reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.855 - Legal opinions; investment counseling services; 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 pool 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 pool. The furnishing and acquisition of those services are not subject to the State Personnel Relations Law or ORS 279A.140. [1973 c.748 §12; 2003 c.794 §252]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.865 - Monthly deductions from income received for payment of expenses.

The State Treasurer may deduct monthly a maximum of 0.435 basis points of the most recent market value of assets under the management of the investment pool. Amounts so deducted shall pay the State Treasurer for expenses of the State Treasurer as investment officer and to the extent the amounts deducted are so used 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. [1973 c.748 §6; 1975 c.740 §9; 1977 c.266 §11; 1991 c.88 §2; 1995 c.288 §2; 1999 c.1043 §3; 2001 c.716 §25]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.870 - Separate accounts for public bodies; reports on investment changes and monthly financial statements required.

(1) The investment officer shall keep, for each public body with funds in the investment pool, a separate account, which shall record the individual amounts and the totals of all investments of its moneys in the investment pool.
(2) The investment officer shall report monthly to the local government official or tribal government official of a public body with funds in the investment pool the changes in its account made during the preceding month for the investment pool. The investment officer shall also furnish a financial report monthly to each participating governmental unit investor in the investment pool. The financial report shall include, but not be limited to, such comparative data for the preceding six months operation of the investment pool as will provide a basis for analyzing trends and comparing operating results and financial position. A monthly statement shall be distributed within 30 days after the end of that month. [1973 c.748 §§14,15; 1979 c.608 §5; 1989 c.569 §4; 2007 c.783 §122b; 2013 c.338 §7]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.875 - Monthly report of investments of pool funds; distribution.

Not later than 15 days after the last day of each month, the investment officer shall submit to the Oregon Investment Council and the Oregon Short Term Fund Board 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 294.870 (1). The reports shall include a description of every investment in the portfolio of assets in the investment pool showing issuer, coupon, purchase date, maturity date, yield to maturity, book value, market value as of the end of the month for which the report is rendered and the method used to value pool investments; a computation of the average life of the portfolio of assets in the investment pool weighted according to the market value of each investment that matures more than 270 days from the report date as of the end of the month for which the report is rendered; and a computation of the annualized rate of return of the investment pool portfolio, net of expense. A copy of the reports shall be made available to each county, municipality, school district and other political subdivision and tribal government the funds of which are then being invested by the investment officer. The investment officer may send copies of the report to investment bankers and brokers recommended by the council. [1973 c.748 §16; 1981 c.880 §17; 1987 c.381 §5; 2013 c.338 §8]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.880 - Program examination and audit; report; distribution.

An examination and audit of the investment pool shall be made separately from the audit of the treasurer for submission to the Oregon Investment Council, public bodies that are investors in the pool, the Legislative Assembly and the Oregon Short Term Fund Board at least once a year and at other times as the council may require. An audit report shall be submitted to the individuals and public bodies specified within 60 days after the end of the fiscal year or as soon as practical. The report shall include a statement prepared by the State Treasurer of the investment rules governing investments authorized by the council. [1973 c.748 §17; 1979 c.608 §6; 2007 c.783 §122c; 2013 c.338 §9]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.882 - Merger or subsequent separation of investment pool and Oregon Short Term Fund; preconditions.

