reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.716 - State Treasurer is investment officer for council; subordinate personnel; bonds.

(1) The State Treasurer is the investment officer for the Oregon Investment Council, and shall perform functions in that capacity as authorized or required by law and, consistent with law, by the council.
(2) The bond of the State Treasurer required from the State Treasurer by law shall be deemed to extend to the faithful performance of all functions of the office of investment officer.
(3) The investment officer may:
(a) Subject to any applicable provision of the State Personnel Relations Law, employ, prescribe the functions and fix the compensation of personnel necessary to facilitate and assist in carrying out the functions of the council and investment officer.
(b) Require a fidelity bond of any person employed by the investment officer who has charge of, handles or has access to any investment funds, state money or property. The amounts of the bonds shall be fixed by the investment officer, except as otherwise provided by law, and the sureties shall be approved by the investment officer. The premiums on the bonds shall be an expense of the State Treasurer. [1967 c.335 §5]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 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 0.35 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)(n), a maximum of 0.5 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; 2009 c.541 §12; 2023 c.37 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.721 - General objective of investments.

Moneys in the investment funds shall be invested and reinvested to achieve the investment objective of the investment funds, which is to make the moneys as productive as possible, subject to the standard set forth in ORS 293.726. [1967 c.335 §6]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.723 - Discrete investment of moneys.

(1) Moneys in a fund established by law may not be discretely invested unless the law establishing the fund specifically indicates that the moneys may be invested. A provision in a law establishing a fund that requires interest earned by the fund to be retained by the fund is not, by itself, a specific indication that the moneys in the fund may be discretely invested.
(2) As used in this section, "discretely invested" means invested in something other than the Oregon Short Term Fund established under ORS 293.728. [2007 c.217 §2; 2009 c.541 §13; 2009 c.821 §20]
Note:
293.723 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.726 - Standard of judgment and care in investments; investment in corporate stock.

(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.
(2) The standard stated in subsection (1) of this section requires the exercise of reasonable care, skill and caution, and is to be applied to investments not in isolation but in the context of each investment fund’s investment portfolio and as a part of an overall investment strategy, which should incorporate risk and return objectives reasonably suitable to the particular investment fund.
(3) In making and implementing investment decisions, the Oregon Investment Council and the investment officer have a duty to diversify the investments of the investment funds unless, under the circumstances, it is not prudent to do so.
(4) In addition to the duties stated in subsection (3) of this section, the council and the investment officer must:
(a) Conform to the fundamental fiduciary duties of loyalty and impartiality;
(b) Act with prudence in deciding whether and how to delegate authority and in the selection and supervision of agents; and
(c) Incur only costs that are reasonable in amount and appropriate to the investment responsibilities imposed by law.
(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 subsection (6) 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.
(6) Notwithstanding subsection (1) of this section, not more than 50 percent of the moneys contributed to the Public Employees Retirement Fund or the Industrial Accident Fund may be invested in common stock, and not more than 65 percent of the moneys contributed to the other trust and endowment funds managed by the Oregon Investment Council or the State Treasurer may be invested in common stock.
(7) 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; 2005 c.294 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.728 - Oregon Short Term Fund.

(1) The Oregon Short Term Fund is established in the State Treasury as a commingled investment vehicle for investment funds and the moneys described in subsection (2) of this section. Interest earned by the Oregon Short Term Fund shall be credited to the participating investor funds or accounts in the fund in proportion to the amount invested.
(2) Unless a federal law, court order, settlement or similar agreement or business practice requires otherwise, moneys received by the State Treasurer that may not be discretely invested as provided in ORS 293.723 shall be deposited in the fund. Moneys that may be discretely invested as provided in ORS 293.723 may be deposited in the fund.
(3) Moneys in the fund may be transferred as provided in ORS 293.205 to 293.225. The State Treasurer is the officer in charge of the fund for purposes of ORS 293.220 and shall determine the interest rate to be charged until the moneys are retransferred to the fund. The interest rate may not be less than the rate specified in ORS 293.220. [2009 c.821 §19]
Note:
293.728 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 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, the Oregon Growth Fund, the Oregon Growth Board, the Oregon Innovation Fund or the Oregon Innovation Council. [1967 c.335 §8; 1993 c.210 §20; 1999 c.42 §1; 1999 c.274 §18; 2001 c.835 §9; 2001 c.922 §§15a,15b; 2005 c.748 §§15,16; 2012 c.90 §§22,32; 2013 c.732 §8; 2019 c.131 §10]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.733 - Venture capital investments; council’s duty.

