77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session NOTE: Matter within { + braces and plus signs + } in an amended section is new. Matter within { - braces and minus signs - } is existing law to be omitted. New sections are within { + braces and plus signs + } . LC 399 Senate Bill 14 Printed pursuant to Senate Interim Rule 213.28 by order of the President of the Senate in conformance with presession filing rules, indicating neither advocacy nor opposition on the part of the President (at the request of State Treasurer Ted Wheeler) SUMMARY The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject to consideration by the Legislative Assembly. It is an editor's brief statement of the essential features of the measure as introduced. Repeals provisions repealing establishment of Oregon Growth Fund and Oregon Growth Board. Declares emergency, effective on passage. A BILL FOR AN ACT Relating to the Oregon Growth Board; creating new provisions; amending ORS 192.502, 244.050, 284.706, 293.731, 293.761 and 348.702 and section 26, chapter 90, Oregon Laws 2012; repealing sections 27, 28, 34, 35 and 36, chapter 90, Oregon Laws 2012; and declaring an emergency. Be It Enacted by the People of the State of Oregon: SECTION 1. Section 26, chapter 90, Oregon Laws 2012, is amended to read: { + Sec. 26. + } Sections 5, 6, 7 and 12 to 18 { + , chapter 90, Oregon Laws 2012 + } { - of this 2012 Act - } , the amendments to ORS { - 192.502, - } 284.701, { - 284.706, 293.731, - } 293.733 { - , 293.761, - } { + and + } 293.796 { - and 348.702 - } by sections { + 20, 23 and 25, chapter 90, Oregon Laws 2012, + } { - 7a and 19 to 25 of this 2012 Act - } and the repeal of ORS 348.701, 348.703, 348.704, 348.706, 348.707 and 348.710 by section 10 { + , chapter 90, Oregon Laws 2012, + } { - of this 2012 Act - } become operative on January { - 2 - } { + 1 + }, 2014. SECTION 2. { + Sections 27, 28, 34, 35 and 36, chapter 90, Oregon Laws 2012, are repealed. + } SECTION 3. ORS 192.502, as amended by section 26, chapter 45, Oregon Laws 2012, and sections 19 and 30, chapter 90, Oregon Laws 2012, is amended to read: 192.502. The following public records are exempt from disclosure under ORS 192.410 to 192.505: (1) Communications within a public body or between public bodies of an advisory nature to the extent that they cover other than purely factual materials and are preliminary to any final agency determination of policy or action. This exemption shall not apply unless the public body shows that in the particular instance the public interest in encouraging frank communication between officials and employees of public bodies clearly outweighs the public interest in disclosure. (2) Information of a personal nature such as but not limited to that kept in a personal, medical or similar file, if public disclosure would constitute an unreasonable invasion of privacy, unless the public interest by clear and convincing evidence requires disclosure in the particular instance. The party seeking disclosure shall have the burden of showing that public disclosure would not constitute an unreasonable invasion of privacy. (3) Public body employee or volunteer addresses, Social Security numbers, dates of birth and telephone numbers contained in personnel records maintained by the public body that is the employer or the recipient of volunteer services. This exemption: (a) Does not apply to the addresses, dates of birth and telephone numbers of employees or volunteers who are elected officials, except that a judge or district attorney subject to election may seek to exempt the judge's or district attorney's address or telephone number, or both, under the terms of ORS 192.445; (b) Does not apply to employees or volunteers to the extent that the party seeking disclosure shows by clear and convincing evidence that the public interest requires disclosure in a particular instance; (c) Does not apply to a substitute teacher as defined in ORS 342.815 when requested by a professional education association of which the substitute teacher may be a member; and (d) Does not relieve a public employer of any duty under ORS 243.650 to 243.782. (4) Information submitted to a public body in confidence and not otherwise required by law to be submitted, where such information should reasonably be considered confidential, the public body has obliged itself in good faith not to disclose the information, and when the public interest would suffer by the disclosure. (5) Information or records of the Department of Corrections, including the State Board of Parole and Post-Prison Supervision, to the extent that disclosure would interfere with the rehabilitation of a person in custody of the department or substantially prejudice or prevent the carrying out of the functions of the department, if the public interest in confidentiality clearly outweighs the public interest in disclosure. (6) Records, reports and other information received or compiled by the Director of the Department of Consumer and Business Services in the administration of