(2) The commission shall allocate moneys in the Sports Lottery Account among the public universities, giving due consideration to:

(a) The athletic conference to which the public university belongs and the relative costs of competing in that conference.

(b) The level of effort being made by the public university to generate funds and support from private sources.

(3) As used in subsections (1) to (3) of this section, "revenue producing sport" is a sport that produces net revenue over expenditures during a calendar year or if its season extends into two calendar years, produces net revenue over expenditures during the season.

(4) An amount equal to one percent of the moneys transferred to the Administrative Services Economic Development Fund from the State Lottery Fund shall be allocated from the Administrative Services Economic Development Fund to the Sports Lottery Account.

(5) The amounts received by the Sports Lottery Account shall be allocated as follows:

(a) Eighty-eight percent for the purposes specified in subsections (1) to (3) of this section, but not to exceed $8 million annually, adjusted annually pursuant to the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor.

(b) Twelve percent for the purpose of scholarships, to be distributed equally between scholarships based on academic merit and scholarships based on need, as determined by rule of the commission, but not to exceed $1,090,909 annually.

(c) All additional money to the commission for the Oregon Opportunity Grant program under ORS 348.260. [1989 c.828 §§2,4(3) and (4); 1991 c.461 §82; 1991 c.780 §28; 1999 c.704 §25; 1999 c.1070 §16; 2005 c.810 §2; 2011 c.637 §275; 2013 c.768 §143b; 2015 c.27 §52; 2015 c.624 §6; 2019 c.57 §24]