There Is a Newer Version of the Oregon Revised Statutes
2011 Oregon Revised Statutes
ORS Volume 7, Chapters 261- 304
ORS Chapter 295
- 295.001 Definitions for ORS 295.001 to 295.108.
- Note: The amendments to 295.001 by section 1, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, including amendments by section 4, chapter 477, Oregon Laws 2011, is set forth for the user s convenience.
- 295.001. As used in ORS 295.001 to 295.108, unless the context requires otherwise: (1) Adequately capitalized means a depository that is classified as adequately capitalized by the depository s primary federal regulatory authority. (2) Bank depository means an insured institution or trust company that: (a) Maintains a head office or branch in this state in the capacity of an insured institution or trust company; and (b) Complies with ORS 295.008. (3) Business day means a day other than a federal or State of Oregon legal holiday or a day other than a day on which offices of the State of Oregon are otherwise authorized by law to remain closed. (4) Closed depository means a depository that is subject to a loss. (5) Credit union depository means a credit union as defined in ORS 723.006 or a federal credit union if: (a) The shares and deposits of the credit union or federal credit union are insured by the National Credit Union Share Insurance Fund; (b) The credit union or federal credit union maintains a head office or branch in this state in the capacity of a credit union or federal credit union; and (c) The credit union or federal credit union complies with ORS 295.008. (6) Custodian means one of the following institutions that a depository designates for the depository s own account: (a) The Federal Home Loan Bank designated to serve this state, or a branch of the Federal Home Loan Bank; or (b) An insured institution, trust company or credit union that: (A) Is authorized to accept deposits or transact trust business in this state; (B) Complies with ORS 295.008; and (C) Has been approved by the State Treasurer to serve as a custodian, if the State Treasurer has approved custodians under ORS 295.008. (7) Custodian s receipt or receipt means a document issued by a custodian that describes the securities that a depository deposited with the custodian to secure public fund deposits. (8) Depository means a bank depository or a credit union depository. (9) Financial institution outside this state means a financial institution, as defined in ORS 706.008, that is not an extranational institution, as defined in ORS 706.008, and is not a bank depository or credit union depository, as defined in this section. (10) Insured institution means an insured institution as defined in ORS 706.008. (11) Loss means the issuance of an order by a regulatory or supervisory authority or a court of competent jurisdiction that: (a) Restrains a depository from making payments of deposit liabilities; or (b) Appoints a receiver for a depository. (12) Maximum liability means a sum equal to 10 percent of the greater of: (a) All uninsured public funds deposits held by a depository, as shown on the date of the depository s most recent treasurer report; or (b) The average of the balances of uninsured public funds deposits on the last two immediately preceding treasurer reports. (13) Minimum collateral requirement for a depository on any given date means a sum equal to: (a) For a well capitalized depository that the State Treasurer has not required to increase the depository s collateral pursuant to ORS 295.018, 10 percent of the greater of: (A) All uninsured public funds held by the depository, as shown on the most recent treasurer report; (B) The average of the balances of uninsured public funds held by the depository, as shown on the last two immediately preceding treasurer reports; or (C) An amount otherwise prescribed in ORS 295.001 to 295.108. (b) For a well capitalized depository that the State Treasurer required to increase the depository s collateral pursuant to ORS 295.018, the percentage the State Treasurer required pursuant to ORS 295.018 multiplied by the greater of: (A) All uninsured public funds held by the depository, as shown on the most recent treasurer report; (B) The average of the balances of uninsured public funds held by the depository, as shown on the last two immediately preceding treasurer reports; or (C) An amount otherwise prescribed in ORS 295.001 to 295.108. (c) For an adequately capitalized depository or an undercapitalized depository, 110 percent of the greater of: (A) All uninsured public funds held by the depository; or (B) The average of the balances of uninsured public funds held by the depository, as shown on the last two immediately preceding treasurer reports. (14) Net worth means a depository s total risk-based capital, as shown on the immediately preceding report of condition and income, and may include capital notes and debentures that are subordinate to the interests of depositors. (15) Pledge agreement means a written agreement among an insured institution, trust company or credit union, the State Treasurer and a custodian that pledges the securities the insured institution, trust company or credit union deposits with the custodian as collateral for deposits of uninsured public funds that the insured