Source: http://www.paperadvantage.org/ORS/293.html
Timestamp: 2019-06-27 07:52:57
Document Index: 266650273

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293.075 "Encumbrances" to be defined by department. The Oregon Department of Administrative Services may adopt rules and regulations defining "encumbrances" as used in ORS chapters 291, 292 and 293 and the manner in which they are to be charged to appropriations and expenditure limitations. [1971 c.341 §2]
(2) All moneys arising from the imposition of any license or other fees for permission to transact any business in the state and paid into the State Treasury by any person, firm or corporation.
(3) All moneys collected by any state officer, board, institution or commission or county officer for license or other fees exacted by law, and from sales of state products paid into the State Treasury. [Formerly 291.352]
293.110 Certain funds as part of General Fund. (1) All payments of money into the State Treasury by virtue of any statute providing for, creating, authorizing or continuing any of the funds enumerated in subsection (2) of this section shall be paid into and become a part of the General Fund.
(2) The following funds shall be a part of the General Fund:
(c) Oregon State Veterinary Medical Fund.
(d) State Institutional Betterment Fund.
(e) Miscellaneous Receipts Account for the State Library.
(f) State Library School Library Fund.
(g) Tumalo Maintenance Fund.
(h) Administrative Services Economic Development Fund.
(i) All other funds created by law that are not trust funds. [Formerly 291.354; 1977 c.886 §36; 1983 c.740 §82; 1985 c.302 §12; 1985 c.762 §181; 2001 c.104 §100]
(1) Moneys paid into the State Treasury for fiduciary purposes.
(g) The University Fund principal and the interest accruing from the investment thereof.
(h) The University of Oregon Villard Endowment Interest Fund.
(i) The Higher Education Technology Transfer Fund created by ORS 351.691 and the interest accruing therefrom.
(j) The Higher Education Technology Transfer Account created in section 2, chapter 835, Oregon Laws 2001, and the interest accruing from the investment thereof.
(6) Any other trust funds created by law. [Formerly 291.356; amended by 1965 c.285 §79; 1981 c.787 §54; 1985 c.787 §2; 1987 c.373 §27; 1989 c.966 §19; 1995 c.641 §1; 2001 c.835 §7; 2001 c.920 §10]
Note: The amendments to 293.115 by section 8, chapter 835, Oregon Laws 2001, become operative only if the Oregon Constitution is amended by a vote of the people as proposed by Senate Joint Resolution 17 (2001) in the primary election held on May 21, 2002. If Senate Joint Resolution 17 (2001) is approved by the people, the amendments become operative on July 1, 2011. See section 8, chapter 835, Oregon Laws 2001. The text that, if Senate Joint Resolution 17 (2001) is approved by the people, is operative on and after July 1, 2011, is set forth for the user’s convenience.
293.115. The following moneys shall be separate and distinct from the General Fund:
(6) Any other trust funds created by law.
293.120 Special fund dedication construed as an appropriation; when millage tax available. Where any law provides that the proceeds arising from the levy and collection of any millage tax or from any license or other fee exacted by law, or that the moneys derived from any source whatever other than those excepted in ORS 293.115 shall be paid into the State Treasury and by the State Treasurer placed to the credit of a special fund other than the General Fund to be used for carrying out the provisions of the particular statute creating and authorizing the same, or for any other purpose which may be authorized by law, the amount of any payments so made into the State Treasury, and the amount of any millage tax levy, shall, subject to ORS 291.238, constitute and be considered as and hereby are made an appropriation of such sums or amounts from the General Fund, for the purpose of carrying into full force and effect the specific provisions of the particular law exacting the payment of the same and providing for the payment thereof into the State Treasury, and in the same manner and to the same extent as provided in the specific provision of the particular law. The amount of any millage tax levy shall be available for the purpose for which it is levied on and after July 1 of the year when it is required to be paid into the State Treasury. [Formerly 291.358]
293.165 Borrowing to pay warrants against General Fund. (1) If the moneys in the General Fund become exhausted, the State Treasurer shall borrow from the most advantageous sources the amounts necessary to pay all warrants drawn against the General Fund in pursuance of law. The Governor, Secretary of State and State Treasurer, jointly, shall issue certificates of indebtedness therefor. The certificates shall draw interest not to exceed the legal rate of interest until redeemed. All certificates of indebtedness shall be redeemable by the State Treasurer from the first moneys regularly accruing and credited to the General Fund.
(2) For the purposes of subsection (1) of this section, the moneys in the General Fund shall be deemed to be exhausted when there are no moneys remaining in the General Fund other than trust funds as defined in ORS 291.002 and funds whose use is restricted to particular purposes by the Constitution of Oregon or by federal law. [Formerly 291.378; 1967 c.454 §102]
293.170 Proceeding when warrants not paid for want of funds. (1) If the General Fund becomes exhausted after the State Treasurer has borrowed the moneys as provided in ORS 293.165 and has made the transfers of surplus funds as provided in ORS 293.205 to 293.225, the State Treasurer shall, if the Governor, Secretary of State and State Treasurer deem it necessary or advisable and so direct, indorse on the warrants drawn on the General Fund, the words "Not paid for want of funds," and the State Treasurer shall register the warrants by number and by date according to the order in which they have been presented for payment. All warrants so indorsed and registered shall thereafter become payable consecutively according to the order of registration and shall draw interest payable from the General Fund, until called for payment by the State Treasurer, at the rate of five percent per year. As funds for the payment of the warrants and of the interest thereon become available, the State Treasurer shall give notice of the calling of the warrants for payment by one publication in a newspaper printed and published in Salem, Oregon.
(2) For the purposes of subsection (1) of this section, the exhaustion of the General Fund has the same meaning indicated in ORS 293.165 (2). [Formerly 291.380]
(1) "Borrowing fund" means the fund to which money is initially transferred under ORS 293.210.
