(1) The Water Pollution Control Revolving Fund is established separate and distinct from the General Fund in the State Treasury. The moneys in the Water Pollution Control Revolving Fund are appropriated continuously to the Department of Environmental Quality to be used for the purposes described in ORS 468.429. (2) The Water Pollution Control Revolving Fund shall consist of: (a) All capitalization grants provided by the federal government under the federal Water Quality Act of 1987 (Public Law 100-4); (b) All state matching funds appropriated or authorized by the legislature; (c) Any other revenues derived from gifts, grants or bequests pledged to the state for the purpose of providing financial assistance for water pollution control projects; (d) All repayments of moneys borrowed from the fund; (e) All interest payments made by borrowers from the fund; and (f) Amounts granted or advanced to the Water Pollution Control Revolving Fund from the Pollution Control Fund under ORS 468.220 (1). (3) The State Treasurer may invest and reinvest moneys in the Water Pollution Control Revolving Fund in the manner provided by law. All earnings from such investment and reinvestment shall be credited to the Water Pollution Control Revolving Fund.
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