OR Rev Stat § 295.015 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 295 - Depositories of Public Funds and Securities|Section 295.015 - Maintenance of securities by qualified depository.

Except as provided in ORS 295.018: (1)(a) Throughout the period that a qualified depository possesses uninsured public funds deposits, the depository shall maintain collateral, at the depository’s own expense, that has a value at least equal to the depository’s minimum collateral requirement and as otherwise prescribed in ORS 295.001 to 295.108. If the collateral consists of securities, the depository shall deposit the securities with the depository’s custodian. The depository and custodian shall identify the securities in their respective records as security for public funds deposited in accordance with ORS 295.001 to 295.108. (b) For purposes of this section, when pledged as collateral for public funds deposits, loans described in ORS 295.001 (23)(f) must be discounted to 75 percent of the unpaid principal balance owing on the loan from time to time, or to a lower value that the State Treasurer determines from time to time. (c) A bond anticipation note that is pledged as collateral for public funds deposits and for which there is no readily determinable market value must be discounted to 75 percent of the unpaid principal balance owing on the note from time to time, or to a lower value that the State Treasurer determines from time to time. (2) A qualified depository may deposit other eligible securities with the depository’s custodian and release from deposit securities that the depository pledged to secure deposits of public funds if the remaining securities have a value not less than the depository’s minimum collateral requirement. The State Treasurer shall execute releases and surrender custodian’s receipts that are appropriate to effect pledges and releases of matured and excess pledged securities. (3) If a qualified depository’s minimum collateral requirement increases because the depository ceases to be a well capitalized depository as reflected in the depository’s last treasurer report, call report or other public filing, or if the depository receives notice from the State Treasurer that its minimum collateral requirement is increased, the depository shall: (a) Within three business days after the date on which the qualified depository’s minimum collateral requirement increases, the depository shall notify the depository’s custodian and the State Treasurer in writing that the depository’s minimum collateral requirement has increased, setting forth the depository’s new minimum collateral requirement and the depository’s plan for increasing the depository’s pledged collateral to the minimum collateral requirement; and (b) Within five business days after the date on which the qualified depository’s minimum collateral requirement increases, or within a longer period approved by the State Treasurer in coordination with the Department of Consumer and Business Services, the depository shall, in accordance with the plan approved by the State Treasurer, provide additional collateral sufficient to increase the total value of the depository’s securities pledged as collateral for public funds deposits to the depository’s new minimum collateral requirement. (4) If a qualified depository’s minimum collateral requirement decreases because the depository becomes well capitalized, or because the State Treasurer no longer requires the depository to pledge additional collateral under ORS 295.018, the depository may: (a) Notify the qualified depository’s custodian, if any, and the State Treasurer in writing that the depository’s minimum collateral requirement has decreased, setting forth the depository’s new minimum collateral requirement; and (b) With the written approval of the State Treasurer, reduce the value of the qualified depository’s collateral including a release from the depository’s custodian of those securities that exceed the depository’s new minimum collateral requirement. (5) The State Treasurer shall act upon requests for releases of securities under subsections (2) and (4)(b) of this section within three business days after receiving each request. [1967 c.451 §2; 1975 c.515 §3; 2007 c.871 §17; 2009 c.821 §6; 2010 c.101 §7; 2017 c.500 §3; 2019 c.587 §10]