institution, trust company or credit union holds. The board of directors or loan committee of the insured institution, trust company or credit union must approve the agreement and must continuously maintain the agreement as a written record of the insured institution, trust company or credit union. (16) Public funds or funds means funds that a public official has custody of or controls by virtue of office. (17) Public official means an officer or employee of this state or an agency, political subdivision or public or municipal corporation of this state, or a housing authority, that by law is the custodian of or has control of public funds. (18) Report of condition and income means the quarterly report a depository submits to the depository s primary federal regulatory authority. (19) Security or securities means: (a) Obligations of the United States, including those of agencies and instrumentalities of the United States, and of government sponsored enterprises; (b) Obligations of the International Bank for Reconstruction and Development; (c) Bonds of a state of the United States that: (A) Are rated in one of the four highest grades by a recognized investment service organization that has engaged regularly and continuously for a period of not less than 10 years in rating state and municipal bonds; or (B) Having once been rated in accordance with subparagraph (A) of this paragraph, are ruled to be eligible securities for the purposes of ORS 295.001 to 295.108, notwithstanding the loss of the rating; (d) Bonds of a county, city, school district, port district or other public body in the United States that are payable from or secured by ad valorem taxes and that meet the rating requirement or are ruled to be eligible securities as provided in paragraph (c) of this subsection; (e) Bonds of a county, city, school district, port district or other public body that are issued pursuant to the Constitution or statutes of the State of Oregon or the charter or ordinances of a county or city within the State of Oregon, if the bonds meet the rating requirement or are ruled to be eligible securities as provided in paragraph (c) of this subsection; (f) With the permission of the State Treasurer and in accordance with rules the State Treasurer adopts, loans made to a county, city, school district, port district or other public body in the State of Oregon, if the borrower has not defaulted with respect to the payment of principal or interest on any of the borrower s loans within the preceding 10 years or during the period of the borrower s existence if the borrower has existed for less than 10 years; (g) With the permission of the State Treasurer and in accordance with rules the State Treasurer adopts, bond anticipation notes that an authority issues, sells or assumes under ORS 441.560; (h) Bonds, notes, letters of credit or other securities or evidence of indebtedness constituting the direct and general obligation of a federal home loan bank or Federal Reserve bank; (i) Debt obligations of domestic corporations that are rated in one of the three highest grades by a recognized investment service organization that has engaged regularly and continuously for a period of not less than 10 years in rating corporate debt obligations; and (j) Collateralized mortgage obligations and real estate mortgage investment conduits that are rated in one of the two highest grades by a recognized investment service organization that has engaged regularly and continuously for a period of not less than 10 years in rating corporate debt obligations. (20) Treasurer report means a written report that an officer of a depository that holds uninsured public funds deposits has signed or authenticated and that sets forth as of the close of business on a specified date: (a) The total amount of uninsured public funds on deposit with the depository; (b) The total amount of public funds on deposit with the depository; (c) The net worth of the depository; (d) The amount and nature of eligible collateral then on deposit with the depository s custodian to collateralize the depository s public funds deposits; and (e) The identity of the depository s custodian. (21) Treasurer report due date means a date not less than 10 business days after the date a depository s report of condition and income is due to be submitted. (22) Trust company means a trust company as defined in ORS 706.008. (23) Undercapitalized means a depository that the depository s primary federal regulatory authority has classified as undercapitalized, significantly undercapitalized or critically undercapitalized. (24)(a) Uninsured public funds or uninsured public funds deposits means public funds deposited in a depository that exceed the amounts insured or guaranteed as described in ORS 295.002 (1)(a) and (b). (b) Uninsured public funds or uninsured public funds deposits does not include public funds deposited in a certificate of deposit or time deposit under ORS 295.004 (1) or public funds that an Oregon depository arranges to deposit into an insured deposit account under ORS 295.004 (2). (25) Value means the current market value of securities. (26) Well capitalized means a depository that the depository s primary federal regulatory authority has classified as well capitalized.