(1) It is recognized that a time may come when the interest of local governments and tribal governments diminishes to the extent that participation in the investment pool no longer warrants its operation as a separate fund. If the investment pool decreases to a level below $125 million, the State Treasurer may transfer the assets of the pool to the Oregon Short Term Fund established under ORS 293.728. In that event, the investment pool participant accounts will be treated as are other state funds and accounts in receiving a proportionate share of the earnings of the Oregon Short Term Fund. Notwithstanding ORS 294.805 to 294.895, but subject to ORS 294.810, when the State Treasurer transfers the assets of the investment pool to the Oregon Short Term Fund, the distributions of income to local governments and tribal governments, payment of related expenses and the reporting, program examination and audit functions with respect to the investment pool participant accounts shall be administered in accordance with ORS 293.353 and 293.701 to 293.857.
(2) The State Treasurer, at the discretion of the treasurer, may reestablish the investment pool as a separate fund if the participant accounts increase to over $125 million and, in the State Treasurer’s judgment, sufficient interest by local government and tribal government exists to ensure the investment pool will remain over $125 million. Prior to reestablishing the pool as a separate fund, the State Treasurer shall first present a plan for operation, including the reasons for such action, to the Oregon Investment Council at a regularly scheduled meeting for its review and comment. The State Treasurer shall publish notice in the Secretary of State’s administrative rules bulletin of the treasurer’s intent to reestablish the pool as a separate fund at least 30 days prior to the meeting at which the Oregon Investment Council shall review the proposal, and notice of the meeting time and location of the Oregon Investment Council at which the proposal will be discussed. [1979 c.608 §9; 1980 c.19 §7; 1983 c.456 §3; 1993 c.18 §62; 1997 c.129 §1; 1999 c.1043 §7; 2009 c.541 §15; 2009 c.821 §27; 2013 c.338 §10]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.885 - Oregon Short Term Fund Board; members; appointment; term; vacancies.

(1) There is created the Oregon Short Term Fund Board consisting of seven members.
(2) One member shall be the State Treasurer or the treasurer’s designated representative. Three members, who are qualified by training and experience in the field of investment or finance and who do not hold any other public office or employment, shall be appointed by the State Treasurer. Three members, who are treasurers, finance or fiscal officers or business managers of any county, city or school district, shall be appointed by the Governor. In making the appointment, the Governor may consider persons recommended by:
(a) The Association of Oregon Counties.
(b) The League of Oregon Cities.
(c) The Oregon School Boards Association.
(d) One or more tribal governments with tribal government officials.
(3) The term of office of each appointed member of the board 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. [1973 c.748 §19; 1979 c.608 §7; 1981 c.880 §18; 1989 c.1006 §2; 2013 c.338 §11]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.890 - Board members serve without compensation; selection of chairperson.

(1) A member of the Oregon Short Term Fund Board shall serve without compensation.
(2) The board shall select one of its members as chairperson, for a term and with the powers and duties necessary for the performance of the functions of the office as the board shall determine. [1973 c.748 §20]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.895 - Board duties, generally.

The Oregon Short Term Fund Board shall:
(1) Advise the Oregon Investment Council and the investment officer in the management of the investment pool and in the investment of moneys deposited in the Oregon Short Term Fund established under ORS 293.728 and invested pursuant to ORS 293.701 to 293.857.
(2) Review the rules promulgated by the investment officer as authorized under ORS 294.825 (4).
(3) Consult with the council and the investment officer on any matter relating to the investment and reinvestment of funds in the investment pool and on any matter relating to the investment or reinvestment of moneys deposited in the Oregon Short Term Fund and invested by the State Treasurer. [1973 c.748 §21; 1981 c.880 §19; 1993 c.18 §63; 2009 c.541 §16; 2009 c.821 §28]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.900 - "Council of governments" defined.

As used in ORS 294.900 to 294.930, "council of governments" means an entity organized by units of local government under an intergovernmental agreement under ORS 190.003 to 190.130, which does not act under the direction and control of any single member government and does provide services directly to individuals. [1987 c.666 §1]
Note:
294.900 to 294.930 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 294 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 294 - County and Municipal Financial Administration › Section 294.905 - Budget committee; membership; term; vacancies; officers; meetings to be public.

(1) A council of governments shall establish a budget committee in accordance with the provisions of this section.
(2) The budget committee shall consist of the members of the governing body of the council of governments and an equal number of representatives of the services provided by the council of governments. If there are fewer representatives of the services than the number of members of the governing body of the council, the governing body and the representatives willing to serve shall be the budget committee. If there are no representatives willing to serve, the governing body shall be the budget committee.
(3) The members of the budget committee shall receive no compensation for their services as members of such committee.
(4) Appointive members of the budget committee shall not be officers, agents or employees of the council of governments or providers of the services.
(5) The appointive members of the budget committee shall be appointed for terms of three years. The terms shall be staggered so that one-third or approximately one-third of the terms of the appointive members end each year.
(6) If any appointive member is unable to serve the term for which the member was appointed, or an appointive member resigns prior to completion of the term for which the member was appointed, the governing body of the council of governments shall fill the vacancy by appointment for the unexpired term.
(7) The budget committee, at its first meeting after its appointment, shall elect a chairperson and a secretary from among its members.
(8) Meetings of the budget committee shall comply with the requirements of ORS 192.610 to 192.705. [1987 c.666 §2]
Note:
See note under 294.900.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.910 - Estimates of expenditures; organization and format; matters to be included.

