The Department of State Lands shall transfer the balance of the Distributable Income Account of the Common School Fund established under ORS 273.105, after deductions authorized by law, to the Superintendent of Public Instruction semiannually, or more frequently if the State Land Board so orders. The superintendent shall immediately apportion the amount transferred among the counties in proportion to the number of children resident in each county between the ages of 4 and 20 as determined pursuant to ORS 190.510 to 190.610. The superintendent shall distribute to each school district within a county a share of the countys apportionment that is based on the districts average daily membership that resides within the county. [Amended by 1965 c.100 32; 1967 c.421 200; 1971 c.294 2; 1982 s.s.2 c.1 5; 2005 c.412 1]
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