Statewide Transportation Improvement Fund. (1) The Statewide Transportation Improvement Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Statewide Transportation Improvement Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Department of Transportation to finance investments and improvements or to maintain existing public transportation services, except that the moneys may not be used for light rail capital expenses but may be used for light rail operation expenses

(2) The Statewide Transportation Improvement Fund consists of:

(a) All moneys received from the tax imposed under ORS 320.550;

(b) Moneys appropriated or otherwise transferred to the fund by the Legislative Assembly;

(c) Moneys transferred to the fund under ORS 184.642, 323.455 or 323.457 (1)(d) and (2)(b);

(d) Distribution repayments, if any; and

(e) Other moneys deposited in the fund from any source.

(3) Unless approved by the department, the moneys in the Statewide Transportation Improvement Fund may not be used to supplant local and regional agency moneys currently directed to public transportation service providers. [2017 c.750 §122L; 2018 c.93 §33; 2020 s.s.1 c.15 §3; 2020 s.s.1 c.15 §4]