(1) Each council of governments shall prepare estimates of expenditures for the ensuing year.
(2) The estimates required by subsection (1) of this section shall be prepared by organizational unit or by program.
(3) Estimates required by subsection (1) of this section and prepared by organizational unit shall be detailed under separate object classifications of personnel services, materials and services and capital outlay. Separate estimates shall be made for special payments, debt service, interfund revenue transfers, operating expenses and general capital outlays which cannot reasonably be allocated to an organizational unit.
(4) Estimates required by subsection (1) of this section and prepared by program shall be arranged for each activity of a program. Estimates under each activity shall be detailed under separate object classifications of personnel services, materials and services and capital outlay. Separate estimates shall be made for each program for special payments, debt service, interfund revenue transfers, operating expenses and general capital outlays which cannot reasonably be allocated to an activity within a function.
(5) Estimates of expenditures for personnel services, other than services of persons who receive an hourly wage or who are hired on a part-time basis, shall list the salary for each officer and employee, except that employees of like classification and salary range in each organizational unit or activity may be listed by the number of those employees, the limits of each salary range and the amount of their combined salaries.
(6) The general capital outlay estimate shall include separate amounts for land, buildings, improvements to land other than buildings and machinery and equipment which cannot be reasonably allocated to an organizational unit or activity.
(7) The debt service estimates shall include separate amounts for principal and interest of each bond issue in each fund.
(8) If the estimates required by subsection (1) of this section are not prepared by fund, there shall be prepared a summary which cross-references programs or organizational units to the appropriations required by ORS 294.456. [1987 c.666 §3; 2011 c.473 §28]
Note:
See note under 294.900.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.915 - Notice of budget committee meeting; public availability of documents.

(1) Not less than eight days and not more than 14 days prior to the meeting of the budget committee of the council of governments, notice of the meeting shall be published in a newspaper of general circulation within each county represented by the council of governments. The notice shall contain the purpose, time and place of the meeting and the place where the budget document is available. The notice shall also state that the meeting is a public meeting where deliberations of the budget committee will take place and that any person may discuss proposed programs with the budget committee at that time.
(2) The governing body shall either provide the means of duplicating the budget or part thereof, in those situations where the budget document or portion thereof may be quickly reproduced, or shall provide copies of the budget document or part thereof so that a copy of the budget document or part thereof may be readily obtained by any individual interested in the affairs of the council of governments. [1987 c.666 §4]
Note:
See note under 294.900.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.920 - Hearing on budget document.

(1) Each council of governments shall hold a public hearing on the budget document as approved by the budget committee.
(2) Not less than eight days and not more than 14 days prior to the meeting held as required by subsection (1) of this section, notice of the meeting shall be published in a newspaper of general circulation within each county represented by the council of governments. The notice shall contain the time and place of the meeting and the place where the budget document, as approved by the budget committee, is available. The notice shall also state that the meeting is a public meeting where any person may appear for or against any item in the budget document. [1987 c.666 §5]
Note:
See note under 294.900.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.925 - Supplemental budget; conditions; term; publication.

