Sec. 315. Distribution of revenues from O&C Trust lands
536 words·~2 min read·
/bill/113/hr/4/eh/section-315A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Payments to each O&C Trust county shall be made available to the general fund of the O&C Trust county as soon as practicable following the end of each fiscal year, to be used as are other unrestricted county funds. The amount paid to an O&C Trust county in relation to the total distributed to all O&C Trust counties for a fiscal year shall be based on the proportion that the total assessed value of the Oregon and California Railroad Grant lands in each of the O&C Trust counties for fiscal year 1915 bears to the total assessed value of all of the Oregon and California Railroad Grant lands in the State for that same fiscal year.
However, for the purposes of this subsection the portion of the revested Oregon and California Railroad Grant lands in each of the O&C Trust counties that was not assessed for fiscal year 1915 shall be deemed to have been assessed at the average assessed value of the Oregon and California Railroad Grant lands in the county. After the fifth payment made under this subsection, the payment to an O&C Trust county for a fiscal year shall not exceed 110 percent of the previous year’s payment to the O&C Trust county, adjusted for inflation based on the consumer price index applicable to the geographic area in which the O&C Trust counties are located.
The Board of Trustees shall generate and maintain a reserve fund. Within 10 years after creation of the O&C Trust or as soon thereafter as is practicable, the Board of Trustees shall establish and seek to maintain an annual balance of $125,000,000 in the Reserve Fund, to be derived from revenues generated from management activities involving O&C Trust lands. All annual revenues generated in excess of operating costs and payments to O&C Trust counties required by subsection
(a)and payments into the Conservation Fund as provided in subsection
(c)shall be deposited in the Reserve Fund. The Board of Trustees shall use amounts in the Reserve Fund only— to pay management and administrative expenses or capital improvement costs on O&C Trust lands; and to make payments to O&C Trust counties when payments to the counties under subsection
(a)are projected to be 90 percent or less of the previous year’s payments. The Board of Trustees shall use a portion of revenues generated from activity on the O&C Trust lands, consistent with paragraph (2), to establish and maintain a O&C Trust Conservation Fund. The O&C Trust Conservation Fund shall include no Federal appropriations. Following the transition period, five percent of the O&C Trust’s annual net operating revenue, after deduction of all management costs and expenses, including the payment required under section 317, shall be deposited to the O&C Trust Conservation Fund. The Board of Trustees shall use amounts from the O&C Trust Conservation Fund only— to fund the voluntary acquisition of conservation easements from willing private landowners in the State; to fund watershed restoration, remediation and enhancement projects within the State; or to contribute to balancing values in a land exchange with willing private landowners proposed under section 323(b), if the land exchange will result in a net increase in ecosystem benefits for fish, wildlife, or rare native plants.