(2) "Lending fund" means the fund from which money is initially transferred under ORS 293.210. [Formerly 291.402]
293.210 Transfer and retransfer of money and credit among state funds. If there is insufficient money to the credit of any fund in the State Treasury to pay the obligations against such fund and there is money to the credit of one or more other state funds which is not then required to meet the respective obligations against such funds, the State Treasurer shall transfer so much as the State Treasurer deems advisable of such money standing to the credit of the funds having excess money to the fund having insufficient money if there are or will be moneys accruing to the borrowing fund or which can be transferred to it in like manner, as provided in this section, to enable a retransfer to be made of such moneys to the credit of the lending funds from which they were so transferred in time to meet the requirements of the lending funds; but unless conditions are such at the time when the original transfer of moneys is considered as to make sure that such retransfer can be so made, the original transfer shall not be made. All such transfers of moneys from lending to borrowing funds shall be retransferred to the lending funds when or before they are needed in the lending funds. [Formerly 291.404]
(b) The treasurer determines that there are or will be enough moneys accruing to the borrowing fund, or which can be transferred to it, to enable a retransfer of the money to the lending fund in time to meet the requirements of the lending fund.
(2) All transfers of money under this section to a borrowing fund shall be retransferred to the lending funds when or before they are needed.
(3) The department may request transfers of money under this section regardless of whether or not the insufficiency in a fund that triggers the request was anticipated by the department. [1991 c.793 §2]
293.214 Lines of credit for state agency; duration; source of funding; interest. (1) Subject to the provisions of this section, a state agency may establish with the State Treasurer lines of credit for funds under its administration, upon a certificate by the agency’s department head and chief financial officer to the State Treasurer representing and satisfactorily demonstrating, for the period for which a line of credit is requested, that:
(4) All draws under a line of credit authorized by this section shall bear interest until repaid at the same rate that the moneys would have earned in the fund from which they were transferred. The interest shall be paid from the fund for which there was a draw on the line of credit.
(5) A line of credit may operate as a revolving fund, so that draws shall proportionately reduce and repayments shall proportionately increase the credit remaining under the line of credit, but at no time shall the total amount of draws against the line of credit exceed the credit limit.
(6) Every state agency for which a line of credit is established shall report promptly in writing to the State Treasurer any change in information furnished in support of the request for a line of credit.
(7) The State Treasurer may grant or deny, modify or terminate a line of credit when in the judgment of the State Treasurer it is in the best interest of the state. [1993 c.68 §2]
293.220 Interest on transferred moneys or credits. All moneys or credits transferred under ORS 293.210 shall bear interest, until retransferred, at such rate not less than two percent per annum as shall be agreed upon between the State Treasurer and the officer, state department, commission, or board in charge of the borrowing fund. The interest shall be payable from the borrowing fund and shall be credited to and become part of the lending fund. [Formerly 291.408]
(1) "Payment" means a voluntary amount of money paid by a debtor to a state agency or an involuntary amount of money paid by a debtor through offset or garnishment.
(2) "State agency" means any officer, board, commission, department, division or institution in the executive or administrative branch of state government. [1999 c.1092 §1; 2001 c.104 §101]
(2) The Legislative Fiscal Office shall produce an annual report not later than December 31 of each fiscal year on the status of liquidated and delinquent accounts of state agencies. The report shall be based on the reports submitted by state agencies as required in this section.
(3) A state agency that cannot meet the reporting requirements in subsection (1) of this section for the fiscal year ending June 30, 2000, shall report to the Legislative Fiscal Office the status of the agency’s progress toward meeting the reporting requirements.
(4) All state agencies shall provide the report required by subsection (1) of this section for the fiscal year ending June 30, 2001, and every fiscal year thereafter. [1999 c.1092 §2]
293.231 Collection of liquidated and delinquent accounts by private collection agency or Department of Revenue. (1) Except as provided in subsections (4), (5) and (6) of this section, a state agency, unless otherwise prohibited by law, shall offer for assignment every liquidated and delinquent account to a private collection agency or to the Department of Revenue as provided in ORS 293.250 not later than:
(a) One year from the date the account was liquidated if no payment has been received on the account within that year; or
(b) One year from the date of receipt of the most recent payment on the account.
(2) Nothing in subsection (1) of this section prohibits a state agency from offering for assignment a liquidated and delinquent account to a private collection agency at any time within the one-year period.
(4) If a state agency assigns a liquidated and delinquent account to the Department of Revenue as provided in ORS 293.250, the department shall have one year from the date of liquidation to collect a payment. If the department does not collect a payment within that one-year period or if one year has elapsed since the date of receipt of the most recent payment on the account, the department shall notify the state agency. The state agency shall then immediately offer for assignment the debt to a private collection agency.
(6) Notwithstanding subsection (1) of this section, a state agency may, at its discretion, choose not to offer for assignment to a private collection agency a liquidated and delinquent account that:
(b) Is a court ordered judgment that includes restitution or a payment to the Department of Justice Crime Victims’ Assistance Section;
(7) Nothing in this section prohibits a state agency from collecting a tax offset after a liquidated and delinquent account is assigned to a private collection agency.
(8) For the purposes of this section, a state agency shall be deemed to have offered for assignment an account if:
(b) The offer is made to a private collection agency that engages in collecting on accounts of the type sought to be assigned or is made generally available to private collection agencies through a bid or request for proposal process. [1999 c.1092 §3; 2001 c.218 §1; 2001 c.233 §1]
293.235 "State agency" defined for ORS 293.240 and 293.245. As used in ORS 293.240 and 293.245, "state agency" means any state officer, board, commission, corporation, institution, department or other state organization having power to collect state funds. [1965 c.448 §1]
293.265 Moneys collected to be turned over to State Treasurer; return of checks or money orders; maximum amount returned set by rule; effect of indorsement "paid in full." (1) It shall be the duty of the officer or other person or agent collecting, receiving, in possession of, or having the control of any state money or other funds, contributions or donations collected or received by, and to be expended by or on behalf of the state under the approval or supervision of any state officer, board, commission, corporation, institution, department or other state organization, recognized by the laws of this state and having the power to collect and disburse state funds, to turn over all such moneys mentioned in this section collected or received by or on account of such state officer, board, commission, corporation, institution, department or other state organization, to the State Treasurer not later than one business day after collection or receipt thereof. However, the officer, board, commission, corporation, institution, department or other state organization may comply with this requirement by using a reasonable, longer period for the transmittal of particularly identified funds or categories of funds if it documents and maintains in its official files, and submits a copy of such documentation to the Division of Audits of the Secretary of State for review, information that a valid business reason exists for using a longer transmittal period and that the period is no longer than necessary to satisfy that business reason.
