ORS 178.320: Oregon 529 Savings Network Fund; College Savings Plan Subaccount; ABLE Subaccount.

(1) The Oregon 529 Savings Network Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon 529 Savings Network Fund shall consist of the Oregon 529 College Savings Plan Subaccount and the Oregon 529 ABLE Subaccount. Interest earned by each subaccount shall be credited to the subaccount. (2)(a) All moneys credited to the Oregon 529 College Savings Plan Subaccount are continuously appropriated to the Oregon 529 Savings Board for the purpose of administering accounts established for qualified higher education expenses under ORS 178.300 to 178.360. (b) All moneys credited to the Oregon 529 ABLE Subaccount are continuously appropriated to the board for the purpose of administering a qualified ABLE program pursuant to ORS 178.380. (3) Each subaccount in the Oregon 529 Savings Network Fund shall consist of: (a) Moneys appropriated to the subaccount by the Legislative Assembly; (b) Moneys transferred to the subaccount from the federal government, other state agencies or local governments; (c) Moneys from the payment of fees and the payment of other moneys due the board; (d) Any gifts or donations made to the State of Oregon for deposit in the subaccount; and (e) Earnings on moneys in the subaccount. (4)(a) The board may use the moneys in the Oregon 529 College Savings Plan Subaccount to pay the administrative costs and expenses of the board and the Oregon 529 Savings Network related to the administration of accounts established for qualified higher education expenses under ORS 178.300 to 178.360, to provide or make available scholarships, grants and other incentives to account owners, potential account owners and their designated beneficiaries or to further any other purpose of ORS 178.300 to 178.360. (b) The board may use the moneys in the Oregon 529 ABLE Subaccount to pay the administrative costs and expenses of the board and the Oregon 529 Savings Network related to the administration of the qualified ABLE program established under ORS 178.380, to provide or make available incentives to owners of ABLE accounts or potential account owners and their designated beneficiaries or to further any other purpose of the qualified ABLE program established under ORS 178.380. [Formerly 348.856; 2018 c.23 §3; 2019 c.85 §3]