(1) The Water Project Feasibility Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Water Project Feasibility Fund shall be credited to the General Fund. Moneys in the Water Project Feasibility Fund are continuously appropriated to the Water Resources Department to award grants and to pay the cost of direct services provided under ORS 541.561.
(2) The Water Project Feasibility Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative Assembly;
(b) Any moneys that may be transferred to the fund by the federal government, a state agency or a local government; and
(c) Grant repayments, if any.