(2) Any earnings and interest earned on amounts in the Channel Deepening Account shall be credited to the Channel Deepening Account. The moneys in the Channel Deepening Account are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority and shall be transferred by the authority to the primary sponsor pursuant to and upon the terms and conditions set forth in the grant agreement entered into under ORS 777.284 to pay the Oregon nonfederal share.

(3) The Channel Deepening Debt Service Account is hereby created in the Marine Navigation Improvement Fund.

(4) Any earnings and interest earned on amounts in the Channel Deepening Debt Service Account must be credited to the Channel Deepening Debt Service Account. The moneys in the Channel Deepening Debt Service Account are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for payment of bond-related costs for lottery bonds issued under ORS 285B.551 (5) and section 12, chapter 741, Oregon Laws 2003, and for lottery bonds issued for channel deepening under ORS 285B.551 (3) and section 6, chapter 942, Oregon Laws 2001.

(5) The restrictions on the use of moneys in the Marine Navigation Improvement Fund set forth in ORS 777.267 do not apply to moneys in the Channel Deepening Account or the Channel Deepening Debt Service Account. [1997 c.644 §3; 2001 c.942 §9; 2003 c.741 §15; 2009 c.830 §145]

Note: See note under 777.277.