74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 440
 
                         Senate Bill 100
 
Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Governor Theodore R.
  Kulongoski for State Parks and Recreation Department)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Places Oregon State Fair Account within State Parks and
Recreation Department Fund. Expands crediting of account interest
to account. Removes restriction on expenditures for purpose
designated by donor or grantor.
 
                        A BILL FOR AN ACT
Relating to Oregon State Fair Account; amending ORS 565.107.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 565.107 is amended to read:
  565.107. (1) The Oregon State Fair Account is   { - created as
an account separate and distinct from the General Fund of the
State Treasury. - }  { +  established as a separate account
within the State Parks and Recreation Department Fund. Interest
earned on moneys in the account shall be credited to the account.
 + }The account shall consist of:
  (a) Proceeds from the sale of revenue bonds authorized to be
issued by ORS 565.095.
    { - (b) Interest earned on moneys held for debt service
payments, rebates and the proceeds from the sale of revenue bonds
pursuant to ORS 565.095, notwithstanding ORS 293.140, including
moneys held since December 17, 1986. Such interest earnings shall
be separately accounted for within the account and shall be
available only for the purpose of retiring bond indebtedness. - }
 
    { - (c) - }  { +  (b) + } Moneys received by the State Parks
and Recreation Director from activities conducted at the Oregon
State Fair.
    { - (d) - }  { +  (c) + } Moneys received by the director by
appropriation, gift, grant or other donation from any source or
otherwise paid to the director pursuant to law. Moneys received
as a result of a gift, grant or donation shall be separately
accounted for within the account and shall be available only for
the purpose specified in the gift, grant or donation or, if no
purpose is specified, for any purpose that the State Parks and
Recreation Commission determines is consistent with the intent of
the donor or grantor.
 
   { +  (2) Interest earned on moneys held for debt service
payments and rebates and interest earned on the proceeds from the
sale of revenue bonds pursuant to ORS 565.095 shall be separately
accounted for within the account and shall be available only for
the purpose of retiring bond indebtedness. + }
    { - (e) - }  { +  (3) + } Interest earned on moneys received
by the director as a result of a gift, grant or donation  { - .
The interest earnings - } shall be separately accounted for
within the account and shall be available only for the purpose
specified in the gift, grant or donation or, if no purpose is
specified, for any purpose that the commission determines is
consistent with the intent of the donor or grantor.
    { - (2) - }  { +  (4) + } Moneys in the account
 { - created - }   { + established + } by subsection (1) of this
section are appropriated continuously to the State Parks and
Recreation Department { + . Subject to subsection (2) of this
section, the department may use the account moneys + } for
  { - the payment of - } :
  (a)  { + The payment of + } operating and other expenses of the
Oregon State Fair.
  (b) Land acquisition, capital construction and capital
improvements at the Oregon State Fair.
  (c)  { + The payment of + } principal and interest on all
revenue bonds issued pursuant to ORS 565.095.
  (d) Any purpose designated by the donor or grantor of a gift,
grant or donation, or for any other purpose that the commission
determines is consistent with the intent of the donor or grantor
 { - , to the extent of gift, grant, donation and resulting
interest moneys within the account - } .
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