(2) The deposit by or on behalf of the state under the approval or supervision of any state officer, board, commission, corporation, public corporation, institution, department or other state organization of a check marked "paid in full," "payment in full," "full payment of a claim" or words of similar meaning does not establish an accord and satisfaction which binds the state or prevents the collection of the remaining amount owed upon the obligation unless an officer or employee with actual authority to settle claims has agreed in writing to accept the check as full payment of a disputed obligation.
293.292 Payment for expenses incurred in bond sales. As payment for the expenses of the State Treasurer in administering bond and state debt programs, making bond sales and processing bonds and interest coupons payable from funds on deposit in the State Treasury, the State Treasurer is authorized to charge state agencies that issue such bonds for the expenses of making such bond sales and processing such bonds and bond interest coupons. Proceeds from such charges shall be deposited in the Miscellaneous Receipts Account established in the General Fund for the State Treasurer and are continuously appropriated for payment of the expenses of the office of the State Treasurer. [1971 c.161 §3; 1999 c.1043 §6]
293.300 No claim to be paid if disapproved by department; exceptions. Except for claims based on obligations incurred or expenditures made by the Legislative Assembly and its officers and committees, the courts and their officers and committees and the Secretary of State and State Treasurer in the performance of the functions of their constitutional offices, a claim for payment from any moneys in the State Treasury may not be paid if the claim is disapproved by the Oregon Department of Administrative Services. The department shall disapprove a claim if provision for payment thereof is not made by law and appropriation, the obligation or expenditure on which the claim is based is not authorized as provided by law or the claim does not otherwise satisfy requirements as provided by law. [1967 c.454 §10]
(2) When the State Treasurer transfers the assets of the local government investment pool to the state investment fund established under ORS 293.701 (2)(o) as authorized by ORS 294.882, "state agency," as used in this section, includes local government participants in the state investment fund. [1971 c.161 §2; 1975 c.410 §1; 1989 c.569 §3; 1999 c.1043 §1]
293.405 Paying out funds by State Treasurer. The State Treasurer shall:
(1) Pay, on demand, out of the State Treasury, all sums authorized by law to be so paid, if there are appropriate and sufficient funds in the treasury to pay the same, and when such sum is required to be paid out of a particular fund, it shall be paid out of such fund only.
(2) Pay all warrants drawn on the treasurer in the order in which the warrants are presented out of the appropriate fund.
(3) Pay no fund out of the treasury except in pursuance of law authorizing the payment thereof. [Formerly 291.492]
293.445 Definition for ORS 293.445 to 293.460; authority to make refunds; moneys held for refund or payment to claimants; deposit; rules; drawing checks. (1) As used in ORS 293.445 to 293.460, "agency" means any state officer, department, commission or institution.
(3) The agency shall forward the report to the Division of State Lands before November 1.
(4) The Division of State Lands shall not require the Department of Revenue to remit funds being held by the Department of Revenue prior to January 1, 1994. [Formerly 291.510; 1967 c.454 §63; 1977 c.126 §4; 1993 c.500 §62; 1993 c.694 §30; 1997 c.86 §2]
293.455 Refusal of payment of unpresented checks; duties of State Treasurer in transferring funds; report to Division of State Lands. (1) After October 1, the State Treasurer may refuse payment of the unpresented checks or orders included in the report referred to in ORS 293.450. In accordance with procedures developed by the Division of State Lands and approved by the State Treasurer, the agency shall instruct the State Treasurer to do the following:
(b) Transfer all other funds to the Division of State Lands for deposit in the Unclaimed Property Revolving Fund within the Common School Fund Account.
(c) Transfer and credit the amounts of the unpresented checks issued under ORS chapters 316 and 317 to the Division of State Lands for deposit in the Unclaimed Property Revolving Fund within the Common School Fund Account.
(3) If the State Treasurer pays the owner of an unpresented check or order included in the report referred to in ORS 293.450 before the funds are transferred to the division, this information shall be reported to the Division of State Lands. [Formerly 291.512; 1967 c.454 §64; 1981 c.188 §1; 1993 c.694 §31; 1995 c.340 §1; 1997 c.86 §§3,4]
293.460 Recourse of owners of unpaid checks. The lawful owner of any check or order included in the report referred to in ORS 293.450, not presented to the State Treasurer for payment and not paid, thereafter may file a claim with the Division of State Lands in the manner provided by ORS 98.392 and 98.396. [Formerly 291.514; 1967 c.454 §65; 1981 c.188 §2; 1993 c.500 §63; 1993 c.694 §32]
293.462 Payment of overdue account charges. (1) It is the policy of the State of Oregon to pay any overdue account charges incurred by state agencies which do not promptly pay for goods and services provided by private businesses.
293.465 Definitions for ORS 293.465 to 293.485; surrender of instrument upon payment. (1) As used in ORS 293.465 to 293.485:
(a) "Instrument" means a warrant, check or order, issued by the state, or by any board, department, commission or officer of the state.
(b) "Subdivision" means any county, municipal corporation, quasi-municipal corporation, or civil or political subdivision in this state.
(2) Subject to ORS 293.470, no instrument shall be paid until such instrument, or the duplicate thereof issued under ORS 293.475, is surrendered and delivered to the officer charged with the payment thereof, contemporaneously with payment or prior thereto. [Formerly 291.516]
293.470 Payment on lost, stolen or destroyed instruments; indemnity bonds not required. (1) An instrument may be paid without surrender or delivery thereof if the one claiming to be the lawful owner of the instrument satisfies the officer by whom payment is to be made that the instrument has been lost, stolen or destroyed prior to the claimant’s having received value therefor or having negotiated the instrument, in compliance with ORS 293.475.
