§2605 Oregon and California Land-grant Fund; Annual Distribution of Moneys

Summary

Starting March 1, 1938, money in the Oregon and California land‑grant fund is split each year into three parts. Fifty percent goes to the counties where the revested grant lands are located. That money is paid on or after June 30, 1938, and each year after. Each county gets a share based on the 1915 assessed value of the grant lands in that county compared to the total for Oregon in 1915. Land in a county that was not assessed in 1915 is counted at the county’s average assessed value. The money is used like other county funds. Twenty‑five percent first pays counties for unpaid payments‑in‑lieu‑of‑taxes that accrued before March 1, 1938. The Treasury pays these amounts when the Secretary of the Interior certifies them, until the debts are cleared. After those debts are paid, that 25% is credited to the Treasury general fund until the general fund is repaid for prior charges. If, after old debts are gone, the 50% payments are less than 78% of the 1934 tax claims, up to three‑fifths of this 25% may be used to make up the shortfall. Once the Treasury is fully repaid, this 25% is paid each year on or after September 30 to the counties like the first part. The remaining 25% is for running the program in amounts Congress decides each year. Any unused part goes into the Treasury general fund and is applied to repay any remaining charges against the land‑grant fund.