1. (1) The State Forestry General Obligation Bond Fund is established separate and distinct from the General Fund. Interest earned by the State Forestry General Obligation Bond Fund shall be credited to the fund. Moneys in the fund may be invested as provided in ORS 286A.025 and 293.701 to 293.857. All moneys in the State Forestry General Obligation Bond Fund are continuously appropriated to the State Forestry Department for the purposes of paying bond-related costs when due on the general obligation bonds issued under Article XI-E of the Oregon Constitution. However, an agreement for exchange of interest rates may not be paid from moneys derived under paragraph (a) of this subsection or from General Fund moneys appropriated under paragraph (d) of this subsection to fulfill a pledge of the full faith and credit of the state set forth in Article XI-E of the Oregon Constitution. The State Forestry General Obligation Bond Fund shall consist of the following:

   1. (a) All moneys derived from taxes levied under ORS 291.445;
   2. (b) All moneys derived from the sale, exchange or use of land acquired pursuant to ORS 530.240;
   3. (c) Except as provided in ORS 530.115, all moneys received from the disposal of forest products created through expenditures of moneys available under ORS 530.210 to 530.280 for reforestation; and
   4. (d) Any moneys that may be appropriated to the fund by the Legislative Assembly.
2. (2) The moneys referred to in subsection (1)(b) and (c) of this section shall be set aside for State Forestry General Obligation Bond Fund purposes until there are no longer any bonds issued under ORS 530.210 to 530.280 outstanding. If no bonds issued under ORS 530.210 to 530.280 are outstanding, the moneys described in subsection (1)(b) and (c) of this section shall be disposed of using the distribution formula described in ORS 530.115 (1)(a) to (c).

[Amended by 1955 c.115 §2; 1957 c.83 §21; 1967 c.335 §52; 1969 c.428 §4; 1991 c.220 §14; 1999 c.59 §168; 2009 c.831 §16]