(2) Any amounts received by an agency from the Insurance Fund may be applied for purposes other than the restoration of the property destroyed provided such use is approved by the department, the Legislative Administration Committee or the State Court Administrator, as appropriate, and further, in the event the amount received from the Insurance Fund exceeds $50,000, approval must also be received from the Legislative Assembly if in session, or the Emergency Board if during the interim. If the restoration of any property designated in ORS 278.011 that is lost, damaged, or destroyed by any covered peril is not required, the cost of razing the property may be paid out of the Insurance Fund. Any amounts approved on claims for use in rebuilding or replacing real or personal property may be transferred to other agencies if approved by the department, the Legislative Administrator or the State Court Administrator, as appropriate. However, in the event that the amount exceeds $50,000, approval must also be secured from the Legislative Assembly if in session, or the Emergency Board if during the interim.
(3) The department may establish deductibles for certain perils or classes of property covered by the Insurance Fund. Payments from the fund to cover loss, damage or destruction shall be reduced by the deductible amount adopted by the department.
(4) The department shall draw warrants on the State Treasurer payable from the Insurance Fund for all claims required in carrying out the provisions of this chapter. [Amended by 1953 c.581 §11; 1957 c.385 §2; 1961 c.448 §9; 1965 c.140 §3; 1969 c.670 §9; 1981 c.109 §10; 1985 c.731 §10; 1991 c.566 §3; 1993 c.500 §26]