2013 Oregon Revised Statutes
Volume : 13 - Water Resources, Agriculture and Food
Chapter 565 - Fairs and Exhibits
Section 565.539 - Council finances.

(1) As used in this section:

(a) "Depository" has the meaning given that term in ORS 295.001.

(b) "Financial institution" has the meaning given that term in ORS 706.008.

(2) Except as provided in this section, moneys received by the State Fair Council must be promptly deposited into an account established by the council in a depository that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. In a manner consistent with the requirements of ORS 295.001 to 295.108, the chairperson and vice-chairperson of the council shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the coverage provided by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.

(3) The council may deposit moneys into an account established by the council in a financial institution that is not a depository if the amount on deposit is at all times fully insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or another appropriate federal regulatory body responsible for insuring amounts on deposit with the financial institution for the benefit of depositors.

(4) The council may invest any moneys the council receives. Except as provided in subsection (5) of this section, investments that the council makes are:

(a) Limited to investments described in ORS 294.035;

(b) Subject to the investment maturity date limitations described in ORS 294.135; and

(c) Subject to the conduct prohibitions listed in ORS 294.145.

(5) In addition to or in lieu of investments described in subsection (4) of this section, the council may invest in the investment pool described in ORS 294.805. For purposes of ORS 294.805 to 294.895, the state fair director is a local government official.

(6) Except as provided in this subsection, the state fair director shall provide to each meeting of the council a financial report that includes, but need not be limited to, a summary of account and investment activity, and copies of any account or investment statements received from a bank, investment firm or other source since the previous report was provided. The council may waive the financial report requirement if the council is meeting less than 30 days after a meeting to which the state fair director provided a financial report. [2013 c.492 §9]

Note: Section 23, chapter 492, Oregon Laws 2013, provides:

Sec. 23. (1) Notwithstanding ORS 565.107 and sections 2 to 13 of this 2013 Act [565.451 to 565.575], at the request of the State Parks and Recreation Director, for the period commencing on the effective date of this 2013 Act [June 26, 2013] and ending on the date stated in the notification given to the State Treasurer under section 21 (3) of this 2013 Act as the date the State Fair Council is to assume care, custody and control over the conducting of the Oregon State Fair, the carrying out of fairground business operations and the operation of fairground properties and facilities, in addition to any other authorized use of Oregon State Fair Account moneys, the State Treasurer may issue warrants for the purpose of paying the costs and expenses of the council and paying for the salaries and benefits of the state fair director and other council employees.

(2) On the date stated in the notification given to the State Treasurer under section 21 (3) of this 2013 Act as the date the State Fair Council is to assume care, custody and control over the conducting of the Oregon State Fair, the carrying out of fairground business operations and the operation of fairground properties and facilities, the State Treasurer shall issue a warrant payable to the State Fair Council in the amount of the unexpended balances of the Oregon State Fair Account and the State Fair Capital Project Fund. The council shall deposit the amounts to depository or investment accounts as described in section 9 of this 2013 Act [565.539]. The council shall keep any amounts transferred from the State Fair Capital Project Fund in depository or investment accounts that are separate from accounts holding any other council moneys. Subject to any additional conditions imposed under the terms of the bonds, the council may expend moneys transferred from the State Fair Capital Project Fund only for the construction, repair or remodeling of fairground properties and facilities. [2013 c.492 §23]