OAR 581-023-0220: State Education Lottery Bonds

(1) Distribution of State Education Lottery Bond proceeds: (a) To be distributed to school districts as State Education Project grants in each year of biennium as soon as practicable after proceeds from bond sale becomes available; (b) Each school district’s State Education Project grant shall be equal to: (A) The district’s extended weighted average daily membership (extended ADMw), for the year ending June 30, of the year of distribution; times (B) The amount available for the grants divided by statewide extended ADMw for the year ending June 30, of the year of distribution. (2) School districts shall account for the amounts received as State Education Project grants including interest earnings on the grants as follows: (a) As a separate fund limited to State Education Project grants only; or (b) As a subaccount of an existing fund. (3) Proceeds from the State Education Projects grant shall be expended for the following purposes: (a) Acquisition, construction, improvement, remodeling, maintenance or repair of public school facilities in Oregon, including land; (b) Site preparation costs; (c) Permanent or portable buildings and equipment; (d) Telecommunications equipment; (e) Computers; (f) Software and related technology; (g) Textbooks; (h) Library books; (i) Furniture and furnishings; (j) Vehicles; (k) Costs of planning for bond issues and capital improvements; (l) Payment of debt service on obligations, other than general obligation bonds, issued for such projects; or (m) Instructional training. (4) Proceeds may be held in reserve and be expended in future years for purposes listed in section (3).