ORS chapters 723 and 725 not otherwise required by law to be made public, to the extent that the interests of lending institutions, their officers, employees and customers in preserving the confidentiality of such information outweighs the public interest in disclosure. (7) Reports made to or filed with the court under ORS 137.077 or 137.530. (8) Any public records or information the disclosure of which is prohibited by federal law or regulations. (9)(a) Public records or information the disclosure of which is prohibited or restricted or otherwise made confidential or privileged under Oregon law. (b) Subject to ORS 192.423, paragraph (a) of this subsection does not apply to factual information compiled in a public record when: (A) The basis for the claim of exemption is ORS 40.225; (B) The factual information is not prohibited from disclosure under any applicable state or federal law, regulation or court order and is not otherwise exempt from disclosure under ORS 192.410 to 192.505; (C) The factual information was compiled by or at the direction of an attorney as part of an investigation on behalf of the public body in response to information of possible wrongdoing by the public body; (D) The factual information was not compiled in preparation for litigation, arbitration or an administrative proceeding that was reasonably likely to be initiated or that has been initiated by or against the public body; and (E) The holder of the privilege under ORS 40.225 has made or authorized a public statement characterizing or partially disclosing the factual information compiled by or at the attorney's direction. (10) Public records or information described in this section, furnished by the public body originally compiling, preparing or receiving them to any other public officer or public body in connection with performance of the duties of the recipient, if the considerations originally giving rise to the confidential or exempt nature of the public records or information remain applicable. (11) Records of the Energy Facility Siting Council concerning the review or approval of security programs pursuant to ORS 469.530. (12) Employee and retiree address, telephone number and other nonfinancial membership records and employee financial records maintained by the Public Employees Retirement System pursuant to ORS chapters 238 and 238A. (13) Records of or submitted to the State Treasurer, the Oregon Investment Council or the agents of the treasurer or the council relating to active or proposed publicly traded investments under ORS chapter 293, including but not limited to records regarding the acquisition, exchange or liquidation of the investments. For the purposes of this subsection: (a) The exemption does not apply to: (A) Information in investment records solely related to the amount paid directly into an investment by, or returned from the investment directly to, the treasurer or council; or (B) The identity of the entity to which the amount was paid directly or from which the amount was received directly. (b) An investment in a publicly traded investment is no longer active when acquisition, exchange or liquidation of the investment has been concluded. (14)(a) Records of or submitted to the State Treasurer, the Oregon Investment Council, the Oregon Growth { - Account - } Board or the agents of the treasurer, council or board relating to actual or proposed investments under ORS chapter 293 or 348 in a privately placed investment fund or a private asset including but not limited to records regarding the solicitation, acquisition, deployment, exchange or liquidation of the investments including but not limited to: (A) Due diligence materials that are proprietary to an investment fund, to an asset ownership or to their respective investment vehicles. (B) Financial statements of an investment fund, an asset ownership or their respective investment vehicles. (C) Meeting materials of an investment fund, an asset ownership or their respective investment vehicles. (D) Records containing information regarding the portfolio positions in which an investment fund, an asset ownership or their respective investment vehicles invest. (E) Capital call and distribution notices of an investment fund, an asset ownership or their respective investment vehicles. (F) Investment agreements and related documents. (b) The exemption under this subsection does not apply to: (A) The name, address and vintage year of each privately placed investment fund. (B) The dollar amount of the commitment made to each privately placed investment fund since inception of the fund. (C) The dollar amount of cash contributions made to each privately placed investment fund since inception of the fund. (D) The dollar amount, on a fiscal year-end basis, of cash distributions received by the State Treasurer, the Oregon Investment Council, the Oregon Growth { - Account - } Board or the agents of the treasurer, council or board from each privately placed investment fund. (E) The dollar amount, on a fiscal year-end basis, of the remaining