(2) Notwithstanding subsection (1) of this section, no person, including an officer or employee shall be required to furnish a bond of indemnity for the amount of the lost instrument in cases of destroyed, stolen or lost warrants, checks or orders, but shall be required to furnish a statement as provided in ORS 293.475. [Formerly 291.518; 1967 c.221 §1; 1973 c.478 §1; 1979 c.763 §1]
293.475 Issuance of duplicate instrument; affidavit of owner, payee or representative required. (1) Upon satisfactory showing by the lawful owner of an instrument of the loss, destruction or theft of the instrument, the proper officer, board, department or commission that issued the original instrument, or the issuer’s duly authorized legal successor, may issue a duplicate in lieu thereof for the same amount as the original. The duplicate shall bear the signature of the officer charged with the duty of signing instruments as of the date of issuance of the duplicate.
(2) Before a duplicate instrument is issued, the person making application for its issue shall furnish to the issuing officer a written statement signed by such person specifically alleging that the person is the lawful owner, payee or legal representative of the lawful owner or payee of the original instrument giving the date of issue, the number, amount, for what services or claim the original instrument was issued and that the original instrument has been lost, destroyed or stolen, and has not been paid. However, if the lawful owner, payee or legal representative is (a) the federal government or (b) this state or any board, department, commission or subdivision of this state, or any officer thereof in official capacity, a certificate may be furnished in lieu of an affidavit or affirmation.
(3) The officer, board, department or commission issuing the duplicate instrument shall have the duty of searching for the original instrument out of the paid instruments returned from the State Treasurer to such officer, board, department or commission. If such original instrument is found, it shall immediately be returned to the State Treasurer. The State Treasurer shall then promptly return the instrument to the presenting or payer bank for credit. The State Treasurer shall not be liable for inability to obtain credit from the presenting or payer bank for an instrument returned under this section. [Formerly 291.520; 1969 c.142 §1; 1973 c.478 §2; 1979 c.763 §2; 1993 c.694 §43]
293.480 Adoption of uniform procedure for issuing duplicate instruments. State officers, boards, departments or commissions lawfully issuing checks or orders upon the State Treasurer may adopt the uniform procedure of issuing and delivering to all parties entitled thereto duplicate checks or orders to replace those lost, stolen or destroyed, in accordance with ORS 293.475. [Formerly 291.522; 1969 c.142 §2; 1979 c.763 §3]
(4) An order issued by the Governor to withhold salary shall be entered only after notice, opportunity to be heard and hearing pursuant to the provisions of ORS 183.310 to 183.550 governing contested cases.
293.525 Payments to state agencies by electronic funds transfers; rules; penalty for failure to comply. (1) Upon consultation with the State Treasurer’s office, a state agency by rule may:
(a) Require that payments to the agency above designated amounts be made by electronic funds transfer. All electronic funds transfer entries through an automated clearinghouse shall follow the rules adopted by the State Treasurer that shall be substantially similar to those adopted by the National Automated Clearing House Association.
(b) In addition to any other penalty provided by law, assess a penalty not to exceed five percent of the amount of the payment for failure to comply with the agency’s rules requiring payments by electronic funds transfer.
(a) "Electronic funds transfer" is the movement of funds by nonpaper means, usually through a payment system including, but not limited to, an automated clearinghouse or the Federal Reserve’s Fedwire system.
(b) "State agency" means an agency as defined by ORS 183.310 (1). [1991 c.369 §§1,2]
TOBACCO PRODUCT MANUFACTURERS MASTER SETTLEMENT AGREEMENT MONEYS
293.530 Findings and purpose. (1) Cigarette smoking presents serious public health concerns to the State of Oregon and to the citizens of the State of Oregon. The Surgeon General has determined that smoking causes lung cancer, heart disease and other serious diseases, and that there are hundreds of thousands of tobacco-related deaths in the United States each year. These diseases most often do not appear until many years after the person in question begins smoking.
(2) Cigarette smoking also presents serious financial concerns for this state. Under certain health care programs, the State of Oregon may have a legal obligation to provide medical assistance to eligible persons for health conditions associated with cigarette smoking, and those persons may have a legal entitlement to receive such medical assistance.
(3) Under those health care programs, the State of Oregon pays millions of dollars each year to provide medical assistance for persons for health conditions associated with cigarette smoking.
(4) It is the policy of the State of Oregon that financial burdens imposed on this state by cigarette smoking be borne by tobacco product manufacturers rather than by this state to the extent that such manufacturers either determine to enter into a settlement with the State of Oregon or are found culpable by the courts.
(5) On November 23, 1998, leading United States tobacco product manufacturers entered into a settlement agreement, entitled the "Master Settlement Agreement," with the State of Oregon. The Master Settlement Agreement obligates those manufacturers, in return for a release of past, present and certain future claims against them as described in the Master Settlement Agreement:
(a) To pay substantial sums to the State of Oregon (tied in part to their volume of sales);
(b) To fund a national foundation devoted to the interests of public health; and
(c) To make substantial changes in their advertising and marketing practices and corporate culture, with the intention of reducing underage smoking.
(6) It would be contrary to the policy of the State of Oregon if those tobacco product manufacturers who determine not to enter into such a settlement could use a resulting cost advantage to derive large, short-term profits in the years before liability may arise without ensuring that this state will have an eventual source of recovery from them if they are proven to have acted culpably. It is thus in the interest of the State of Oregon to require that such manufacturers establish a reserve fund to guarantee a source of compensation and to prevent such manufacturers from deriving large, short-term profits and then becoming judgment-proof before liability may arise. [1999 c.272 §1]
Note: 293.530 to 293.535 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
293.533 Definitions. (1) "Adjusted for inflation" means increased in accordance with the formula for inflation adjustment set forth in Exhibit C to the Master Settlement Agreement.
(6) "Qualified escrow fund" means an escrow arrangement with a federally or state chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least $1 billion where such arrangement requires that such financial institution hold the escrowed funds’ principal for the benefit of releasing parties and prohibits the tobacco product manufacturer who is placing the funds into escrow from using, accessing or directing the use of the escrowed funds’ principal except as consistent with ORS 293.535 (2)(b).