- 295.002 Deposit of public funds; limitation; exception.
- Note: The amendments to 295.002 by section 2, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.002. (1) A public official may retain undeposited such reasonable cash working fund as is fixed by the governing body of the political subdivision or public corporation for which the public official acts. Except to the extent of the cash working fund, a public official shall deposit public funds in the public official s custody or control in one or more depositories currently qualified pursuant to ORS 295.001 to 295.108. Unless a depository has entered into the agreement described in ORS 295.008 (2)(b) and has deposited securities pursuant to ORS 295.015 (1), the public official may not have on deposit in any one depository and branches of the depository a sum in excess of: (a) The amount insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund; or (b) For any amount over the amount insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, the amount 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.
- 295.004 Conditions for deposit of funds in excess of specified amounts.
- Note: The amendments to 295.004 by section 3, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, including amendments by section 2, chapter 477, Oregon Laws 2011, is set forth for the user s convenience.
- 295.004. (1) A public official may deposit public funds in a depository in an amount in excess of the amount allowed in ORS 295.002 without requiring the depository to show that the depository entered into a pledge agreement or deposited securities pursuant to ORS 295.015 (1) if the public official deposits the funds into a depository in Oregon and the Oregon depository participates in a program through which: (a) The Oregon 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 Share Insurance Fund; (c) The Oregon depository administers the funds on behalf of the public official; and (d) Other financial institutions that participate in the program place funds into the Oregon depository in an amount at least equal to the amount the public official deposited into the Oregon depository for purposes of the program. (2) A public official may deposit public funds in a depository in an amount in excess of the amount allowed in ORS 295.002 without requiring the depository to show that it has entered into a pledge agreement or deposited securities pursuant to ORS 295.015 (1) if the funds are initially deposited into a depository in Oregon and the Oregon depository participates in a program that meets the following conditions: (a) On or after the date that the funds are received, the Oregon 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 Oregon 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 Share Insurance Fund; and (c) On the same date that the funds are redeposited under this subsection, the Oregon 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 Oregon depository. (3) Until the Oregon 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 Oregon 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 Oregon depositories that arrange to deposit public funds in accordance with the programs described in subsections (1) and (2) of this section. (b) The provisions of ORS 294.035 and 295.001 that require public funds to be deposited into depositories that have offices or branches in Oregon do not apply to public funds that an Oregon depository arranges to deposit into certificates of deposit or time deposits under the provisions of the program described in subsection (1) of this section or to public funds that an Oregon depository arranges to deposit into insured deposit accounts under subsection (2) of this 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]
- 295.006 Bank depository and public official filings with State Treasurer; rules.
- Note: The amendments to 295.006 by section 4, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.006. (1) A depository shall keep on file with the State Treasurer the name and address of the depository s custodian. (2) 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. (3) 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 (2) of this section to the State Treasurer within three business days after the effective date of the change.
- 295.008 Conditions for acting as custodian or bank depository.