value of assets in a privately placed investment fund attributable to an investment by the State Treasurer, the Oregon Investment Council, the Oregon Growth { - Account - } Board or the agents of the treasurer, council or board. (F) The net internal rate of return of each privately placed investment fund since inception of the fund. (G) The investment multiple of each privately placed investment fund since inception of the fund. (H) The dollar amount of the total management fees and costs paid on an annual fiscal year-end basis to each privately placed investment fund. (I) The dollar amount of cash profit received from each privately placed investment fund on a fiscal year-end basis. (15) The monthly reports prepared and submitted under ORS 293.761 and 293.766 concerning the Public Employees Retirement Fund and the Industrial Accident Fund may be uniformly treated as exempt from disclosure for a period of up to 90 days after the end of the calendar quarter. (16) Reports of unclaimed property filed by the holders of such property to the extent permitted by ORS 98.352. (17)(a) The following records, communications and information submitted to the Oregon Business Development Commission, the Oregon Business Development Department, the State Department of Agriculture, the Oregon Growth { - Account - } Board, the Port of Portland or other ports as defined in ORS 777.005, or a county or city governing body and any board, department, commission, council or agency thereof, by applicants for investment funds, grants, loans, services or economic development moneys, support or assistance including, but not limited to, those described in ORS 285A.224: (A) Personal financial statements. (B) Financial statements of applicants. (C) Customer lists. (D) Information of an applicant pertaining to litigation to which the applicant is a party if the complaint has been filed, or if the complaint has not been filed, if the applicant shows that such litigation is reasonably likely to occur; this exemption does not apply to litigation which has been concluded, and nothing in this subparagraph shall limit any right or opportunity granted by discovery or deposition statutes to a party to litigation or potential litigation. (E) Production, sales and cost data. (F) Marketing strategy information that relates to applicant's plan to address specific markets and applicant's strategy regarding specific competitors. (b) The following records, communications and information submitted to the State Department of Energy by applicants for tax credits or for grants awarded under ORS 469B.256: (A) Personal financial statements. (B) Financial statements of applicants. (C) Customer lists. (D) Information of an applicant pertaining to litigation to which the applicant is a party if the complaint has been filed, or if the complaint has not been filed, if the applicant shows that such litigation is reasonably likely to occur; this exemption does not apply to litigation which has been concluded, and nothing in this subparagraph shall limit any right or opportunity granted by discovery or deposition statutes to a party to litigation or potential litigation. (E) Production, sales and cost data. (F) Marketing strategy information that relates to applicant's plan to address specific markets and applicant's strategy regarding specific competitors. (18) Records, reports or returns submitted by private concerns or enterprises required by law to be submitted to or inspected by a governmental body to allow it to determine the amount of any transient lodging tax payable and the amounts of such tax payable or paid, to the extent that such information is in a form which would permit identification of the individual concern or enterprise. Nothing in this subsection shall limit the use which can be made of such information for regulatory purposes or its admissibility in any enforcement proceedings. The public body shall notify the taxpayer of the delinquency immediately by certified mail. However, in the event that the payment or delivery of transient lodging taxes otherwise due to a public body is delinquent by over 60 days, the public body shall disclose, upon the request of any person, the following information: (a) The identity of the individual concern or enterprise that is delinquent over 60 days in the payment or delivery of the taxes. (b) The period for which the taxes are delinquent. (c) The actual, or estimated, amount of the delinquency. (19) All information supplied by a person under ORS 151.485 for the purpose of requesting appointed counsel, and all information supplied to the court from whatever source for the purpose of verifying the financial eligibility of a person pursuant to ORS 151.485. (20) Workers' compensation claim records of the Department of Consumer and Business Services, except in accordance with rules adopted by the Director of the Department of Consumer and Business Services, in any of the following circumstances: (a) When necessary for insurers, self-insured employers and third party claim