(2) Moneys in the fund are continuously appropriated to the Oregon Business Development Department:

(a) For distribution to the Eastern Oregon Border Economic Development Board for the purposes set forth in ORS 284.771 to 284.801; and

(b) To reimburse the department for the administrative costs of the department incurred in processing grant or loan applications, investigating the eligibility of applicants and servicing outstanding grants and loans. Reimbursements made under this paragraph may not exceed an annual amount equal to the total revenues received in that year from applicant fees assessed and charged by the department under ORS 284.791, plus four percent of the total asset value of the fund.

(3) Moneys in the Eastern Oregon Border Economic Development Board Fund consist of:

(a) Applicant fees for grants or loans assessed, charged and paid pursuant to ORS 284.791;

(b) Moneys received as repayment of principal and interest on loans made from the fund under ORS 284.771 to 284.801;

(c) Amounts appropriated or otherwise transferred to the fund by the Legislative Assembly;

(d) Amounts donated to the fund;

(e) Moneys transferred to the fund from the federal government, state agencies or local governments;

(f) Lottery bond proceeds approved by the Legislative Assembly for deposit in the fund;

(g) Earnings received on moneys in the fund; and

(h) Other amounts deposited in the fund from any source.

(4) All repayments of grants or loans, interest and other receipts from outstanding indebtedness or any other sources shall be retained and accumulated in the fund and shall be used for the purposes set forth in ORS 284.771 to 284.801.

(5) The Oregon Business Development Department may enter into intergovernmental agreements under ORS chapter 190 as necessary for the administration of the Eastern Oregon Border Economic Development Board Fund. [2017 c.703 §8; 2019 c.72 §5]