- Note: The amendments to 295.008 by section 5, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.008. (1)(a) An insured institution, trust company or credit union may not be a custodian under ORS 295.001 to 295.108 unless the insured institution, trust company or credit union certifies in writing to the State Treasurer that the insured institution, trust company or credit union will furnish the reports required under ORS 714.075 to the Director of the Department of Consumer and Business Services. (b) The State Treasurer may approve one or more insured institutions, trust companies or credit unions to serve as custodians. The State Treasurer shall promptly notify all depositories of the approval of an insured institution, trust company or credit union to serve as a custodian. (2) An insured institution, trust company or credit union may not be a depository under ORS 295.001 to 295.108 unless the insured institution, trust company or credit union: (a) Certifies in writing to the State Treasurer that the insured institution, trust company or credit union will furnish to the Director of the Department of Consumer and Business Services by the time the director specifies: (A) The reports required under ORS 714.075; and (B) Any other information the director considers necessary to determine whether to advise the State Treasurer to order a depository to increase the depository s collateral under ORS 295.018; (b) Except as provided in subsection (4) of this section, enters into a pledge agreement; and (c) Complies with subsection (3) of this section. (3) An insured institution, trust company or credit union that intends to become a depository shall file with the State Treasurer an initial written report that an officer of the insured institution, trust company or credit union has signed or authenticated and that sets forth, as of the date the insured institution, trust company or credit union intends to commence acting as a depository: (a) The estimated total amount of public funds that will be on deposit with the insured institution, trust company or credit union; (b) The estimated net worth of the insured institution, trust company or credit union; (c) The amount and nature of the collateral that the insured institution, trust company or credit union will deposit with a custodian to collateralize the public funds deposits; and (d) The identity of the custodian. (4) An insured institution, trust company or credit union may be a depository under ORS 295.001 to 295.108 without entering into a pledge agreement or complying with subsection (3) of this section if the insured institution, trust company or credit union does not hold any uninsured public funds deposits. The provisions of ORS 295.006, 295.013, 295.015, 295.018, 295.037, 295.038 and 295.061 do not apply to an insured institution, trust company or credit union that is a depository under this subsection. (5) An insured institution, trust company or credit union that merges with, acquires all the assets of, acquires ownership of or otherwise becomes a successor entity to a depository that has entered into a pledge agreement must execute a new pledge agreement or provide evidence satisfactory to the State Treasurer that the successor insured institution, trust company or credit union has assumed all of the depository s duties and obligations under the existing pledge agreement. An insured institution, trust company or credit union that fails to enter into a pledge agreement or provide evidence that the insured institution, trust company or credit union has assumed the existing pledge agreement within the time specified by the State Treasurer shall be treated as a depository that holds uninsured public funds and that has failed to pledge adequate collateral under ORS 295.031.
- Note: Sections 29 and 30, chapter 101, Oregon Laws 2010, provide:
- Sec. 29.
- Sec. 30.
- 295.009 Conditions under which State Treasurer may decline to accept credit union as credit union depository; State Treasurer withdrawal from pledge agreement.
- Note: 295.009 becomes operative January 1, 2013, and applies to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010.
- 295.010 [Amended by 1953 c.352 3; 1957 c.172 1; 1965 c.169 1; repealed by 1967 c.451 32]
- 295.011 [2005 c.112 4; 2005 c.443 32c; 2007 c.783 124; renumbered 295.101 in 2007]
- 295.012 State Treasurer rule setting maximum liability for credit union depositories.
- Note: 295.012 becomes operative January 1, 2013, and applies to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010.
- 295.013 Custodian s receipt; duties of custodian.
- Note: The amendments to 295.013 by section 6, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.013. (1) When a custodian receives securities from a depository, the custodian shall issue to the State Treasurer, with a copy to the depository, a custodian s receipt that describes the securities. (2) A custodian shall: (a) Maintain an accurate inventory of the securities of each depository described in the custodian s receipts that the custodian issues to the State Treasurer and adjust the inventory to reflect withdrawals and substitutions of securities that the custodian previously inventoried. (b) Appraise the value of the securities added to and withdrawn from the 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 a monthly report to the State Treasurer that lists the securities each depository has pledged and that sets forth the value of each security and of the entire inventory of securities the depository has pledged. (d) Notify a depository in writing within one business day after the custodian determines that the value of the securities the custodian holds for the depository is less than the minimum collateral requirement for the depository. (e) Notify the State Treasurer in writing within one business day after the custodian learns that a depository failed to increase the value of the depository s securities within the time required under ORS 295.015 (3)(b). (f) Notify the State Treasurer in writing if a depository increases the value of the depository s securities to an adequate amount after the depository receives notice under paragraph (d) of this subsection. (g) Notify the State Treasurer within one business day after the custodian determines that a bond in the inventory of a depository no longer meets the rating requirements described in ORS 295.001 (19)(c) or (d).