administrators to process workers' compensation claims. (b) When necessary for the director, other governmental agencies of this state or the United States to carry out their duties, functions or powers. (c) When the disclosure is made in such a manner that the disclosed information cannot be used to identify any worker who is the subject of a claim. (d) When a worker or the worker's representative requests review of the worker's claim record. (21) Sensitive business records or financial or commercial information of the Oregon Health and Science University that is not customarily provided to business competitors. (22) Records of Oregon Health and Science University regarding candidates for the position of president of the university. (23) The records of a library, including: (a) Circulation records, showing use of specific library material by a named person; (b) The name of a library patron together with the address or telephone number of the patron; and (c) The electronic mail address of a patron. (24) The following records, communications and information obtained by the Housing and Community Services Department in connection with the department's monitoring or administration of financial assistance or of housing or other developments: (a) Personal and corporate financial statements and information, including tax returns. (b) Credit reports. (c) Project appraisals. (d) Market studies and analyses. (e) Articles of incorporation, partnership agreements and operating agreements. (f) Commitment letters. (g) Project pro forma statements. (h) Project cost certifications and cost data. (i) Audits. (j) Project tenant correspondence. (k) Personal information about a tenant. (L) Housing assistance payments. (25) Raster geographic information system (GIS) digital databases, provided by private forestland owners or their representatives, voluntarily and in confidence to the State Forestry Department, that is not otherwise required by law to be submitted. (26) Sensitive business, commercial or financial information furnished to or developed by a public body engaged in the business of providing electricity or electricity services, if the information is directly related to a transaction described in ORS 261.348, or if the information is directly related to a bid, proposal or negotiations for the sale or purchase of electricity or electricity services, and disclosure of the information would cause a competitive disadvantage for the public body or its retail electricity customers. This subsection does not apply to cost-of-service studies used in the development or review of generally applicable rate schedules. (27) Sensitive business, commercial or financial information furnished to or developed by the City of Klamath Falls, acting solely in connection with the ownership and operation of the Klamath Cogeneration Project, if the information is directly related to a transaction described in ORS 225.085 and disclosure of the information would cause a competitive disadvantage for the Klamath Cogeneration Project. This subsection does not apply to cost-of-service studies used in the development or review of generally applicable rate schedules. (28) Personally identifiable information about customers of a municipal electric utility or a people's utility district or the names, dates of birth, driver license numbers, telephone numbers, electronic mail addresses or Social Security numbers of customers who receive water, sewer or storm drain services from a public body as defined in ORS 174.109. The utility or district may release personally identifiable information about a customer, and a public body providing water, sewer or storm drain services may release the name, date of birth, driver license number, telephone number, electronic mail address or Social Security number of a customer, if the customer consents in writing or electronically, if the disclosure is necessary for the utility, district or other public body to render services to the customer, if the disclosure is required pursuant to a court order or if the disclosure is otherwise required by federal or state law. The utility, district or other public body may charge as appropriate for the costs of providing such information. The utility, district or other public body may make customer records available to third party credit agencies on a regular basis in connection with the establishment and management of customer accounts or in the event such accounts are delinquent. (29) A record of the street and number of an employee's address submitted to a special district to obtain assistance in promoting an alternative to single occupant motor vehicle transportation. (30) Sensitive business records, capital development plans or financial or commercial information of Oregon Corrections Enterprises that is not customarily provided to business competitors. (31) Documents, materials or other information submitted to the Director of the Department of Consumer and Business Services in confidence by a state, federal, foreign or international regulatory