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Establishes the Oregon Imagination Library Program to provide a free book each month to eligible children, encourage children to develop a love of reading and learning and improve school readiness, third-grade reading proficiency and high school graduation rates. Directs the Department of Early Learning and Care to implement and administer the program. Authorizes the Early Learning Council, in consultation with the department, to adopt rules necessary to implement the program. Establishes the Oregon Imagination Library Account within the department for purposes of funding the program.