(2) The moneys received under subsection (1) of this section shall be deposited in a special account, separate and distinct from the General Fund, to be named the Department of Human Services Scholarship Account, which account is established. All moneys in the account and all earnings thereon are continuously appropriated to the Department of Human Services to be used together with any federal funds that may be available to provide scholarships or grants under ORS 411.175.
(3) The amount in the Department of Human Services Scholarship Account that is available after scholarships and grants under ORS 411.175 have been awarded for any period shall be reported to the Oregon Investment Council by the Department of Human Services and shall be considered investment funds within the meaning of ORS 293.701 to 293.857 and shall be invested in accordance with the standards of ORS 293.726. All earnings on such investments shall be credited to the Department of Human Services Scholarship Account. [Formerly 411.575]