or law enforcement agency or by the National Association of Insurance Commissioners, its affiliates or subsidiaries under ORS 86A.095 to 86A.198, 697.005 to 697.095, 697.602 to 697.842, 705.137, 717.200 to 717.320, 717.900 or 717.905, ORS chapter 59, 723, 725 or 726, the Bank Act or the Insurance Code when: (a) The document, material or other information is received upon notice or with an understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or other information; and (b) The director has obligated the Department of Consumer and Business Services not to disclose the document, material or other information. (32) A county elections security plan developed and filed under ORS 254.074. (33) Information about review or approval of programs relating to the security of: (a) Generation, storage or conveyance of: (A) Electricity; (B) Gas in liquefied or gaseous form; (C) Hazardous substances as defined in ORS 453.005 (7)(a), (b) and (d); (D) Petroleum products; (E) Sewage; or (F) Water. (b) Telecommunication systems, including cellular, wireless or radio systems. (c) Data transmissions by whatever means provided. (34) The information specified in ORS 25.020 (8) if the Chief Justice of the Supreme Court designates the information as confidential by rule under ORS 1.002. (35)(a) Employer account records of the State Accident Insurance Fund Corporation. (b) As used in this subsection, 'employer account records ' means all records maintained in any form that are specifically related to the account of any employer insured, previously insured or under consideration to be insured by the State Accident Insurance Fund Corporation and any information obtained or developed by the corporation in connection with providing, offering to provide or declining to provide insurance to a specific employer. 'Employer account records' includes, but is not limited to, an employer's payroll records, premium payment history, payroll classifications, employee names and identification information, experience modification factors, loss experience and dividend payment history. (c) The exemption provided by this subsection may not serve as the basis for opposition to the discovery documents in litigation pursuant to applicable rules of civil procedure. (36)(a) Claimant files of the State Accident Insurance Fund Corporation. (b) As used in this subsection, 'claimant files' includes, but is not limited to, all records held by the corporation pertaining to a person who has made a claim, as defined in ORS 656.005, and all records pertaining to such a claim. (c) The exemption provided by this subsection may not serve as the basis for opposition to the discovery documents in litigation pursuant to applicable rules of civil procedure. (37) Except as authorized by ORS 408.425, records that certify or verify an individual's discharge or other separation from military service. (38) Records of or submitted to a domestic violence service or resource center that relate to the name or personal information of an individual who visits a center for service, including the date of service, the type of service received, referrals or contact information or personal information of a family member of the individual. As used in this subsection, 'domestic violence service or resource center' means an entity, the primary purpose of which is to assist persons affected by domestic or sexual violence by providing referrals, resource information or other assistance specifically of benefit to domestic or sexual violence victims. SECTION 4. ORS 244.050, as amended by sections 9 and 29, chapter 90, Oregon Laws 2012, is amended to read: 244.050. (1) On or before April 15 of each year the following persons shall file with the Oregon Government Ethics Commission a verified statement of economic interest as required under this chapter: (a) The Governor, Secretary of State, State Treasurer, Attorney General, Commissioner of the Bureau of Labor and Industries, district attorneys and members of the Legislative Assembly. (b) Any judicial officer, including justices of the peace and municipal judges, except any pro tem judicial officer who does not otherwise serve as a judicial officer. (c) Any candidate for a public office designated in paragraph (a) or (b) of this subsection. (d) The Deputy Attorney General. (e) The Legislative Administrator, the Legislative Counsel, the Legislative Fiscal Officer, the Secretary of the Senate and the Chief Clerk of the House of Representatives. (f) The Chancellor and Vice Chancellors of the Oregon University System and the president and vice presidents, or their administrative equivalents, in each public university listed in ORS 352.002. (g) The following state officers: (A) Adjutant General. (B) Director of Agriculture. (C) Manager of State Accident Insurance Fund Corporation. (D) Water Resources Director. (E) Director of Department of Environmental Quality. (F) Director of Oregon Department of Administrative Services. (G) State Fish and Wildlife Director. (H) State Forester. (I) State Geologist. (J) Director