(b) The term "tobacco product manufacturer" does not include an affiliate of a tobacco product manufacturer unless such affiliate is itself a tobacco product manufacturer under subparagraph (a)(A), (a)(B) or (a)(C) of this paragraph.
(10) "Units sold" means the number of individual cigarettes sold in the State of Oregon by the applicable tobacco product manufacturer (whether directly or through a distributor, retailer or similar intermediary or intermediaries) during the year in question, as measured by excise taxes collected by the State of Oregon on packs (or roll-your-own tobacco containers) bearing the excise tax stamp of this state. The Department of Revenue shall promulgate such rules as are necessary to ascertain the amount of state excise tax paid on the cigarettes of such tobacco product manufacturer for each year. [1999 c.272 §2]
Note: See note under 293.530.
293.535 Requirements. Any tobacco product manufacturer selling cigarettes to consumers within the State of Oregon (whether directly or through a distributor, retailer or similar intermediary or intermediaries) after October 23, 1999, shall do one of the following:
(A) For 1999, $.0094241 per unit sold after October 23, 1999.
(B) For 2000, $.0104712 per unit sold.
(C) For each of the years 2001 and 2002, $.0136125 per unit sold.
(D) For each of the years 2003 through 2006, $.0167539 per unit sold.
(E) For 2007 and each year thereafter, $.0188482 per unit sold.
(b) A tobacco product manufacturer that places funds into escrow pursuant to paragraph (a) of this subsection shall receive the interest or other appreciation on such funds as earned. Such funds themselves shall be released from escrow only under the following circumstances:
(A) To pay a judgment or settlement on any released claim brought against such tobacco product manufacturer by the State of Oregon or any releasing party located or residing in this state. Funds shall be released from escrow under this subparagraph in the order in which they were placed into escrow and only to the extent and at the time necessary to make payments required under such judgment or settlement;
(B) To the extent that a tobacco product manufacturer establishes that the amount it was required to place into escrow in a particular year was greater than this state’s allocable share of the total payments that such manufacturer would have been required to make in that year under the Master Settlement Agreement (as determined pursuant to section IX(i)(2) of the Master Settlement Agreement, and before any of the adjustments or offsets described in section IX(i)(3) of that agreement other than the inflation adjustment) had it been a Participating Manufacturer (as that term is defined in the Master Settlement Agreement), the excess shall be released from escrow and revert back to such tobacco product manufacturer; or
(C) To the extent not released from escrow under subparagraph (A) or (B) of this paragraph, funds shall be released from escrow and revert back to such tobacco product manufacturer 25 years after the date on which they were placed into escrow.
(c) Each tobacco product manufacturer that elects to place funds into escrow pursuant to this subsection shall annually certify to the Attorney General that it is in compliance with this subsection. The Attorney General may bring a civil action on behalf of the State of Oregon against any tobacco product manufacturer that fails to place into escrow the funds required under this subsection. Any tobacco product manufacturer that fails in any year to place into escrow the funds required under this subsection shall:
(A) Be required within 15 days to place such funds into escrow as shall bring such manufacturer into compliance with this subsection. The court, upon a finding of a violation of this subsection, may impose a civil penalty to be paid to the General Fund of this state in an amount not to exceed five percent of the amount improperly withheld from escrow per day of the violation and in a total amount not to exceed 100 percent of the original amount improperly withheld from escrow;
(B) In the case of a knowing violation, be required within 15 days to place such funds into escrow as shall bring such manufacturer into compliance with this subsection. The court, upon a finding of a knowing violation of this subsection, may impose a civil penalty to be paid to the General Fund of this state in an amount not to exceed 15 percent of the amount improperly withheld from escrow per day of the violation and in a total amount not to exceed 300 percent of the original amount improperly withheld from escrow; and
(C) In the case of a second knowing violation, be prohibited from selling cigarettes to consumers within the State of Oregon (whether directly or through a distributor, retailer or similar intermediary or intermediaries) for a period not to exceed two years. Each failure to make an annual deposit required under this section shall constitute a separate violation. [1999 c.272 §3]
293.537 Tobacco Settlement Funds Account; sources; uses; investment. (1) The Tobacco Settlement Funds Account is established as an account in the General Fund. The account shall consist of all moneys paid to this state by United States tobacco products manufacturers under the Master Settlement Agreement of 1998.
(2) All moneys in the Tobacco Settlement Funds Account are continuously appropriated to the Oregon Department of Administrative Services to be expended as directed by the Legislative Assembly.
(3) All moneys in the Tobacco Settlement Funds Account shall be invested as provided in ORS 293.701 to 293.790. [2001 c.977 §§1,2,3]
(2) As used in this section, "animal unit months" means the amount of forage required to sustain a bovine animal for one month. [Formerly 606.220 and then 291.540; 1981 c.296 §1; 1985 c.787 §6]
Sec. 1. Distribution of moneys from federal Secure Rural Schools and Community Self-Determination Act. (1) The purpose of this section is to ensure that school districts receive a percentage of amounts received by the state under the Secure Rural Schools and Community Self-Determination Act of 2000 (P.L. 106-393).
(2) The Oregon Department of Administrative Services shall distribute all sums received by the state pursuant to section 102(a)(2), (c)(1) and (d)(1)(A), P.L. 106-393, to counties in the same manner as are sums derived from forest reserve rentals, sales of timber and other sources from forest reserves under ORS 293.560. The department shall ensure that, of the total amount distributed to all counties in any fiscal year, the percentage distributed to each county in any fiscal year is the same as the county’s percentage share of all payments received by the state during the eligibility period described in section 3(2), P.L. 106-393.
(3) A county that receives funds from the department pursuant to subsection (2) of this section as the county’s share of federal funds distributed under P.L. 106-393 shall deposit 25 percent of those funds in the county school fund or shall deposit an amount as specified in ORS 294.060 (3) to (7).