(1) In making and implementing investment decisions related to venture capital, the Oregon Investment Council and the investment officer have a duty to look first at Oregon opportunities for diversification unless, under the circumstances, it is not prudent to do so.
(2) At any given time, the council shall have at least $100 million in venture capital investments in Oregon unless, under the circumstances, it is not prudent to do so.
(3) As used in this section:
(a) "Emerging growth business" means an individual or group of individuals or a new or small company, including but not limited to any new or small partnership, limited liability company, corporation, firm, association or other business entity, that has the capacity, upon obtaining appropriate capital, to generate significant high-skill, high-wage employment.
(b) "Venture capital" includes but is not limited to emerging growth businesses. [2003 c.606 §3; 2012 c.90 §23]
Note:
293.733 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.734 - Report on venture capital investments.

The Oregon Investment Council shall submit an annual report to the Speaker of the House of Representatives and the President of the Senate detailing the investments and commitments made by the council in accordance with ORS 293.733. [2003 c.606 §5]
Note:
293.734 was enacted into law by the Legislative Assembly but was 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.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.736 - Duties of investment officer.

(1) Except as provided 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) 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; 2005 c.295 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 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 or in addition to the investment officer, to perform the functions specified in ORS 293.736 to the extent provided in the contract. Performance of functions under a contract 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 entered into under this section and functions performed under the contracts are not subject to ORS chapter 240 or ORS 279A.140. [1967 c.335 §10; 2003 c.794 §248; 2005 c.295 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.746 - Opinion of bond attorney or Attorney General; investment counseling and mortgage services.

(1) In the acquisition or disposition of bonds with which approving legal opinions ordinarily are furnished, the investment officer may require an original or certified copy of the written opinion of a reputable bond attorney or attorneys, or the written opinion of the Attorney General, certifying to the legality of the bonds.
(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 279A.140.
(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 279A.140. [1967 c.335 §11; 2003 c.794 §249]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.751 - Custody of title instruments; deposit for safekeeping; form; collection and disposition of principal and interest; default proceedings.

(1) Except as provided in ORS 293.741 and this subsection, all instruments of title of all investments of the investment funds shall remain in the custody of the investment officer. The investment officer may deposit with one or more custodial agents or banks those instruments of title that the State Treasurer considers advisable, to be held in safekeeping by the agents or banks for collection of the principal and interest or other income, or of the proceeds of sale or maturity. For purposes of this section, instruments of title of investments of the investment funds may include such evidence of title as the investment officer shall consider secure and consistent with modern investment, banking and commercial practices, and may include book entry and automated recordation of such title.
(2) Except as provided in ORS 293.741 and 293.746 (3) and subsections (1) and (3) of this section, the investment officer shall collect the principal and interest or other income of investments of the investment funds, title of which is in the investment officer’s custody, when due and payable, and shall pay the principal and interest or other income, when so collected, into the appropriate fund. Except as otherwise provided by law, interest or other income of investments of funds in the hands of the State Treasurer that are not required to meet current demands shall be paid into the General Fund to be available for the payment of general governmental expenses.
(3) In the event of default in the payment of principal or interest or other income of any investment of the investment funds, the investment officer, with the approval of the Oregon Investment Council, may:
(a) Institute the proper proceedings to collect the matured principal or interest or other income.
(b) Accept for exchange purposes refunding bonds or other evidences of indebtedness at interest rates to be agreed upon by the investment officer and obligor.
(c) Make compromises, adjustments or disposition of the matured principal or interest or other income as the investment officer considers advisable for the purpose of protecting the moneys invested.
(d) Make compromises or adjustments as to future payments of principal or interest or other income as the investment officer considers advisable for the purposes of protecting the moneys invested. [1967 c.335 §12; 1979 c.475 §1; 1981 c.194 §2; 1991 c.88 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.756 - Separate accounting for funds.

The investment officer shall keep, for each fund included in the investment funds for which investments are made, a separate account, which shall record the individual amounts and the totals of all investments of moneys in the fund. [1967 c.335 §13]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.761 - Duty of investment officer to provide information for financial reporting.