of Human Services. (K) Director of the Department of Consumer and Business Services. (L) Director of the Department of State Lands. (M) State Librarian. (N) Administrator of Oregon Liquor Control Commission. (O) Superintendent of State Police. (P) Director of the Public Employees Retirement System. (Q) Director of Department of Revenue. (R) Director of Transportation. (S) Public Utility Commissioner. (T) Director of Veterans' Affairs. (U) Executive director of Oregon Government Ethics Commission. (V) Director of the State Department of Energy. (W) Director and each assistant director of the Oregon State Lottery. (X) Director of the Department of Corrections. (Y) Director of the Oregon Department of Aviation. (Z) Executive director of the Oregon Criminal Justice Commission. (AA) Director of the Oregon Business Development Department. (BB) Director of the Office of Emergency Management. (CC) Director of the Employment Department. (DD) Chief of staff for the Governor. (EE) Administrator of the Office for Oregon Health Policy and Research. (FF) Director of the Housing and Community Services Department. (GG) State Court Administrator. (HH) Director of the Department of Land Conservation and Development. (II) Board chairperson of the Land Use Board of Appeals. (JJ) State Marine Director. (KK) Executive director of the Oregon Racing Commission. (LL) State Parks and Recreation Director. (MM) Public defense services executive director. (NN) Chairperson of the Public Employees' Benefit Board. (OO) Director of the Department of Public Safety Standards and Training. (PP) Chairperson of the Oregon Student Access Commission. (QQ) Executive director of the Oregon Watershed Enhancement Board. (RR) Director of the Oregon Youth Authority. (SS) Director of the Oregon Health Authority. (TT) Deputy Superintendent of Public Instruction. (h) Any assistant in the Governor's office other than personal secretaries and clerical personnel. (i) Every elected city or county official. (j) Every member of a city or county planning, zoning or development commission. (k) The chief executive officer of a city or county who performs the duties of manager or principal administrator of the city or county. (L) Members of local government boundary commissions formed under ORS 199.410 to 199.519. (m) Every member of a governing body of a metropolitan service district and the executive officer thereof. (n) Each member of the board of directors of the State Accident Insurance Fund Corporation. (o) The chief administrative officer and the financial officer of each common and union high school district, education service district and community college district. (p) Every member of the following state boards and commissions: (A) Board of Geologic and Mineral Industries. (B) Oregon Business Development Commission. (C) State Board of Education. (D) Environmental Quality Commission. (E) Fish and Wildlife Commission of the State of Oregon. (F) State Board of Forestry. (G) Oregon Government Ethics Commission. (H) Oregon Health Policy Board. (I) State Board of Higher Education. (J) Oregon Investment Council. (K) Land Conservation and Development Commission. (L) Oregon Liquor Control Commission. (M) Oregon Short Term Fund Board. (N) State Marine Board. (O) Mass transit district boards. (P) Energy Facility Siting Council. (Q) Board of Commissioners of the Port of Portland. (R) Employment Relations Board. (S) Public Employees Retirement Board. (T) Oregon Racing Commission. (U) Oregon Transportation Commission. (V) Wage and Hour Commission. (W) Water Resources Commission. (X) Workers' Compensation Board. (Y) Oregon Facilities Authority. (Z) Oregon State Lottery Commission. (AA) Pacific Northwest Electric Power and Conservation Planning Council. (BB) Columbia River Gorge Commission. (CC) Oregon Health and Science University Board of Directors. (DD) Capitol Planning Commission. (EE) Higher Education Coordinating Commission. { + (FF) Oregon Growth Board. + } (q) The following officers of the State Treasurer: (A) Deputy State Treasurer. (B) Chief of staff for the office of the State Treasurer. (C) Director of the Investment Division. (r) Every member of the board of commissioners of a port governed by ORS 777.005 to 777.725 or 777.915 to 777.953. (s) Every member of the board of directors of an authority created under ORS 441.525 to 441.595. (2) By April 15 next after the date an appointment takes effect, every appointed public official on a board or commission listed in subsection (1) of this section shall file with the Oregon Government Ethics Commission a statement of economic interest as required under ORS 244.060, 244.070 and 244.090. (3) By April 15 next after the filing deadline for the primary election, each candidate described in subsection (1) of this section shall file with the commission a statement of economic interest as required under ORS 244.060, 244.070 and 244.090. (4) Within 30 days after the filing deadline for the general election, each candidate described in subsection (1) of this section who was not