(1) There is established in the General Fund a separate account to be known as the Special Education Account. All moneys received by the Department of Education under this section shall be deposited in the State Treasury to the credit of the account and appropriated continuously for purposes of ORS 343.261, 343.961 and 346.010. The account shall be divided into two subaccounts:
(a) A subaccount for education under ORS 343.261 and 343.961.
(b) A subaccount for education under ORS 346.010.
(2) If the amount credited under subsection (1)(a) of this section and the General Fund appropriation for these programs are not adequate to meet costs, the Department of Education shall submit a revised budget to the Legislative Assembly or, if the Legislative Assembly is not in session, the Emergency Board.