- 295.015 Maintenance of securities by bank depository.
- Note: The amendments to 295.015 by section 7, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.015. Except as provided in ORS 295.018: (1)(a) A depository throughout the period during which the depository possesses uninsured public funds deposits shall maintain on deposit with the depository s custodian, at the depository s own expense, securities that have a value at least equal to the depository s minimum collateral requirement and as otherwise prescribed in ORS 295.001 to 295.108. The depository shall deposit the collateral with the depository s custodian and the depository and the custodian shall clearly mark the collateral as security for public funds deposited in accordance with ORS 295.001 to 295.108. (b) For purposes of this section, when pledged as collateral for public funds deposits, loans described in ORS 295.001 (19)(f) must be discounted to 75 percent of the unpaid principal balance owing on the loan from time to time, or to a lower value that the State Treasurer determines from time to time. (c) A bond anticipation note that is pledged as collateral for public funds deposits and for which there is no readily determinable market value must be discounted to 75 percent of the unpaid principal balance owing on the note from time to time, or to a lower value that the State Treasurer determines from time to time. (2) A depository may deposit other eligible securities with the depository s custodian and withdraw from deposit securities that the depository pledged to secure deposits of public funds if the remaining securities have a value not less than the depository s minimum collateral requirement. The State Treasurer shall execute releases and surrender custodian s receipts that are appropriate to effect substitutions and withdrawals of matured and excess pledged securities. (3) If a depository s minimum collateral requirement increases because the depository ceases to be a well capitalized depository as reflected in the depository s last treasurer report, call report or other public filing, or if the depository receives notice from the depository s custodian under ORS 295.013 (2)(d) or from the State Treasurer: (a) Within three business days after the date on which the depository s minimum collateral requirement increases, the depository shall notify the depository s custodian, the Director of the Department of Consumer and Business Services and the State Treasurer in writing that the depository s minimum collateral requirement has increased, setting forth the depository s new minimum collateral requirement and the depository s plan for increasing the depository s pledged collateral to the minimum collateral requirement; and (b) Within five business days after the date on which the depository s minimum collateral requirement increases, or within a longer period approved by the State Treasurer and the director, the depository shall, in accordance with the plan approved by the State Treasurer and the director, tender to the depository s custodian additional securities that have a value sufficient to increase the total value of the depository s securities pledged as collateral for public funds deposits to the depository s new minimum collateral requirement. (4) If a depository s minimum collateral requirement decreases because the depository becomes a well capitalized depository, or because the State Treasurer no longer requires the depository to pledge additional collateral under ORS 295.018, the depository may: (a) Notify the depository s custodian and the State Treasurer in writing that the depository s minimum collateral requirement has decreased, setting forth the depository s new minimum collateral requirement; and (b) With the written approval of the State Treasurer, withdraw from the depository s custodian securities that exceed the depository s new minimum collateral requirement. (5) The State Treasurer shall act upon requests for releases and withdrawals of securities under subsections (2) and (4)(b) of this section within three business days after receiving each request.
- 295.018 Increase in required collateral of bank depository; notifications; failure to increase collateral.