a candidate in the preceding primary election, or who was nominated for public office described in subsection (1) of this section at the preceding primary election by write-in votes, shall file with the commission a statement of economic interest as required under ORS 244.060, 244.070 and 244.090. (5) Subsections (1) to (4) of this section apply only to persons who are incumbent, elected or appointed public officials as of April 15 and to persons who are candidates on April 15. Subsections (1) to (4) of this section also apply to persons who do not become candidates until 30 days after the filing deadline for the statewide general election. (6) If a statement required to be filed under this section has not been received by the commission within five days after the date the statement is due, the commission shall notify the public official or candidate and give the public official or candidate not less than 15 days to comply with the requirements of this section. If the public official or candidate fails to comply by the date set by the commission, the commission may impose a civil penalty as provided in ORS 244.350. SECTION 5. ORS 284.706, as amended by sections 21 and 31, chapter 90, Oregon Laws 2012, is amended to read: 284.706. (1) There is created the Oregon Innovation Council consisting of the following voting members: (a) The Governor or the Governor's designated representative, who shall be chairperson of the council. (b) Five members appointed by the Governor who are engaged in the operations of Oregon traded sector industries or Oregon growth businesses. (c) One member appointed by the Governor who is a representative of an Oregon-based, generally accredited, not-for-profit private institution of higher education. (d) A member of the Oregon Growth { - Account - } Board, appointed by the board { - , who has experience in the field of venture capital - } . (e) A member of the Engineering and Technology Industry Council, appointed by the Engineering and Technology Industry Council. (f) The Director of the Oregon Business Development Department. (g) The Chancellor of the Oregon University System. (h) The Commissioner for Community College Services. (i) The State Treasurer. (2)(a) The Speaker of the House of Representatives shall appoint two members to the council who are members of the House of Representatives. (b) The President of the Senate shall appoint two members to the council who are members of the Senate. (c) Members of the Legislative Assembly appointed to the council are nonvoting members and may act in an advisory capacity only. (3) The following persons, or their representatives, shall serve as ex officio, nonvoting members of the council: (a) The presiding officer of the Oregon Business Development Commission. (b) The president of the State Board of Higher Education. (c) The chairperson of the State Board of Education. (d) An executive officer of an association representing Oregon-based, generally accredited, not-for-profit private institutions of higher education, appointed by the Governor. (4) The term of office of each appointed voting member of the council is three years, but an appointed member serves at the pleasure of the appointing authority. Before the expiration of the term of an appointed voting member, the appointing authority shall appoint a successor whose term begins on July 1 next following. An appointed member is eligible for reappointment. If there is a vacancy for any cause, the appointing authority shall make an appointment to become immediately effective for the remainder of the unexpired term. (5) A majority of the voting members of the council constitutes a quorum for the transaction of business. (6) Official action by the council requires the approval of a majority of the voting members of the council. (7) The council shall meet at least twice per fiscal year at a place, day and time determined by the chairperson. The council may also meet at other times and places specified by a call of the chairperson or by written request of a majority of the voting members of the council. (8) The council may adopt rules necessary for the operation of the council. (9) The council may establish committees and delegate to the committees duties as the council considers desirable. (10) The Oregon Business Development Department shall provide staff support to the council. (11) Members of the council who are members of the Legislative Assembly are entitled to compensation and expense reimbursement as provided in ORS 171.072. (12) Members of the council who are not members of the Legislative Assembly are entitled to compensation and expenses incurred by them in the performance of their official duties in the manner and amounts provided for in ORS 292.495. Claims for compensation and expenses of members of the council who are public officers shall be paid out of funds appropriated to the public agency that employs the member. Claims for compensation and expenses of members of the council who are not public officers shall be paid out of funds appropriated