Or. Rev. Stat. § 541.865 – Long-term distribution policy for Oregon Environmental Restoration Fund; annual transfers

(1) The Environmental Restoration Council shall, based on the advice of the State Treasurer, establish a long-term distribution policy for the Oregon Environmental Restoration Fund that seeks to maintain a stable real asset value over time while providing for the transfers described in subsections (3) and (4) of this section.
(2) No later than December 1 of each year, the Environmental Restoration Council shall determine the amounts that shall be transferred from the Oregon Environmental Restoration Fund by the Oregon Watershed Enhancement Board for the purposes of subsections (3) and (4) of this section. The amounts to be transferred shall be based on the balance of the Oregon Environmental Restoration Fund at the end of the prior fiscal year.
(3) First, the board shall transfer from the Oregon Environmental Restoration Fund the amount reasonably necessary to cover the costs of the board and the Environmental Restoration Council in the administration of ORS 541.857 to 541.882. The amount transferred under this subsection may not exceed 0.25 percent of the Oregon Environmental Restoration Fund balance at the end of the prior fiscal year, unless a greater amount is approved by the Environmental Restoration Council.
(4) Second, the board shall transfer from the Oregon Environmental Restoration Fund the amount determined pursuant to the long-term distribution policy developed under subsection (1) of this section, to be allocated as follows:
1. (a) Fifty percent shall be transferred to the State Agency Program Fund established under ORS 541.867;
2. (b) Twenty-five percent shall be transferred to the Disproportionately Impacted Community Fund established under ORS 541.871; and
3. (c) Twenty-five percent shall be transferred to the Tribal Nation Natural Resource Program Fund established under ORS 541.876.

Note: The amendments to 541.865 by section 16, chapter 97, Oregon Laws 2024, become operative January 1, 2075. See section 17, chapter 97, Oregon Laws 2024. The text that is operative on and after January 1, 2075, is set forth for the user’s convenience.

[2024 c.97 §4]