- Note: The amendments to 295.018 by section 8, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.018. (1)(a) The State Treasurer may require a depository, during any period when the depository possesses uninsured public funds deposits, to maintain on deposit with the depository s custodians securities that have a value not less than 110 percent of the greater of: (A) All uninsured public funds the depository holds; or (B) The average of the balances of uninsured public funds the depository holds, as shown on the last two immediately preceding treasurer reports. (b) In consultation with the Director of the Department of Consumer and Business Services, the State Treasurer may permit a depository to increase the depository s collateral as required under paragraph (a) of this subsection over a period of time the State Treasurer specifies or may require a depository to increase the depository s collateral to an amount that is less than the amount specified in paragraph (a) of this subsection. (2) The State Treasurer shall order an increase in collateral under subsection (1) of this section if the director so advises. If the depository is a national bank, a federally chartered savings bank, a savings and loan association or a federal credit union, in giving advice to the State Treasurer the director may rely exclusively on information that the federal regulatory agencies and the bank, savings bank, association or federal credit union provide to the director on forms the director prescribes. As a condition of being analyzed and reviewed by the director, a national bank, a federally chartered savings bank, a savings and loan association or a federal credit union shall agree and consent to provide the director with accurate, pertinent and timely information. (3) If the State Treasurer orders a depository to increase the depository s collateral under subsection (1) of this section, the State Treasurer shall give notice of the order to the director and the custodian of the depository within one business day after issuing the order. (4) The director s failure to inform the State Treasurer of the condition of any depository does not give a public depositor any right or impose liability on the director. The State Treasurer is not liable to a public depositor or to a depository for increasing or not increasing the collateral requirement as authorized in subsection (1) of this section. (5) A depository that the State Treasurer notifies of the increased collateral requirement shall: (a) Within three business days after receiving the notice, submit to the State Treasurer and the director the depository s plan to increase the depository s collateral to the level the State Treasurer requires under subsection (1) of this section; and (b) Within five business days after receiving approval of the plan the depository submitted under paragraph (a) of this subsection, or within a longer period approved by the State Treasurer and the director, increase the depository s collateral to the level the State Treasurer requires under subsection (1) of this section and notify the State Treasurer and the director that the depository has complied by supplying copies of the custodian s receipts for, or statement of activity showing, the increased collateral. (6)(a) If the State Treasurer does not receive the notice required in subsection (5)(b) of this section within the applicable period under subsection (5)(b) of this section, the State Treasurer shall immediately send, to each public official who has notified the State Treasurer that the public official has public funds on deposit in that depository, notice that the depository has failed to comply. (b) If, after giving notice as required by paragraph (a) of this subsection, the State Treasurer receives notice that the depository has complied with the increased collateral requirements, the State Treasurer shall notify each public official that the State Treasurer notified under paragraph (a) of this subsection that the depository has complied. (7) A depository that does not comply with subsection (5) of this section may not accept additional uninsured public funds deposits. (8) Records the State Treasurer receives or compiles that contain the collateralization requirement for a depository and the amount of collateral a custodian holds are exempt from public disclosure unless the public interest requires disclosure in the particular instance. (9) The State Treasurer may require a depository that must increase the depository s collateral under subsection (5) of this section to file the reports required under ORS 295.061 (3).
- 295.020 [Repealed by 1967 c.451 32]
- 295.022 Collateral not required for deferred compensation funds.
- 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]
- 295.027 [2005 c.58 1; 2007 c.871 20; renumbered 295.004 in 2007]
- 295.030 [Repealed by 1967 c.451 32]
- 295.031 Notice to public officials regarding adequacy of collateral.
- Note: The amendments to 295.031 by section 9, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.031. (1) Within three business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (2)(e), 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 depository has failed to pledge adequate collateral with the depository s custodian, the State Treasurer shall send written notice of the failure to each public official who has uninsured public funds on deposit in the depository that is the subject of the notice from the custodian or of the information the State Treasurer received. (2) Within five business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (2)(f) that indicates that a depository has pledged adequate collateral with the depository s custodian, 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.
- 295.034 Withdrawal of inadequately collateralized funds.
- Note: The amendments to 295.034 by section 10, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.034. (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 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 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 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.
- 295.035 [1967 c.451 4; 2007 c.871 21; renumbered 295.013 in 2007]
- 295.037 Distribution of collateral after loss in bank depository; assessments.
- 295.038 Distribution of collateral after loss in credit union depository; assessments.
- Note: 295.038 becomes operative January 1, 2013, and applies to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010.
- 295.039 State Treasurer acceptance of moneys for purposes of administering ORS 295.038.
- Note: 295.039 becomes operative January 1, 2013, and applies to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010.