to the Oregon Business Development Department for that purpose. (13) All agencies of state government, as defined in ORS 174.111, are directed to assist the council in the performance of its duties and, to the extent permitted by laws relating to confidentiality, to furnish such information and advice as the members of the council consider necessary to perform their duties. SECTION 6. ORS 293.731, as amended by sections 22 and 32, chapter 90, Oregon Laws 2012, is amended to read: 293.731. Subject to the objective set forth in ORS 293.721 and the standards set forth in ORS 293.726, the Oregon Investment Council shall formulate policies for the investment and reinvestment of moneys in the investment funds and the acquisition, retention, management and disposition of investments of the investment funds. The council, from time to time, shall review those policies and make changes therein as it considers necessary or desirable. The council may formulate separate policies for any fund included in the investment funds. This section does not apply to the Oregon Growth Account, { + the Oregon Growth Fund, + } the Oregon Growth { - Account - } Board, the Oregon Commercialized Research Fund, the Oregon Innovation Fund or the Oregon Innovation Council. SECTION 7. ORS 293.761, as amended by sections 24 and 33, chapter 90, Oregon Laws 2012, is amended to read: 293.761. (1) The investment officer shall follow generally accepted accounting practices and provide to the officer or body having control and administration of any investment funds any information necessary for financial reporting required by law. (2) The investment officer shall separately identify investments held in the Oregon Growth Account established in ORS 348.702 { - and the Oregon Resource and Technology Development Subaccount established in ORS 348.706 - } as part of the information provided under this section on the Education Stability Fund. SECTION 8. ORS 348.702, as amended by section 2, chapter 805, Oregon Laws 2009, and sections 7a and 33a, chapter 90, Oregon Laws 2012, is amended to read: 348.702. (1) There is created within the Education Stability Fund the Oregon Growth Account, to which shall be credited, in the manner provided in subsection (2) of this section, 10 percent of the funds transferred under { - section 4, - } Article XV { + , section 4, + } of the Oregon Constitution, from the Administrative Services Economic Development Fund to the Education Stability Fund. Separate records shall be maintained for moneys in the Oregon Growth Account that are available for the purposes specified in subsection (5) of this section. The account may be credited with unrestricted appropriations, gifts, donations, grants or contract proceeds from any source, with investments or funds from any source and with returns on investments made from the account. (2) The Oregon Department of Administrative Services may credit to the Oregon Growth Account from the first funds transferred in a fiscal year to the Education Stability Fund under { - section 4, - } Article XV { + , section 4, + } of the Oregon Constitution, an amount up to the amount the department estimates to be 10 percent of the funds required to be transferred to the Education Stability Fund for that fiscal year. (3) If at the end of the fiscal year the amount credited to the Oregon Growth Account under subsection (2) of this section is less than or greater than 10 percent of the amount required to be transferred under { - section 4, - } Article XV { + , section 4, + } of the Oregon Constitution, to the Education Stability Fund, the amount credited to the Oregon Growth Account shall be adjusted in one of the following ways: (a) The amount credited to the account in the following fiscal year may be adjusted; (b) Any excess may be transferred from the Oregon Growth Account to the Education Stability Fund; or (c) Any shortage may be transferred from the Education Stability Fund to the Oregon Growth Account from funds available for that purpose. (4) Adjustments required by subsection (3) of this section shall be made without consideration of any interest or other earnings that have accrued during the fiscal year. (5) The purpose of the Oregon Growth Account is to earn returns for the Education Stability Fund { - by making investments in or by providing seed capital for emerging growth businesses - } . (6) The investment of funds in the Oregon Growth Account shall be governed by the Oregon Growth { - Account - } Board. { + (7) The Oregon Growth Board may use moneys in the Oregon Growth Account to pay the administrative costs associated with the account and with administering those portions of sections 1 to 7, chapter 90, Oregon Laws 2012, that pertain to the account. + } SECTION 9. { + The amendments to ORS 192.502, 284.706, 293.731, 293.761 and 348.702 by sections 3 and 5 to 8 of this 2013 Act become operative on January 1, 2014. + } SECTION 10. { + This 2013 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2013 Act takes effect on its passage. + } ----------