1. (1) Pursuant to Article XV, section 4 (4)(d), of the Oregon Constitution, the Education Stability Fund is established separate and distinct from the General Fund. Moneys in the Education Stability Fund shall be invested as provided in ORS 293.701 to 293.790. Except as provided in subsection (2) of this section, all declared earnings on moneys in the fund, including declared earnings on moneys in the Oregon Growth Account, shall be transferred and are appropriated continuously as follows:

   1. (a) 75 percent to the Oregon Education Fund established by ORS 348.716; and
   2. (b) 25 percent to the Higher Education Coordinating Commission for the Oregon Opportunity Grant program under ORS 348.260.
2. (2) If the Director of the Oregon Department of Administrative Services determines for any biennium that the amount to be transferred and appropriated continuously to the Oregon Education Fund under subsection (1)(a) of this section exceeds the amount needed to pay for public education and education lottery bond debt service in that biennium, the amount of the excess for that biennium shall be transferred and is appropriated continuously to the Higher Education Coordinating Commission for the Oregon Opportunity Grant program under ORS 348.260.

[1995 c.12 §2; 1997 c.524 §2; 1997 c.612 §11; 1999 c.44 §§26,27; 1999 c.704 §§17,18; 1999 c.1070 §§13,14; 2001 c.920 §12; 2001 c.922 §§27,28; 2002 s.s.3 c.6 §§2,3; 2005 c.22 §§246,247; 2005 c.748 §§19,20; 2009 c.805 §3; 2011 c.637 §204; 2011 c.699 §7; 2013 c.747 §138; 2015 c.840 §22; 2016 c.118 §18]