(a) "Dedicated fund" means a fund in the county treasury, or a separate account in the county treasury, that is dedicated, appropriated or set aside for purposes that further economic development.

(b) "Furthering economic development" has the meaning given that term in ORS 461.540.

(2)(a) When a county receives moneys that are derived either directly or indirectly from funds from the State Lottery Fund under section 4, Article XV of the Oregon Constitution, and ORS chapter 461, and the moneys are to be used for the purpose of furthering economic development, the county:

(A) Shall deposit the moneys into a dedicated fund; and

(B) May use a reasonable portion of the moneys to employ a person to manage the moneys in the dedicated fund, make the report required by subsection (3) of this section, verify that moneys are used for purposes that further economic development in the county and provide technical assistance to persons or entities receiving disbursements from the dedicated fund.

(b) Moneys received as described in this subsection may not be placed in the general fund of the county.

(3) On or before October 1 of each year, each county that has received moneys as described in subsection (2) of this section shall file a report with the Oregon Department of Administrative Services for posting on the Oregon transparency website as provided in ORS 276A.253 stating:

(a) The amount of moneys received by the county as described in subsection (2) of this section;

(b) The purpose and use of moneys that have been disbursed from the dedicated fund during the prior calendar or fiscal year; and

(c) Work and services provided by the person employed under subsection (2) of this section. [2011 c.385 §1]

Note: 461.512 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 461 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.