1. (1) The CHIPS Child Care Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the CHIPS Child Care Fund shall be credited to the fund.

2. (2) Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes:

   1. (a) Paying the actual costs incurred by the department to develop and administer this section and ORS 329A.740 and sections 1 and 4, chapter 81, Oregon Laws 2024; and
   2. (b) Carrying out this section and ORS 329A.740 and sections 1 and 4, chapter 81, Oregon Laws 2024, including transferring moneys to the Bureau of Labor and Industries to develop and administer the program described in ORS 329A.740.
3. (3) The Oregon Business Development Department may transfer moneys deposited in the fund to the Child Care Infrastructure Fund established under ORS 329A.725. Moneys transferred under this subsection shall be used by the department to provide financial assistance under ORS 329A.727 for the purposes of increasing child care infrastructure in geographic areas in this state where semiconductor or other advanced manufacturing facilities are presently located or scheduled to be constructed under sections 1 to 6, chapter 25, Oregon Laws 2023.
4. (4) The Oregon Business Development Department shall administer the CHIPS Child Care Fund in consultation with the Bureau of Labor and Industries.

5. (5) The fund shall consist of moneys credited to the fund, including:

   1. (a) Moneys appropriated to the fund by the Legislative Assembly;
   2. (b) Moneys transferred to the fund by the Oregon Business Development Department;
   3. (c) Moneys transferred from the Oregon CHIPS Fund established in section 6, chapter 25, Oregon Laws 2023;
   4. (d) Moneys contributed to the CHIPS Child Care Fund by businesses that receive a program grant or loan under section 3, chapter 25, Oregon Laws 2023, and federal semiconductor financial assistance, as defined in section 1, chapter 25, Oregon Laws 2023;
   5. (e) Earnings on moneys in the fund;
   6. (f) Moneys received from the federal or state government; and
   7. (g) Moneys from any other public or private source.

Note: Sections 1 and 4, chapter 81, Oregon Laws 2024, were repealed by section 11, chapter 81, Oregon Laws 2024. The text of 329A.743 was not amended by enactment of the Legislative Assembly to reflect the repeal. Editorial adjustment of 329A.743 for the repeal of sections 1 and 4, chapter 81, Oregon Laws 2024, has not been made.

Note: The amendments to 329A.743 by section 3a, chapter 81, Oregon Laws 2024, become operative January 1, 2033. See section 10, chapter 81, Oregon Laws 2024. The text that is operative on and after January 1, 2033, is set forth for the user’s convenience.

[2024 c.81 §3]