(2) The fund shall consist of moneys deposited in the fund pursuant to ORS 530.110 (3).
(3) If the department uses proceeds from bonds issued on or after July 28, 2009, under ORS 530.140 or 530.210 to 530.280, or from lottery bonds that were issued on or after July 28, 2009, to acquire land that immediately prior to acquisition by the department was subject to taxation by a county, the department shall make payments as provided in this section to reimburse the county for the loss of tax revenue from the acquired land. The amount paid to a county under this section shall be the amount by which the tax revenue to the county for the last year in which the acquired land was taxable exceeds the amounts distributed to the counties under ORS 530.110 (1)(b) or (2)(c) from revenue generated by that land. However, if in any year the amounts distributed under ORS 530.110 (1)(b) or (2)(c) from revenue generated by the acquired land equals or exceeds the tax revenue to the county for the last year in which the acquired land was taxable, payments under this section in regard to that land shall terminate and not resume. [2009 c.831 §8]
Note: 530.175 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 530 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.