2019 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 285B - Economic Development II
Section 285B.512 - End of lottery allocations upon certification by administrator of authority.
(1) The deposit of unobligated net lottery proceeds to an account in the Oregon Unified International Trade Fund shall cease if and when the administrator of the Oregon Infrastructure Finance Authority certifies in writing that deposits are no longer required because:
(a) Sufficient funds are on hand in the account to pay all amounts required to be paid under the grant agreement;
(b) All amounts required to be paid under the grant agreement have been paid; or
(c) The primary sponsor has notified the administrator pursuant to the grant agreement that the primary sponsor is unable to undertake the project.
(2) Upon receipt of the administrator’s written certification pursuant to subsection (1) of this section, the State Treasurer shall thereafter credit any amounts remaining in the account that are not required to pay amounts due under the grant agreement, and any lottery revenues that otherwise would have been deposited in the account under section 9, chapter 644, Oregon Laws 1997, to the Administrative Services Economic Development Fund. In addition, any unexpended grant funds and earnings which are remitted to the State of Oregon pursuant to the grant agreement shall be credited to the Administrative Services Economic Development Fund. [1997 c.644 §12; 2009 c.830 §112]
Note: See note under 285B.500.