(1) The investment officer shall follow generally accepted accounting practices and provide to the officer or body having control and administration of any investment funds any information necessary for financial reporting required by law.
(2) The investment officer shall separately identify investments held in the Oregon Growth Account established in ORS 348.702 as part of the information provided under this section on the Education Stability Fund. [1967 c.335 §14; 1993 c.210 §21; 1999 c.42 §2; 1999 c.274 §19; 2001 c.835 §11; 2001 c.922 §§16a,16b; 2002 s.s.3 c.6 §§10,11; 2005 c.748 §§17,18; 2009 c.805 §5; 2009 c.821 §21; 2012 c.90 §§24,33; 2013 c.732 §9]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.766 - Monthly reports by investment officer to council.

Not later than 15 days after the last day of each month, the investment officer shall submit to the Oregon Investment Council a report of the investments made during the preceding month. The report shall include a detailed summary of investment, reinvestment, purchase, sale and exchange transactions, setting forth, among other matters, the investments bought, sold and exchanged, the dates thereof, the prices paid and obtained, the names of the dealers involved and a statement of the accounts referred to in ORS 293.756. The investment officer may send copies of the report to investment bankers and brokers recommended by the council. [1967 c.335 §15]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.771 - Reports by council to Governor and legislature.

The Oregon Investment Council shall report to the Governor and Legislative Assembly on the investment funds investment program at each odd-numbered year regular session of the Legislative Assembly and at other times as the council considers in the public interest. [1967 c.335 §16; 2011 c.545 §38]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.776 - Examination and audit of investment program; report.

The Oregon Investment Council shall provide for an examination and audit of the investment funds investment program, and for submission to the council of a report based on the examination and audit, at least once every four years and at other times as the council may require. The examination and audit, and the report based thereon, shall include an evaluation of current investment funds investment policies and practices and of specific investments of the investment funds in relation to the objective set forth in ORS 293.721, the standard set forth in ORS 293.726 and other criteria as may be appropriate, and recommendations relating to the investment funds investment policies and practices and to specific investments of the investment funds as are considered necessary or desirable. The council shall make copies of the report or a summary thereof available for distribution to interested persons. [1967 c.335 §17]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.778 - Investment holding companies; use; directors and officers; effect of conflict of interests.

(1) The investment officer singly, or jointly with other public or institutional investors, may authorize establishment of investment holding companies, which may be corporations, partnerships or limited liability companies, and placement of investment funds or investments in such companies, when it is appropriate to do so under the investment standard prescribed in ORS 293.726. An investment holding company authorized by this section has the powers and authority granted by the laws of the jurisdiction in which the company is established.
(2) Any person qualified under the laws of the jurisdiction in which an investment holding company is established may serve as an officer, director, member or manager of the company. Officers and employees of the office of the State Treasurer may serve as directors, officers and members of investment holding companies authorized by this section. However, if a conflict arises between the duties of the officer or employee of the office of the State Treasurer under state law and the duties of the officer or employee of the office of the State Treasurer as a director, officer or member of the investment holding company, the officer or employee shall abstain from acting on behalf of the company. If the conflict cannot be avoided by abstention, the officer or employee shall immediately resign from the company. [1993 c.76 §2; 1999 c.481 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › 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 293.857, 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 279A.140. [1967 c.335 §18; 2003 c.794 §250]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.790 - Holding, investing and disposing of corporate stock.

(1) Under authority of Article XI, section 6, 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 on behalf of the governing board of a public university listed in ORS 352.002, 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 public university held in the Public University Fund established under ORS 352.450 that is permitted to be held, disposed or invested under Article XI, section 6, of the Oregon Constitution.
(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 130.750 to 130.775, 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. 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 Stability Fund or to acquisition, retention, management and disposition of investments of those funds as provided in ORS 293.701 to 293.857. [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; 2001 c.835 §13; 2002 s.s.3 c.6 §12; 2005 c.348 §122; 2015 c.767 §12]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.793 - Purchase or acquisition of state government bonds.

(1) As used in this section:
(a) "Related agency" has the meaning given that term in ORS 286A.001.
(b) "State government" has the meaning given that term in ORS 174.111.
(2) If the State Treasurer, acting as investment officer, or a trustee, investing moneys for a related agency, purchases or acquires bonds issued by state government, the purchase or acquisition does not cancel or extinguish the bonds. [2009 c.537 §6]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.796 - Findings regarding venture capital for new businesses.

