Section 327.405 - Common School Fund; composition and use(1) The Common School Fund is composed of: (a) The proceeds from the sales of the 16th and 36th sections of every township or of any lands selected in lieu thereof;(b) All the moneys and clear proceeds of all property that may accrue to the state by escheat or forfeiture;(c) The proceeds of all gifts, devises and bequests made by any person to the state for common school purposes;(d) The proceeds of all property granted to the state when the purpose of such grant is not stated;(e) All proceeds of the sale of submerged and submersible lands as described in ORS 274.005;(f) All proceeds of the sale of the South Slough National Estuarine Research Reserve as described in ORS 273.553 (1)(a) in the event such property is sold;(g) All proceeds of the sale of the 500,000 acres of land to which this state is entitled by an Act of Congress approved September 4, 1841, and of all lands selected for capitol building purposes under Act of Congress approved February 14, 1859;(h) Moneys credited to the fund or transferred to the fund by the Legislative Assembly; and(i) All proceeds derived from the investment of moneys that compose the fund.(2) Except as otherwise provided by law, the income from the fund must be applied exclusively to the support and maintenance of common schools in each school district.Amended by 2021 Ch. 139, § 4, eff. 1/1/2022.Amended by 2021 Ch. 424, § 20, eff. 7/1/2021.Amended by 2019 Ch. 678, § 66, eff. 9/29/2019, op. 7/1/2021.Amended by 2013 Ch. 358, § 2, eff. 6/11/2013.Amended by 1957 c.670 §31; 1965 c.100 §31; 1969 c.338 §3; 1987 c.760 §4; 1997 c.321 §2; 2003 c. 14, § 147