(1) The Environmental Restoration Council shall, based on the advice of the State Treasurer, establish a long-term distribution policy for the Oregon Environmental Restoration Fund that seeks to maintain a stable real asset value over time while providing for the transfers described in subsections (3) and (4) of this section. (2) No later than December 1 of each year, the Environmental Restoration Council shall determine the amounts that shall be transferred from the Oregon Environmental Restoration Fund by the Oregon Watershed Enhancement Board for the purposes of subsections (3) and (4) of this section. The amounts to be transferred shall be based on the balance of the Oregon Environmental Restoration Fund at the end of the prior fiscal year. (3) First, the board shall transfer from the Oregon Environmental Restoration Fund the amount reasonably necessary to cover the costs of the board and the Environmental Restoration Council in the administration of ORS 541.857 to 541.882. The amount transferred under this subsection may not exceed 0.25 percent of the Oregon Environmental Restoration Fund balance at the end of the prior fiscal year, unless a greater amount is approved by the Environmental Restoration Council. (4) Second, the board shall transfer from the Oregon Environmental Restoration Fund the amount determined pursuant to the long-term distribution policy developed under subsection (1) of this section, to be allocated as follows: (a) Fifty percent shall be transferred to the State Agency Program Fund established under ORS 541.867; (b) Twenty-five percent shall be transferred to the Disproportionately Impacted Community Fund established under ORS 541.871; and (c) Twenty-five percent shall be transferred to the Tribal Nation Natural Resource Program Fund established under ORS 541.876. Note: The amendments to 541.865 by section 16, chapter 97, Oregon Laws 2024, become operative January 1, 2075. See section 17, chapter 97, Oregon Laws 2024. The text that is operative on and after January 1, 2075, is set forth for the users convenience. 541.865. (1) The Environmental Restoration Council shall, based on the advice of the State Treasurer, establish a long-term distribution policy for the Oregon Environmental Restoration Fund that provides for the transfers described in subsections (3) and (4) of this section. (2) No later than December 1 of each year, the Environmental Restoration Council shall determine the amounts that shall be transferred from the Oregon Environmental Restoration Fund by the Oregon Watershed Enhancement Board for the purposes of subsections (3) and (4) of this section. The amounts to be transferred shall be based on the balance of the Oregon Environmental Restoration Fund at the end of the prior fiscal year. (3) First, the board shall transfer from the Oregon Environmental Restoration Fund the amount reasonably necessary to cover the costs of the board and the Environmental Restoration Council in the administration of ORS 541.857 to 541.882. The amount transferred under this subsection may not exceed 0.25 percent of the Oregon Environmental Restoration Fund balance at the end of the prior fiscal year, unless a greater amount is approved by the Environmental Restoration Council. (4) Second, the board shall transfer from the Oregon Environmental Restoration Fund the amount determined pursuant to the long-term distribution policy developed under subsection (1) of this section, to be allocated as follows: (a) Fifty percent shall be transferred to the State Agency Program Fund established under ORS 541.867; (b) Twenty-five percent shall be transferred to the Disproportionately Impacted Community Fund established under ORS 541.871; and (c) Twenty-five percent shall be transferred to the Tribal Nation Natural Resource Program Fund established under ORS 541.876. Note: See note under 541.857. Note: Section 15, chapter 97, Oregon Laws 2024, provides: Sec. 15. Report on long-term distribution strategy. No later than September 15, 2073, the Environmental Restoration Council shall submit a report to the interim committees of the Legislative Assembly related to the environment in the manner provided by ORS 192.245. The report must evaluate and make recommendations as to whether the long-term distribution strategy developed by the council under section 4 of this 2024 Act [541.865] should continue to seek to maintain a stable real asset value over time, notwithstanding the amendments to section 4 of this 2024 Act by section 16 of this 2024 Act, or whether the distribution strategy should seek to distribute amounts from the Oregon Environmental Restoration Fund so that no balance remains in the fund after a period of 50 years.
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