(4) Pursuant to ORS 328.015, amounts in the county school fund shall be distributed to the school districts in the county based on the resident average daily membership of the school districts. [2001 c.958 §1]
Sec. 2. Section 1 of this 2001 Act is repealed on July 1, 2007. [2001 c.958 §2]
(4) This section is applicable to the Legislative Assembly and its officers and committees, the courts and their officers and committees and the Secretary of State and State Treasurer in the performance of the functions of their constitutional offices only at their option. [1967 c.454 §68; 1969 c.379 §1]
293.600 Financial and statistical reports by state agencies. (1) As used in this section, "state agency" means every state officer, board, commission, department, institution, branch or agency of state government whose costs are paid wholly or in part from funds held in the State Treasury.
(2) As used in subsection (1) of this section, "private express carrier" means a common carrier that transports small parcels in an expedited manner and has one or more of the following characteristics:
(1) "Council" means the Oregon Investment Council.
(2) "Investment funds" means:
(f) Funds under the control and administration of the Division of State Lands;
(i) Forest rehabilitation bonds sinking fund referred to in ORS 530.280;
(n) Savings and loan association funds in the hands of the Director of the Department of Consumer and Business Services;
(o) Funds in the hands of the State Treasurer that are not required to meet current demands;
(p) State funds that are not subject to the control and administration of officers or bodies specifically designated by law;
(q) Funds derived from the sale of state bonds;
(r) Social Security Revolving Account referred to in ORS 237.490;
(s) Investment funds of the State Board of Higher Education lawfully available for investment or reinvestment;
(t) Local Government Employer Benefit Trust Fund referred to in ORS 657.513;
(u) Elderly and Disabled Special Transportation Fund established by ORS 391.800;
(v) Education Endowment Fund established by ORS 348.696;
(w) Deferred Compensation Fund established under ORS 243.411; and
(x) Trust for Cultural Development Account established under ORS 359.405.
(3) "Investment officer" means the State Treasurer in the capacity as investment officer for the council. [1967 c.335 §1; 1967 c.399 §5; 1971 c.408 §1; 1975 c.363 §1a; 1975 c.471 §1a; 1977 c.491 §11; 1977 c.892 §31; 1979 c.814 §3; 1980 c.19 §2; 1981 c.660 §47; 1985 c.565 §48; 1985 c.731 §25; 1985 c.759 §38; 1985 c.816 §14; 1987 c.373 §28; 1987 c.616 §6; 1987 c.652 §17; 1989 c.224 §49; 1989 c.597 §8; 1991 c.459 §378; 1993 c.18 §58; 1993 c.210 §19; 1995 c.12 §3; 1997 c.179 §21; 1999 c.274 §21; 1999 c.1078 §67; 2001 c.922 §14; 2001 c.954 §25]
293.706 Oregon Investment Council; appointment; term; vacancies. (1) There is created the Oregon Investment Council, consisting of five members, subject to Senate confirmation in the manner provided in ORS 171.562 and 171.565.
(2) One member of the council shall be a person who serves on the Public Employees Retirement Board.
(3) Three members, who shall be qualified by training and experience in the field of investment or finance and who may not hold any other public office or employment, shall be appointed by the Governor. One member shall be the State Treasurer. In addition, the Director of the Public Employees Retirement System appointed by the board shall be an ex officio member of the council with no voting power.
(4) The term of office of each appointed non ex officio member of the council is four years, but each appointed member serves at the pleasure of the appointing authority. A vacancy in the appointed membership occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only. [1967 c.335 §2; 1987 c.877 §1; 2001 c.217 §1]
Note: Section 3, chapter 217, Oregon Laws 2001, provides:
Sec. 3. (1) The person serving on the Oregon Investment Council on the effective date of this 2001 Act [January 1, 2002] who is serving as a public member under ORS 293.706 (1999 Edition) may continue to serve until the expiration of the person’s term.
(2) The first person appointed to the council under the provisions of ORS 293.706 (2), as amended by section 1 of this 2001 Act, may begin serving immediately after the expiration of the term of the person described in subsection (1) of this section or when a vacancy occurs in the position, whichever occurs first. [2001 c.217 §3]
293.711 Compensation and expenses of council members; chairperson. (1) A member of the Oregon Investment Council is entitled to compensation and expenses as provided in ORS 292.495 except that the member of the council who is also a member of the Public Employees Retirement Board shall be compensated in the manner provided in ORS 238.640 (3). If the member from the board is also an active member of the Public Employees Retirement System, conducting official business of the Oregon Investment Council shall be considered conducting official business of the board for purposes of ORS 238.640 (4).
(2) The council shall select one of its members as chairperson, for a term and with powers and duties necessary for the performance of the functions of the office as the council shall determine. [1967 c.335 §§3,4; 1969 c.314 §19; 2001 c.217 §2]
293.718 Payment of expenses of State Treasurer. As payment for expenses of the investment officer, the State Treasurer may deduct monthly a maximum of 0.25 basis points of the most recent market value of assets under management for each of the investment funds. However, for the funds described in ORS 293.701 (2)(o), a maximum of 0.435 basis points may be deducted monthly. Amounts so deducted shall be deposited into the Miscellaneous Receipts Account established in the General Fund for the State Treasurer, and are continuously appropriated for payment of the expenses of the State Treasurer as investment officer. [1969 c.466 §2; 1989 c.319 §3; 1995 c.288 §1; 1999 c.1043 §2; 2001 c.716 §24]
293.726 Standard of judgment and care in investments; investment in corporate stock limited; investment in foreign securities prohibited. (1) The investment funds shall be invested and the investments of those funds managed as a prudent investor would do, under the circumstances then prevailing and in light of the purposes, terms, distribution requirements and laws governing each investment fund.
(5) The duties of the council and the investment officer under this section are subject to contrary provisions of privately created public trusts the assets of which by law are made investment funds. Within the limitations of the standard stated in subsection (1) of this section and subject to subsections (6) and (7) of this section, there may be acquired, retained, managed and disposed of as investments of the investment funds every kind of investment which persons of prudence, discretion and intelligence acquire, retain, manage and dispose of for their own account.
(7) Notwithstanding subsection (1) of this section, no moneys invested pursuant to ORS 293.701 (2)(o) shall be invested in any securities originating outside the United States.