(1) Notwithstanding requirements as to estimates of and limitation on expenditures, any council of governments may make a supplemental budget for the fiscal year for which the regular budget has been prepared under one or more of the following circumstances:
(a) An occurrence or condition which had not been ascertained at the time of the preparation of a budget for the current year which requires a change in financial planning.
(b) A pressing necessity which was not foreseen at the time of the preparation of the budget for the current year which requires prompt action.
(c) Funds were made available by another unit of federal, state or local government and the availability of such funds could not have been ascertained at the time of the preparation of the budget for the current year.
(d) A request for services or facilities, the cost of which shall be supplied by a private individual, corporation or company or by another governmental unit and the amount of the request could not have been accurately ascertained at the time of the preparation of the budget for the current year.
(e) The involuntary destruction, involuntary conversion, or sale of property has necessitated the immediate purchase, construction or acquisition of different facilities in order to carry on the governmental operation.
(2) A supplemental budget shall not extend beyond the end of the fiscal year during which it is submitted.
(3) The supplemental budget shall be published. [1987 c.666 §6; 1989 c.171 §40]
Note:
See note under 294.900.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.930 - Authority of Department of Revenue; budget records maintained by council of governments.

(1) The Department of Revenue shall exercise the same powers and authority with regard to councils of governments and the budgets and budget committees of councils of governments as the department exercises under ORS 294.495 to 294.510 with regard to municipal corporations.
(2) Each council of governments shall keep for a period of two years following the end of the fiscal year for which the budget was adopted:
(a) A copy of the budget as finally adopted;
(b) Copies of the notices required to be published under ORS 294.915 and 294.920; and
(c) A copy of the resolution adopting the budget.
(3) If requested by the Department of Revenue, the Division of Audits or a county assessor within the two-year period described in subsection (2) of this section, a council of governments shall send copies of the budget, notices and resolution to the entity making the request. [1987 c.666 §7; 2007 c.198 §1]
Note:
See note under 294.900.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.950 - County revenue sharing with cities.

(1) Subject to the limitation contained in subsection (3) of this section, a county may give, out of its general fund, moneys that are not otherwise obligated for county purposes to any city situated in whole or in part within the county. Such moneys may be used by the city for general municipal purposes.
(2) Subject to the limitation contained in subsection (3) of this section, a county may share the proceeds of any tax or excise described in section 3a, Article IX of the Oregon Constitution, with any city situated in whole or in part within the county for the purposes stated in that section.
(3) In any fiscal year, moneys given to a city under this section shall not exceed the amount of revenue raised in any manner by the county within the boundaries of that city.
(4) Any sharing of revenues between a county and city under this section is declared to be for a public purpose. [1981 c.335 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 294 - County and Municipal Financial Administration › Section 294.960 - Collection and disposition of amounts due counties.

Pursuant to ORS 293.250, a county may collect any moneys owed to the county pursuant to a judgment obtained under ORS 169.151. The county shall provide to the Department of Revenue the amount owed and the name, Social Security number and address of the person who owes the moneys. [2001 c.641 §1]
Note:
294.960 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 294 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 294 - County and Municipal Financial Administration › Section 294.990 - Penalties.

(1) Any officer willfully violating any of the provisions of ORS 51.340 shall, upon conviction thereof, be fined not more than $25 for each offense, to be paid into the county treasury for the benefit of the common schools.
(2) Unless the time is extended by the commission, any municipal corporation subject to ORS 294.605 to 294.705 which fails, neglects or refuses to submit its annual or biennial budget to the commission on or before May 15 of each fiscal year, or on or before May 15 of the first fiscal year of a budget period, as provided in ORS 294.635, shall forfeit to the use of the tax supervising and conservation commission fund $50 for each day of such failure, refusal or neglect.
(3) Any levying board subject to ORS 294.605 to 294.705 which fails, neglects or refuses to attend any budget hearing at the time and place fixed by the commission, or to be represented by counsel thereat, shall forfeit to the use of the tax supervising and conservation commission fund $25 for each member of such levying board responsible for such failure, neglect or refusal. [Amended by 1953 c.306 §17; 1971 c.267 §15; 1999 c.654 §26; 2001 c.135 §30]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.002 - Deposit of public funds; exceptions; limitation on personal liability.