(1) The Legislative Assembly finds that:
(a) 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.
(b) 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.
(c) Investments in start-up and expanding businesses, in minority-owned businesses, woman-owned businesses and veteran-owned businesses and in emerging growth businesses can produce substantial positive returns for long-term investors.
(d) 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 and emerging growth businesses in this state under policies established by the Oregon Investment Council.
(2) As used in this section:
(a) "Emerging growth business" means an individual or group of individuals or a new or small company, including but not limited to any new or small partnership, limited liability company, corporation, firm, association or other business entity, that has the capacity, upon obtaining appropriate capital, to generate significant high-skill, high-wage employment.
(b) "Minority-owned business," "woman-owned business" and "veteran-owned business" have the meanings given those terms in ORS 200.005. [1995 c.811 §1; 2003 c.606 §1; 2005 c.22 §221; 2012 c.90 §25; 2015 c.565 §19; 2023 c.497 §20]
Note:
293.796 was enacted into law by the Legislative Assembly but was 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.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.812 - Definitions for ORS 293.811 to 293.832.

As used in ORS 293.811 to 293.832:
(1) "Company" means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor, franchisee or its wholly owned subsidiary that exists for profit-making purposes or otherwise to secure economic advantage.
(2) "Fund of funds" means investment funds that function by secondary investment in a portfolio of other investments, including investment funds.
(3) "Index funds" means pooled investments that are passively managed with an intent to match or track the performance of a market index.
(4) "Invest" means to commit funds or other assets to a company. "Invest" includes making a loan or other extension of credit to a company, or owning or controlling a share or interest in a company or a bond or other debt instrument issued by a company.
(5) "Investment" means the commitment of funds or other assets to a company for an interest in the company. "Investment" includes the ownership or control of a share or interest in a company or of a bond or other debt instrument issued by a company.
(6) "Scrutinized company" means any company that currently has an investment, in the Sudan, from which federal law specifically allows public pension plans to divest.
(7) "Sudan" means the Republic of the Sudan and any territory under the administration, legal or illegal, of Sudan, including but not limited to the Darfur region. [2005 c.774 §3; 2013 c.722 §67]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.813 - Findings.

(1) The people of Oregon condemn the human rights abuses, enslavement and genocide in Sudan and declare these atrocities to be absolutely contrary to the fundamental principles of human rights and standards of justice and individual freedom.
(2) The Legislative Assembly finds:
(a) The Congress of the United States has declared that genocide is occurring in the Darfur region of Sudan;
(b) The National Black Caucus of State Legislators Resolution 05-144 declares that the atrocities unfolding in Darfur are genocide under Articles 1 to 3 of the 1948 United Nations Convention;
(c) The United Nations International Commission of Inquiry on Darfur found that government forces and militias of Sudan have conducted indiscriminate attacks, including the killing of civilians, torture, enforced disappearances, the destruction of villages, rape and other forms of sexual violence, pillaging and forced displacement throughout Darfur;
(d) Sudanese government forces and government-supported militia forces have implemented a coordinated policy of ethnic cleansing;
(e) More than 2.2 million people are affected by the crisis in Sudan, with 1.2 million displaced inside Sudan, 200,000 living as refugees and more than 50,000 people having died, according to the Catholic Relief Services;
(f) Sixty percent of the villages in Northern Darfur have been destroyed or abandoned according to the Intermediate Technology Development Group;
(g) Sudanese government forces have pursued a scorched earth policy aimed at removing populations from around a newly constructed oil pipeline and other oil production facilities, according to the United States Department of State Report on Human Rights Practices in Sudan;
(h) Fourteen thousand Dinka women and children have been abducted in Sudan according to the United States Department of State 2005 Trafficking in Persons Report;
(i) Christian Solidarity International reports that the government of Sudan is responsible for the revival of the evil institution of slavery;
(j) The Methodist Church of Southern Africa reports mass rapes of girls and women, the displacement of millions of people and genocide and ethnic cleansing in Darfur;
(k) The Committee on Conscience of the United States Holocaust Memorial Museum has declared a genocide emergency in Sudan;
(L) Genocide, enslavement and such atrocities are repugnant to the basic principles of liberty and justice in the Bill of Rights, Article I of the Oregon Constitution, which are fundamental to the character of a free society; and
(m) The investment of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660 in scrutinized companies is inconsistent with the moral and political values of the people of Oregon. [2005 c.774 §4; 2015 c.27 §26]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.819 - Investment in scrutinized companies.

(1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that managers who are engaged by the council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660, through the purchase and sale of publicly traded equities, are not investing in publicly traded equities of any scrutinized company.
(2) Subsection (1) of this section does not apply to investment indirectly made through index funds, fund of funds or privately placed investments. [2013 c.722 §69]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.825 - Policy for engagement with investment managers with investments in scrutinized companies.

