Relating to public investments; declaring an emergency.

Establishes Oregon Investment Department to be supervised by Chief Executive Officer appointed by Oregon Investment Council. Specifies duties, functions and powers of department. Transfers duties of State Treasurer as investment officer to department. Establishes Oregon Investment Department Fund. Continuously appropriates moneys in fund to department for expenses of department and council. Exempts department and council from certain laws regulating governmental entities. Specifies that moneys expended by department out of Oregon Investment Department Fund are not subject to expenditure limitation. Declares emergency, effective on passage.