(1) A public official shall deposit, or require the deposit of, all public funds in the public official’s custody or control in one or more qualified depositories, except as follows:
(a) A public official may retain undeposited such reasonable cash working fund as is fixed by the public body for which the public official acts.
(b) A public official may deposit public funds in a depository that is not a qualified depository if the amount of public funds deposited is fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration and, for any amount deposited in excess of the insured amount, the excess amount is insured or guaranteed by private deposit insurance or a deposit guaranty bond issued by an insurance company rated A- or better by a recognized insurance rating service.
(2) Compliance with ORS 295.001 to 295.108 relieves the public official of personal liability for the loss of the public funds in the public official’s custody or control. [Formerly 295.025; 2010 c.101 §2; 2019 c.587 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.004 - Conditions for deposit of funds in excess of specified amounts.

(1) A public official may deposit public funds in a depository that is not a qualified depository in an amount in excess of the amount allowed in ORS 295.002 (1)(b) if the depository participates in a program through which:
(a) The depository arranges to deposit the funds into one or more certificates of deposit or time deposits issued by other financial institutions in the United States;
(b) Each certificate of deposit or time deposit is fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration;
(c) The depository administers the funds on behalf of the public official; and
(d) Other financial institutions that participate in the program place funds into the depository in an amount at least equal to the amount the public official deposited into the depository for purposes of the program.
(2) A public official may deposit public funds in a depository that is not a qualified depository in an amount in excess of the amount allowed in ORS 295.002 (1)(b) if the depository participates in a program that meets the following conditions:
(a) On or after the date that the funds are received, the depository:
(A) Arranges for the redeposit of the funds into one or more insured deposit accounts in other financial institutions in the United States; and
(B) Administers the funds on behalf of the public official;
(b) The full amount of the funds redeposited by the depository into deposit accounts in other financial institutions, together with any interest accrued on deposited funds, is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration; and
(c) On the same date that the funds are redeposited under this subsection, the depository receives an amount of deposits from customers of other financial institutions that are at least equal to the amount of the funds redeposited by the depository.
(3) Until the depository places public funds into one or more certificates of deposit or time deposits as provided in subsection (1) of this section or places public funds into insured deposit accounts as provided in subsection (2) of this section, any uninsured public funds that the depository holds pending placement must be collateralized as provided in ORS 295.001 to 295.108 for other uninsured public funds deposits.
(4)(a) The provisions of ORS 295.006, 295.013, 295.015, 295.018, 295.037 and 295.038 do not apply to depositories that arrange to deposit public funds in accordance with the programs described in subsections (1) and (2) of this section.
(b) The certificate of deposit, time deposit or insured deposit in which a public official placed public funds under this section may be issued by a financial institution outside this state. [Formerly 295.027; 2009 c.821 §2; 2010 c.101 §3; 2011 c.477 §§1,2; 2019 c.587 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.005

[1967 c.451 §1; 1973 c.157 §4; 1973 c.288 §2; 1973 c.378 §1; 1973 c.797 §426; 1975 c.515 §8; 1981 c.440 §2; 1983 c.104 §3; 1983 c.456 §4; 1985 c.439 §1; 1985 c.565 §51; 1987 c.524 §1; 1989 c.536 §1; 1991 c.352 §6; 1993 c.74 §1; 1993 c.229 §23; 1993 c.318 §12; 1997 c.631 §447; 1999 c.311 §1; 1999 c.412 §3; 2003 c.195 §17; 2003 c.405 §2; 2005 c.443 §§32,32a; 2007 c.783 §123; 2007 c.871 §15a; renumbered 295.001 in 2007]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.006 - Public official filings with State Treasurer; rules.

(1) A public official shall keep on file with the State Treasurer the name and address of each depository in which the public official deposits public funds, together with any other information the State Treasurer may require by rule.
(2) If a public official changes a depository in which the public official deposits public funds, the public official shall report the information regarding the change that is required by rule or required under subsection (1) of this section to the State Treasurer within three business days after the effective date of the change. [Formerly 295.055; 2009 c.821 §3; 2010 c.101 §4; 2019 c.587 §4]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.007 - Conditions for acting as custodian; rules.

