278.425 Insurance Fund; uses
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/or/ors-chapter-278/insurance-fund/278-425·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
278.425 Insurance Fund; uses.
(1)There is established an Insurance Fund as a separate fund in the State Treasury, separate and distinct from the General Fund, which shall be used to provide insurance and self-insurance for the State of Oregon under this chapter, and for participating local public bodies under ORS 30.282 and 278.125 to 278.215. The moneys in the Insurance Fund may be invested as provided in ORS 293.701 to 293.857 in “investment funds” as defined in ORS 293.701 which includes the Insurance Fund. Interest earned by the fund shall be credited to the fund.
(2)The Insurance Fund shall be administratively separated to assure individual accountability of the state and local public body liability insurance programs under ORS 30.282 and 278.125 to 278.215 and the state property insurance program under this chapter.
(3)All moneys arising from the operation of this section and ORS 278.405, 278.415 and 278.435 and the provisions of this chapter and ORS 30.260 to 30.300 and 278.322 shall be set aside by the State Treasurer and credited to the Insurance Fund. The moneys in the Insurance Fund are continuously appropriated to the Oregon Department of Administrative Services to administer the provisions of this chapter and ORS 30.260 to 30.300 and 278.322. [1985 c.731 §4; 1989 c.966 §13]