Oregon Revised Statutes Education and Culture § 346.055

(1) When the Department of Education has in possession or under control, in a bank account or otherwise, funds that are the property of the students enrolled in the school operated under ORS 346.010 or that have been deposited for their use or for expenditure in their behalf, the department shall deposit such funds, as they are received, together with any such funds as heretofore have accumulated, with the State Treasurer as a trust account, separate and distinct from the General Fund. Interest earned by the account shall be credited to the account.

(2) As used in this section, “funds” includes but is not limited to moneys deposited with the department for medical care or assistance of students, moneys derived from athletic activities, contributions for athletic, health, or recreation projects, and any other moneys received by the department that are not required by law to be credited to other state funds or accounts.

(3) The department is authorized to receive any of the funds referred to in this section. The State Treasurer shall carry the funds in separate accounts for the school, but may not credit the funds or any part of the funds to any state fund for governmental purposes.

(4) Disbursements from the accounts for the purposes for which the contributions or payments were made, and for payment to persons lawfully entitled thereto, may be made by the department, by checks or orders drawn upon the State Treasurer. The department shall be accountable for the proper handling of the accounts.