(1) A financial institution or a Federal Home Loan Bank may be a custodian for securities pledged by a qualified depository if it:
(a) Is approved by the State Treasurer;
(b) Enters into a pledge agreement; and
(c) Except as provided in subsection (3) of this section, certifies in writing to the State Treasurer that it will furnish the reports required under ORS 714.075 to the Director of the Department of Consumer and Business Services.
(2) The State Treasurer may adopt rules setting forth additional requirements the State Treasurer determines must be met for a depository to be approved as a custodian under this section.
(3) A Federal Home Loan Bank may serve as a custodian without meeting the requirements of subsection (1)(c) this section. [2019 c.587 §8]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.008 - Qualified depositories.

(1) A depository is qualified to hold public funds if the depository:
(a) Certifies in writing to the State Treasurer that the depository will furnish the reports required under ORS 714.075 to the Director of the Department of Consumer and Business Services by the time specified by the director and furnish any other information the director considers necessary to determine whether to advise the State Treasurer to order a depository to increase its collateral under ORS 295.018;
(b) Enters into a collateral agreement and, if the depository pledges securities as collateral, a separate pledge agreement that may be drawn upon by the State Treasurer in the event of a loss; and
(c) Files with the State Treasurer an initial written report, signed by an officer of the depository, setting forth, as of the date the depository intends to commence acting as a qualified depository:
(A) The estimated total amount of public funds that will be on deposit with the depository;
(B) The estimated net worth of the depository;
(C) The amount and nature of the collateral that the depository will provide to secure the public funds deposits; and
(D) Other information requested by the State Treasurer to administer this chapter.
(2) A qualified depository using collateral that consists of items that are not securities shall provide such evidence as the State Treasurer may require to demonstrate that the collateral is available in the event of a loss for disposition as provided in this chapter.
(3) A depository that merges with, acquires all the assets of, acquires ownership of or otherwise becomes a successor entity to a qualified depository that has entered into a collateral agreement must execute a new collateral agreement or provide evidence satisfactory to the State Treasurer that the successor depository has assumed all of the qualified depository’s duties and obligations under the existing collateral agreement. A depository that fails to enter into a collateral agreement or provide evidence that the depository has assumed the existing collateral agreement within the time specified by the State Treasurer shall not be qualified to hold uninsured deposits of public funds. [2005 c.112 §3; 2007 c.871 §16; 2009 c.821 §4; 2010 c.101 §5; 2019 c.587 §5]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.012 - State Treasurer rule setting maximum liability for qualified credit union depositories.

For any period of time during which fewer than 10 credit unions are qualified depositories, the State Treasurer, notwithstanding ORS 295.001 (14), by rule may set the maximum liability for a credit union that holds uninsured public funds at 20 percent of the greater of:
(1) All uninsured public funds deposits the credit union holds, as shown on the date of the credit union’s most recent treasurer’s report; or
(2) The average of the balances of all uninsured public funds deposits the credit union holds, as shown on the credit union’s last two immediately preceding treasurer reports. [2010 c.101 §13b; 2019 c.587 §7]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.013 - Custodian’s receipt; duties of custodian; rules.

(1) When a custodian receives a pledge or release of securities from a qualified depository, and after receiving the approval of the State Treasurer, the custodian shall issue to the State Treasurer a custodian’s receipt that describes the securities. The custodian also shall issue a copy of the receipt to the depository.
(2) A custodian shall:
(a) Maintain an accurate inventory of the securities of each qualified depository described in the custodian’s receipts that the custodian issues to the State Treasurer and adjust the inventory to reflect pledges or releases of securities that the custodian previously inventoried.
(b) Appraise the value of the securities added to and released from the qualified depository’s inventory and appraise the value of the depository’s entire inventory on the last day of each month and at such other times as the State Treasurer directs.
(c) Provide reports to the State Treasurer that describe the type and value of each security pledged by each qualified depository and any additional information required by the State Treasurer.
(3) The State Treasurer, by rule or through individual pledge agreements, may specify:
(a) Additional information that must be reported related to the securities pledged;
(b) The frequency with which reports required under this section must be provided; and
(c) Requirements for distribution of reports to qualified depositories or other persons. [Formerly 295.035; 2009 c.821 §5; 2010 c.101 §6; 2017 c.500 §2; 2019 c.587 §9]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.022 - Collateral not required for deferred compensation funds.