(8) Subject to the standards set forth in this section, moneys held in the Deferred Compensation Fund may be invested in the stock of any company, association or corporation, including but not limited to shares of a mutual fund. Investment of moneys in the Deferred Compensation Fund is not subject to the limitation imposed by subsection (6) of this section. [1967 c.335 §7; 1971 c.53 §1; 1973 c.385 §1; 1981 c.880 §12; 1983 c.456 §1; 1983 c.466 §1; 1987 c.759 §1; 1993 c.18 §59; 1993 c.75 §1; 1997 c.129 §2; 1997 c.179 §22; 1997 c.804 §5]
293.731 Council to formulate and review investment policies; exception. Subject to the objective set forth in ORS 293.721 and the standards set forth in ORS 293.726, the Oregon Investment Council shall formulate policies for the investment and reinvestment of moneys in the investment funds and the acquisition, retention, management and disposition of investments of the investment funds. The council, from time to time, shall review those policies and make changes therein as it considers necessary or desirable. The council may formulate separate policies for any fund included in the investment funds. This section does not apply to the Oregon Growth Account and to the Oregon Growth Account Board, or to the Higher Education Technology Transfer Account and the Higher Education Technology Transfer Account Board. [1967 c.335 §8; 1993 c.210 §20; 1999 c.42 §1; 1999 c.274 §18; 2001 c.835 §9; 2001 c.922 §15a]
Note: The amendments to 293.731 by section 15b, chapter 922, Oregon Laws 2001, become operative only if the Oregon Constitution is amended by a vote of the people as proposed by Senate Joint Resolution 17 (2001) in the primary election held on May 21, 2002. If Senate Joint Resolution 17 (2001) is approved by the people, the amendments become operative on July 1, 2011. See section 15b, chapter 922, Oregon Laws 2001. The text that, if Senate Joint Resolution 17 (2001) is approved by the people, is operative on and after July 1, 2011, is set forth for the user’s convenience.
293.731. Subject to the objective set forth in ORS 293.721 and the standards set forth in ORS 293.726, the Oregon Investment Council shall formulate policies for the investment and reinvestment of moneys in the investment funds and the acquisition, retention, management and disposition of investments of the investment funds. The council, from time to time, shall review those policies and make changes therein as it considers necessary or desirable. The council may formulate separate policies for any fund included in the investment funds. This section does not apply to the Oregon Growth Account or to the Oregon Growth Account Board.
293.736 Duties of investment officer; investment restriction; exception. (1) Except as provided in subsection (2) of this section and in ORS 293.741, in amounts available for investment purposes and subject to the policies formulated by the Oregon Investment Council, the investment officer shall invest and reinvest moneys in the investment funds and acquire, retain, manage, including exercise of any voting rights, and dispose of investments of the investment funds.
(2) The investment officer may not perform functions specified in subsection (1) of this section with respect to investment in common stock of moneys in the Public Employees Retirement Fund or Industrial Accident Fund. Except as provided in subsection (3) of this section, the investment officer may not perform functions specified in subsection (1) of this section with respect to investment in common stock of moneys in the Deferred Compensation Fund. Those functions with respect to that investment may be performed only by persons contracted with by the council as provided in ORS 293.741.
(3) Subject to the direction of the council, the investment officer shall perform the functions described in subsection (1) of this section with respect to the investment in mutual funds of moneys in the Deferred Compensation Fund. The council must approve all mutual funds in which Deferred Compensation Fund moneys are invested. [1967 c.335 §9; 1997 c.179 §23]
293.741 Council may contract with others to perform investment officer functions; compensation; bond. The Oregon Investment Council may enter into contracts with one or more persons whom the council determines to be qualified, whereby the persons undertake, in lieu of the investment officer, to perform the functions specified in ORS 293.736 to the extent provided in the contract. Performance of functions under contract so entered into shall be paid for out of the gross interest or other income of the investments with respect to which the functions are performed, and the net interest or other income of the investments after that payment shall be considered income of the investment funds. The council may require a person contracted with to give to the state a fidelity bond in a penal sum as may be fixed by law or, if not so fixed, as may be fixed by the council, with corporate surety authorized to do business in this state. Contracts so entered into and functions performed thereunder are not subject to the State Personnel Relations Law or ORS 279.545 to 279.746. [1967 c.335 §10]
(2) The Oregon Investment Council may arrange for the furnishing to the investment officer of investment counseling services. The furnishing and acquisition of those services are not subject to the State Personnel Relations Law or ORS 279.545 to 279.746.
(3) The investment officer, with the approval of the council, may arrange for services with respect to mortgages in which moneys in the investment funds are invested. Those services shall be paid for out of the gross interest of the mortgages with respect to which the services are furnished, and the net interest of the mortgages after that payment shall be considered income of the investment funds. The furnishing and acquisition of those services are not subject to the State Personnel Relations Law or ORS 279.545 to 279.746. [1967 c.335 §11]
293.761 Reports by investment officer with respect to funds. The investment officer shall report quarterly to the officer or body having control and administration of each fund included in the investment funds the changes in investments made during the preceding month for the fund. If requested by the officer or body, the investment officer shall furnish to the officer or body the details on the investment transactions for any fund. The investment officer shall separately identify investments held in the Oregon Growth Account established in ORS 348.702, the Oregon Resource and Technology Development Subaccount established in ORS 348.706 and the Higher Education Technology Transfer Account created in section 2, chapter 835, Oregon Laws 2001, as part of the report on the Education Endowment Fund required by this section. [1967 c.335 §14; 1993 c.210 §21; 1999 c.42 §2; 1999 c.274 §19; 2001 c.835 §11; 2001 c.922 §16a]
Note: The amendments to 293.761 by section 16b, chapter 922, Oregon Laws 2001, become operative only if the Oregon Constitution is amended by a vote of the people as proposed by Senate Joint Resolution 17 (2001) in the primary election held on May 21, 2002. If Senate Joint Resolution 17 (2001) is approved by the people, the amendments become operative on July 1, 2011. See section 16b, chapter 922, Oregon Laws 2001. The text that, if Senate Joint Resolution 17 (2001) is approved by the people, is operative on and after July 1, 2011, is set forth for the user’s convenience.