(1) Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, the State Treasurer shall adopt a statement of policy that describes a process of engagement with managers who:
(a) Are engaged by the Oregon Investment Council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660 through the purchase and sale of publicly traded equities; and
(b) Have invested such funds in scrutinized companies.
(2) The policy required under subsection (1) of this section must require the State Treasurer, to the extent practicable, to identify and send a written notice to the managers described in subsection (1) of this section. The notice shall encourage the managers, consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to:
(a) Notify scrutinized companies with which the managers have made investments of the State Treasurer’s policy adopted pursuant to subsection (1) of this section; and
(b) Not later than 90 days after giving the notice, end investments in the scrutinized companies and avoid future investments in the scrutinized companies, as long as the managers may do so without monetary loss through reasonable, prudent and productive investments in companies generating returns that are comparable to the returns generated by the scrutinized companies.
(3) A notice provided by a manager to a scrutinized company under subsection (2) of this section shall advise the scrutinized company that the company may comment in writing to the State Treasurer to dispute the identification of the company as a scrutinized company.
(4) If the State Treasurer determines under subsection (3) of this section that a company is not a scrutinized company, the State Treasurer shall notify the relevant manager of the State Treasurer’s determination.
(5) The State Treasurer shall advise the Oregon Investment Council of a notice the State Treasurer provides under subsection (2) of this section if the manager to whom the notice was given has not informed the State Treasurer within 180 days after the date the notice was given that the manager has ended the manager’s investment in scrutinized companies or plans to divest from its investment in scrutinized companies. [2013 c.722 §70]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.828 - Notice on State Treasurer’s website.

On or before March 15 of each year, the State Treasurer shall make available on the State Treasurer’s website a summary of actions taken during the previous year in accordance with ORS 293.811 to 293.832. The summary shall include a list of identified scrutinized companies. [2013 c.722 §71]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.832 - Applicability of ORS 293.825 and 293.828; sufficient appropriation.

ORS 293.825 (2) to (5) and 293.828 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described by ORS 293.718 or moneys in the Public Employees’ Retirement Fund, to administer ORS 293.825 (2) to (5) and 293.828. [2013 c.722 §72]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.837 - Definitions for ORS 293.837 to 293.847.

As used in ORS 293.837 to 293.847:
(1) "Company" means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor or franchisee, or its wholly owned subsidiary, that exists for profit-making purposes or otherwise to secure economic advantage.
(2) "Fund of funds" means investment funds that function by secondary investment in a portfolio of other investments, including investment funds.
(3) "Index funds" means pooled investments that are passively managed with an intent to match or track the performance of a market index.
(4)(a) "Invest" means to commit funds or other assets to a company. "Invest" includes making a loan or other extension of credit to a company, or owning or controlling a share or interest in a company or a bond or other debt instrument issued by a company.
(b) "Investment" means the commitment of funds or other assets to a company for an interest in the company. "Investment" includes the ownership or control of a share or interest in a company or of a bond or other debt instrument issued by a company.
(5) "Iran" means the Islamic Republic of Iran.
(6) "Scrutinized company" means any company that currently has made an investment in the energy sector of Iran as described in section 202(c)(1) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (P.L. 111-195), as further determined by the United States Department of State. [2012 c.72 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.839 - Investment in scrutinized companies.

(1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that managers who are engaged by the council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660, through the purchase and sale of publicly traded equities, are not investing in publicly traded equities of any scrutinized company.
(2) Subsection (1) of this section does not apply to investments indirectly made through index funds, fund of funds or privately placed investments. [2012 c.72 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.841 - Policy for engagement with investment managers with investments in scrutinized companies.