Notwithstanding any other provision of this chapter, when a depository receives moneys of the Deferred Compensation Fund established under ORS 243.411 from the state for deposit or investment, the depository shall not have to maintain the collateral required under this chapter for those deferred compensation moneys. [1977 c.721 §15; 1997 c.179 §27; 2019 c.587 §12]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.025

[1967 c.451 §3; 1973 c.288 §3; 1999 c.48 §1; 2003 c.405 §6; 2007 c.871 §19; renumbered 295.002 in 2007]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.031 - Notice to public officials regarding adequacy of collateral.

(1) Within three business days after the State Treasurer determines that a qualified depository has failed to increase the value of the depository’s collateral within the time required under ORS 295.015 (3)(b) or receives information from the Director of the Department of Consumer and Business Services or other sources under ORS 295.071 or 295.073, or otherwise receives information that indicates that a qualified depository has failed to pledge adequate securities with the depository’s custodian or otherwise provided adequate collateral, the State Treasurer shall send written notice of the failure to each public official who has uninsured public funds on deposit in the depository.
(2) Within five business days after the State Treasurer receives a receipt from a custodian pursuant to ORS 295.013 (1) that indicates that a qualified depository has pledged adequate securities with the depository’s custodian or satisfactory evidence of other adequate collateral, the State Treasurer shall send written notice to each public official who was notified under subsection (1) of this section stating that the depository has adequate collateral. [2007 c.871 §2; 2009 c.821 §8; 2010 c.101 §9; 2017 c.500 §5; 2019 c.587 §13]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.034 - Withdrawal of inadequately collateralized funds.

(1) Within 15 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (6)(a), 295.031 (1) or 295.061 (4)(a), the public official shall withdraw from the qualified depository to which the notice applies all uninsured public funds deposits.
(2) If a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (6)(a), 295.031 (1) or 295.061 (4)(a), beginning 15 business days after the public official receives the notice, the public official may not deposit into the qualified depository to which the notice applies any public funds that, as a result of the deposit, would be uninsured public funds deposits. The prohibition on deposits continues until the public official receives notice under ORS 295.018 (6)(b), 295.031 (2) or 295.061 (4)(b) indicating that the depository is in compliance with ORS 295.013, 295.018 or 295.061, as applicable.
(3) Except as required by any applicable law or regulation, a qualified depository may not impose an early withdrawal penalty or a forfeiture of interest with respect to a withdrawal that a public official makes pursuant to this section. [2007 c.871 §3; 2009 c.821 §9; 2010 c.101 §10; 2019 c.587 §14]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.037 - Distribution of collateral after loss in qualified depository.

(1) The provision of collateral, including the deposit of securities by a qualified depository with its custodian pursuant to ORS 295.001 to 295.108, constitutes consent by the depository to the disposition of the securities in accordance with this section.
(2) When a loss has occurred in a qualified depository, the depository shall as soon as possible make payment to the proper public officials of all funds subject to the loss, pursuant to the following procedures:
(a) Immediately upon occurrence of the loss, the State Treasurer shall exercise all of the State Treasurer’s rights in the collateral, including without limitation taking possession of any securities segregated as collateral for uninsured public funds deposits held by the closed depository and beginning to collect payment from as much of the collateral, including without limitation the liquidation of securities, as the State Treasurer estimates is necessary, based upon the most recent information available to the State Treasurer on the amount of uninsured public funds deposits held by the closed depository, for distribution of the proceeds among public officials entitled to the proceeds as provided in this section.
(b) The Director of the Department of Consumer and Business Services or the receiver for the closed depository shall, within 20 days after the issuance of a restraining order or taking possession of any qualified depository, ascertain the amount of public funds on deposit in the depository as disclosed by its records and the amount of the public funds covered by deposit insurance or deposit guaranty bonds and certify the amounts to the State Treasurer and to each public official who has public funds on deposit in the depository.
(c) Each public official who has uninsured public funds on deposit in the qualified depository shall, within 10 days after receipt of the certification from the Director of the Department of Consumer and Business Services or the receiver, furnish to the State Treasurer verified statements of the uninsured public funds that the public official has on deposit in the depository.
(3) Upon receipt of the certification from the Director of the Department of Consumer and Business Services or the receiver and the verified statements from the public officials who have uninsured public funds on deposit in the qualified depository, the State Treasurer shall ascertain and fix the amount of public funds on deposit in the depository, plus interest to the date the funds are distributed to the public official at the rate the depository agreed to pay on the funds, minus any amount covered by deposit insurance or deposit guaranty bonds. [2007 c.871 §4; 2009 c.821 §10; 2019 c.587 §15]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.039 - State Treasurer acceptance of moneys for purposes of administering ORS 295.038.