293.761. The investment officer shall report quarterly to the officer or body having control and administration of each fund included in the investment funds the changes in investments made during the preceding month for the fund. If requested by the officer or body, the investment officer shall furnish to the officer or body the details on the investment transactions for any fund. The investment officer shall separately identify investments held in the Oregon Growth Account established in ORS 348.702 and the Oregon Resource and Technology Development Subaccount established in ORS 348.706 as part of the report on the Education Endowment Fund required by this section.
293.780 Group annuity contracts with insurers on behalf of Public Employees Retirement System and Board. The Oregon Investment Council, for and on behalf of the Public Employees Retirement System and Public Employees Retirement Board, may enter into group annuity contracts with one or more insurance companies authorized to do business in this state. In lieu of any investment of moneys in the Public Employees Retirement Fund as provided in ORS 293.701 to 293.820, the council may pay, from time to time under contracts so entered into, any moneys in that fund available for investment purposes. Contracts so entered into are not subject to ORS 279.545 to 279.746. [1967 c.335 §18]
(2) The state, including any of its agencies having control of, or authority to invest and reinvest in, any stock described in subsection (1) of this section, in holding, disposing of or investing and reinvesting in such stock, shall be governed by ORS 128.065 and 128.194 to 128.218, notwithstanding the date of acquisition of such stock. Moneys received from the disposition of such stock, including dividends, shall be maintained separate and distinct from the General Fund, and those moneys, including interest earned thereon, are appropriated continuously for the purposes of the donation or bequest and of the investments and reinvestments authorized by subsection (1) of this section and by ORS 351.130. Except as specifically authorized by law, the state or any of its agencies may not purchase stock.
(3) This section does not apply to investment and reinvestment of moneys in the Public Employees Retirement Fund, the Industrial Accident Fund, the Deferred Compensation Fund and the Education Endowment Fund or to acquisition, retention, management and disposition of investments of those funds as provided in ORS 293.701 to 293.820. [Formerly 291.630; 1967 c.335 §32; 1971 c.339 §1; 1989 c.966 §21; 1995 c.12 §4; 1995 c.157 §25; 1997 c.179 §24]
Note: The amendments to 293.790 by section 13, chapter 835, Oregon Laws 2001, become operative only if the Oregon Constitution is amended by a vote of the people as proposed by Senate Joint Resolution 17 (2001) in the primary election held on May 21, 2002. If Senate Joint Resolution 17 (2001) is approved by the people, the amendments become operative on the effective date of Senate Joint Resolution 17 (2001). See section 13, chapter 835, Oregon Laws 2001. The text that, if Senate Joint Resolution 17 (2001) is approved by the people, is operative on and after the effective date of Senate Joint Resolution 17 (2001) is set forth for the user’s convenience.
293.790. (1) Under authority of section 6, Article XI of the Oregon Constitution, the state, subject to subsection (2) of this section, may hold and dispose of the stock of any company, association or corporation, including stock already received, that is donated or bequeathed and the state, acting by and through the State Board of Higher Education, subject to subsection (2) of this section, may invest and reinvest in the stock of any company, association or corporation, any funds or moneys of the State Board of Higher Education that:
(3)(a) This section does not apply to investment and reinvestment of moneys in the Public Employees Retirement Fund, the Industrial Accident Fund, the Deferred Compensation Fund and the Education Endowment Fund or to acquisition, retention, management and disposition of investments of those funds as provided in ORS 293.701 to 293.820.
(b) This section does not apply to investment or reinvestment of moneys or stock resulting from the holding and disposing of stock by the state as allowed under section 6 (2), Article XI of the Oregon Constitution.
293.796 Findings regarding venture capital for new businesses. The Legislative Assembly finds that:
(1) The availability of venture capital for the start-up and subsequent expansion of new businesses is critical to the continued growth and development of the economy of Oregon.
(2) There exists an estimated gap of between $100 million and $200 million between available venture capital resources and the need of Oregon businesses for such resources.
(3) Investments in start-up and expanding businesses can produce substantial positive returns for long-term investors.
(4) Pension funds managed by the Oregon Investment Council constitute a major financial resource of the State of Oregon, and that such funds may be prudently invested in start-up businesses in this state under policies established by the Oregon Investment Council. [1995 c.811 §1]
(a) "Council" means the Oregon Investment Council.
(b) "Governmental unit" has the meaning given the term under ORS 288.150.
(c) "Investor" means an entity which deposits proceeds with the State Treasurer for investment in a pool.
(d) "Pool" means a fund or account established by the State Treasurer for the investment of proceeds for one or more investors, pursuant to this section.
(e) "Proceeds" means funds obtained from the sale of tax-exempt obligations, and other funds which secure, or are held to pay debt service on, tax-exempt obligations.
(f) "Tax-exempt obligations" means bonds, notes, certificates or other obligations, the interest on which is excluded from gross income under the United States Internal Revenue Code.
(5) The State of Oregon, its agencies, governmental units and trustees which hold proceeds may invest proceeds through the State Treasurer in a pool. [1991 c.902 §108; 1997 c.129 §3]
293.875 State Treasurer as state cash management officer; duties. (1) The State Treasurer is designated the cash management officer for the state and may review, establish and modify procedures for the efficient handling of cash and cash equivalents under the control of the State Treasury, the Secretary of State, the Judicial Department, the Legislative Assembly and state agencies, as defined in ORS 291.002.
(2) The State Treasurer shall continuously review the effectiveness of cash management of state agencies, the Secretary of State, the Judicial Department and the Legislative Assembly, and when the State Treasurer considers it appropriate shall report in writing to the subject agency the findings of this review, along with any recommendations. A copy of the report shall be provided to the Legislative Fiscal Officer and to the Secretary of State.
(3) State agencies shall employ the principles, standards and related requirements for cash management, including the use of secure disbursing and receiving documents and systems, prescribed by the State Treasurer. [1993 c.73 §3; 1997 c.65 §1]