Section 377.840 - Travel Information Council account; budget process; disposition of moneys received(1) All moneys collected, borrowed or received by the Travel Information Council shall be deposited into a Travel Information Council account established in accordance with ORS 295.001 to 295.108. The council may invest moneys collected, borrowed or received by the council. Investments made by the council are limited to the types of investments listed in ORS 294.035. Interest earned from any amounts invested shall be made available to the council in a manner consistent with the council's approved biennial budget.(2) Subject to the approval of the Travel Information Council or the executive director of the Travel Information Council, all necessary council expenses shall be paid from the moneys collected, borrowed or earned by the council.(3) Upon approval of a majority of the Travel Information Council, the executive director may borrow money. The council may not borrow an amount that exceeds the estimated revenues from amounts collected, received or earned by the council for the year.(4) The Travel Information Council may not borrow money under subsection (3) of this section unless the indebtedness or other obligations of the council attributable to the borrowing are payable solely out of the council's own resources. Such indebtedness or other obligations of the council do not constitute a pledge of the full faith and credit of the State of Oregon or any of the revenues of this state.(5)(a) The Travel Information Council shall adopt a budget on a biennial basis using the classifications of expenditures and revenues required by ORS 291.206(1). However, the budget shall not be subject to review and approval by the Legislative Assembly or to future modification by the Emergency Board or Legislative Assembly.(b) The Travel Information Council shall adopt a budget only after a public hearing thereon. At least 15 days prior to any public hearing on the budget, the council shall give notice of the hearing to all persons known to be interested in the proceedings of the council and to any person who requests notice.(6) All expenditures from the Travel Information Council account are exempt from any state expenditure limitation. The Travel Information Council shall follow generally accepted accounting principles and keep such other financial and statistical information as may be necessary to completely and accurately disclose the financial condition and financial operations of the council as may be required by the Secretary of State.(7) The Secretary of State shall conduct an annual financial review of the moneys collected, borrowed or received by the Travel Information Council and the expenditure of those moneys. The Secretary of State may:(a) Contract for the financial review with an independent certified public accountant; or(b) Accept a financial review conducted by an independent certified public accountant.Amended by 2019 Ch. 587,§ 39, eff. 1/1/2020.Amended by 2017 Ch. 105,§ 6, eff. 1/1/2018.Amended by 2013 Ch. 523,§ 1, eff. 1/1/2014.1971 c.770 §29; 1973 c.790 §24; 1987 c.57 §1; 1987 c.336 §6; 1993 c.741 §64c; 1993 c.745 §6; 1995 c.245 §12; 2003 c. 405, § 7; 2007 c. 871, § 28; 2010 c. 30, § 16