(1) The State Treasurer may accept moneys from any public or private source for the purpose of paying initial or continuing expenses related to administering the provisions of ORS 295.038.
(2) The State Treasurer shall deposit moneys the State Treasurer receives under this section into the Miscellaneous Receipts Account established for the State Treasurer in the General Fund. Notwithstanding the provisions of ORS 295.106, moneys the State Treasurer receives under this section are continuously appropriated to the State Treasurer for the purpose of paying the State Treasurer’s initial or continuing expenses related to administering ORS 295.038. The State Treasurer shall expend the moneys in accordance with the terms and conditions upon which the moneys were made available. [2010 c.101 §13; 2011 c.667 §1; 2019 c.587 §17]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.041 - Subrogation rights of State Treasurer.

When the State Treasurer distributes the proceeds of assessments and liquidated collateral to a public official under ORS 295.038, the State Treasurer is subrogated to all of the public official’s right, title and interest against the closed depository, and shares in any distribution of the closed depository’s assets ratably with other depositors. Sums received from a distribution must be paid to the public official to the extent of any unpaid net deposit liability. The State Treasurer shall pay the remaining balance to the qualified depositories in the pool against which the assessments were made, pro rata in proportion to the assessments each qualified depository paid. However, the closed depository may not share in a distribution of the balance remaining. The State Treasurer may charge expenses that the State Treasurer incurs in enforcing the State Treasurer’s rights under this section as provided in ORS 295.106. The State Treasurer shall submit a claim for expenses to the closed depository, and if the charges are thereafter paid to the State Treasurer, they shall be treated as a liquidation expense of the closed depository. [2007 c.871 §6; 2009 c.821 §11; 2010 c.101 §14; 2019 c.587 §18]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.046 - Limitation on acceptance of public funds from single public official; exceptions.

(1) A qualified depository may not accept a deposit of public funds if the deposit would cause the aggregate of public funds deposits that any one public official makes in the depository to exceed at any time the depository’s net worth. If a qualified depository’s net worth is reduced, the depository may allow public funds on deposit in excess of the reduced net worth to remain if the depository deposits with the depository’s custodian eligible securities, or provides other collateral, valued at market value in an amount at least equal to the amount of the excess public funds deposits. If the additional securities required by this section are not deposited with the custodian, or other collateral is not provided, the depository shall permit the public official to withdraw deposits prior to maturity, including accrued interest, in accordance with applicable statutes and governmental regulations.
(2) The limitations of subsection (1) of this section do not apply to public funds deposits a qualified depository holds in a certificate of deposit, time deposit or insured deposit account under ORS 295.004. [2007 c.871 §10; 2009 c.821 §12; 2010 c.101 §15; 2011 c.477 §§5,6; 2013 c.1 §26; 2019 c.587 §19]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.053 - Custodian duties when qualified depository ceases holding uninsured public funds; securities.

(1) If a qualified depository ceases holding uninsured public funds deposits, the depository’s custodian shall continue to hold the depository’s pledged securities as collateral pursuant to ORS 295.001 to 295.108 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold the depository’s pledged securities for a longer period.
(2) If any of a qualified depository’s pledged securities matures, expires or otherwise terminates during the period described in subsection (1) of this section, the depository shall provide substitute securities or other collateral until the period expires.
(3) If a qualified depository has not held uninsured public funds deposits during the period described in subsection (1) of this section, at the end of the period the depository’s custodian shall return the depository’s pledged securities to the depository. [2007 c.871 §13; 2009 c.821 §14; 2010 c.101 §17; 2019 c.587 §21]