(1) Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, the State Treasurer shall adopt a statement of policy that describes a process of engagement with managers who:
(a) Are engaged by the Oregon Investment Council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660 through the purchase and sale of publicly traded equities; and
(b) Have invested such funds in scrutinized companies.
(2) The policy required under subsection (1) of this section must require the State Treasurer, to the extent practicable, to identify and send a written notice to the managers described in subsection (1) of this section. The notice shall encourage the managers, consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to:
(a) Notify scrutinized companies with which the managers have made investments of the State Treasurer’s policy adopted pursuant to subsection (1) of this section; and
(b) Not later than 90 days giving the notice, end investments in the scrutinized companies and avoid future investments in the scrutinized companies, as long as the managers may do so without monetary loss through reasonable, prudent and productive investments in companies generating returns that are comparable to the returns generated by the scrutinized companies.
(3) A notice given by a manager to a scrutinized company under subsection (2) of this section shall advise the scrutinized company that the scrutinized company may comment in writing to the State Treasurer to dispute the identification of the company as a scrutinized company.
(4) If the State Treasurer determines that a company given notice under subsection (3) of this section is not a scrutinized company, the State Treasurer shall notify the relevant manager of the determination.
(5) The State Treasurer shall advise the Oregon Investment Council if a manager to whom the notice was given under subsection (2) of this section has not informed the State Treasurer within 180 days after the date the notice was given that the manager has ended the manager’s investment in scrutinized companies or plans to divest from the manager’s investment in scrutinized companies. [2012 c.72 §4]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.843 - Notice on State Treasurer’s website.

On or before March 15 of each year, the State Treasurer shall make available on the State Treasurer’s website a summary of actions taken during the previous year in accordance with ORS 293.837 to 293.847. The summary shall include a list of identified scrutinized companies. [2012 c.72 §5]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.847 - Applicability of ORS 293.841 and 293.843; sufficient appropriation.

(1) ORS 293.841 (2) to (5) and 293.843 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described in ORS 293.718, to administer ORS 293.841 (2) to (5) and 293.843.
(2) Any costs incurred by the State Treasurer in administering ORS 293.837 to 293.847 may not be paid from investment funds. [2012 c.72 §6]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.857 - Separate accounts for each local government; report; investment rules.

(1) When the investment officer invests the funds of any county, municipality, school district or other political subdivision of this state or of a tribal government, the investment officer shall keep a separate account for each such governmental unit the funds of which are being invested.
(2) The investment officer shall report monthly to each such governmental unit the changes made during the preceding month in the investments for the account of that governmental unit. The monthly reports shall be provided to the governmental units within 30 days after the end of the month to which they pertain.
(3) All funds invested by the investment officer shall be invested in accordance with rules adopted or readopted at least annually by the Oregon Short Term Fund Board and approved by the Oregon Investment Council. Such rules shall be published, shall be made available to all interested parties and shall be distributed at least annually to all local governments and tribal governments investing funds pursuant to ORS 294.805 to 294.895. [Formerly 293.820]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.861 - Investment pools authorized.

The Legislative Assembly recognizes that changes in federal arbitrage regulations have imposed substantial additional financial and administrative burdens on state agencies and local governments which issue tax-exempt obligations. The impact of these burdens is exacerbated by the fiscal restrictions placed on these agencies and governments by section 11b, Article XI of the Oregon Constitution. The Legislative Assembly finds that it will benefit the citizens of the state to authorize the State Treasurer to create one or more investment pools which are designed to reduce these burdens of compliance with federal arbitrage rules. [Formerly 293.822]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.880 - Accounts and funds established to comply with federal legislation relating to state and federal cash management reform.

The State Treasurer may establish accounts, and the Oregon Department of Administrative Services may establish funds, as needed to comply with the requirements of federal legislation relating to the state and federal cash management reform. These accounts and funds shall be separate and distinct from the General Fund. Interest earned, if any, shall inure to the benefit of the account or fund. Moneys in these accounts and funds are continuously appropriated for the following purposes:
(1) To the extent authorized by federal legislation, administrative expenses of the department, the State Treasurer and the Division of Audits of the Secretary of State in the performance of their duties relating to the program known as the state and federal cash management reform. Payment of such expenses by the department shall be based on properly documented claims and shall be paid the same as other claims against the State of Oregon.
(2) The transfer of interest earnings to the federal government in accordance with signed agreements between the United States Treasury and this state.
(3) The transfer of interest earnings to the General Fund or other separate funds if documentation shows that state funds have been used in anticipation of the receipt of federal funds. The use of state funds in lieu of federal funds must be in accordance with signed agreements between the United States Treasury and this state. [1989 c.552 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 293 - Administration of Public Funds › Section 293.990 - Penalties.

(1) Any person, official or state agent violating ORS 293.265 to 293.280 or failing to comply with any of the requirements of those sections within the time provided shall be liable on the official bond of the person, officer or state agent and commits a Class A misdemeanor.
(2) In addition to civil liability, violation of ORS 293.620 is a Class A violation. [Formerly 291.990 (2), (3); 1971 c.743 §353; 1997 c.761 §12; 1999 c.1051 §173; 2011 c.597 §178]