI-O bonds when due.
2. (2) The department may create separate accounts in the bond fund for reserves and debt service for each series of Article XI-O bonds.

[Formerly 286.740]