(1) The Community Renewable Investment Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Community Renewable Investment Fund shall be credited to the fund. The fund consists of: (a) Moneys appropriated or otherwise transferred to the fund by the Legislative Assembly; (b) Moneys received from federal, state or local sources; (c) Gifts, grants or other moneys contributed to the fund; and (d) Other amounts deposited in the fund from any source. (2) Moneys in the fund are continuously appropriated to the State Department of Energy for the purpose of providing grants to applicants approved under ORS 470.830. (3) The department may use reasonable amounts from the fund necessary, but no more than 10 percent of the fund, to administer the Community Renewable Investment Program described in ORS 470.830. (4) The Director of the State Department of Energy shall submit a biennial report to the Legislative Assembly in the manner provided by ORS 293.640 regarding the expenditures of moneys deposited in the Community Renewable Investment Fund and status of ongoing projects funded by the moneys, including but not limited indicators of program success. (5) Upon the expenditure of all grant moneys in the Community Renewable Investment Fund or four years from September 25, 2021, whichever occurs earlier, the director shall submit a report to the Legislative Assembly regarding the expenditures of moneys deposited in the Community Renewable Investment Fund and status of ongoing projects that have received moneys from the fund, including but not limited to indicators of program success. Note: See note under 470.825. _______________
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