- 295.040 [Amended by 1959 c.330 1; 1963 c.128 1; 1965 c.629 1; repealed by 1967 c.451 32]
- 295.041 Subrogation rights of State Treasurer.
- Note: The amendments to 295.041 by section 14, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.041. When the State Treasurer distributes the proceeds of assessments and liquidated collateral to a public official under ORS 295.037 or 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 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 depositories against which the assessments were made, pro rata in proportion to the assessments each 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 depository, and if the charges are thereafter paid to the State Treasurer, they shall be treated as a liquidation expense of the closed depository.
- 295.045 [1967 c.451 5; repealed by 2007 c.871 35]
- 295.046 Limitation on depository acceptance of public funds from single public official; exception.
- Note: The amendments to 295.046 by section 15, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, including amendments by section 6, chapter 477, Oregon Laws 2011, is set forth for the user s convenience.
- 295.046. (1) A 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 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 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, 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 depository holds in a certificate of deposit or time deposit under ORS 295.004 (1); or (b) Public funds that an Oregon depository arranges to deposit into an insured deposit account under ORS 295.004 (2).
- 295.048 Limitations on aggregate uninsured public funds deposits; notice; exceptions.
- Note: The amendments to 295.048 by section 16, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, including amendments by section 2, chapter 25, Oregon Laws 2011, section 8, chapter 477, Oregon Laws 2011, and section 4, chapter 667, Oregon Laws 2011, is set forth for the user s convenience.
- 295.048. (1) Notwithstanding ORS 295.046, a depository may not permit the aggregate of uninsured public funds deposits on deposit with the depository from all public officials to exceed at any time the lesser of: (a) 100 percent of the value of the depository s net worth, if the depository is an undercapitalized depository; (b) 150 percent of the value of the depository s net worth, if the depository is an adequately capitalized depository; (c) 200 percent of the value of the depository s net worth, if the depository is a well capitalized depository; (d) For a bank depository, 30 percent of the total aggregate uninsured public funds deposits of all public officials in all bank depositories as reported in the most recent notice the bank depository received from the State Treasurer; or (e) For a credit union depository, 30 percent of the total aggregate uninsured public funds deposits of all public officials in all credit union depositories as reported in the most recent notice the credit union depository received from the State Treasurer. (2) The State Treasurer shall notify each bank depository or credit union depository and the depository s custodian of the total aggregate uninsured public funds deposits of all public officials in all bank depositories or credit union depositories, as appropriate, based on the most recently submitted treasurer reports. The State Treasurer shall give the notification required by this subsection by the last day of the month in which the depositories are required to submit a treasurer report. (3) If a depository s aggregate of uninsured public funds deposits exceeds the amount set forth in subsection (1) of this section, the depository shall, within three business days after receiving notice from the State Treasurer, cease accepting deposits of uninsured public funds. (4) Notwithstanding subsections (1) and (3) of this section: (a) A depository may accept and hold uninsured public funds deposits in excess of the limits specified in subsection (1) of this section if the State Treasurer, upon good cause shown, approves the depository s request to hold uninsured public funds in excess of the limits specified in subsection (1) of this section for a period not exceeding 90 days and eligible securities are deposited with the depository s custodian as collateral in an amount at least equal to the amount of the uninsured public funds deposits that exceeds the limits specified in subsection (1) of this section. Upon the expiration of the 90-day period, if the depository does not comply with the limits specified in subsection (1) of this section, the depository shall, within three business days after receiving notice from the State Treasurer, cease accepting deposits of public funds. (b) The limits specified in subsection (1) of this section do not apply to public funds deposits a depository holds in a certificate of deposit or time deposit under ORS 295.004 (1) or public funds that an Oregon depository arranges to deposit into an insured deposit account under ORS 295.004 (2). (c) A well capitalized depository or an adequately capitalized depository may accept and hold uninsured public funds deposits that exceed the limit specified in subsection (1)(d) or (e) of this section if eligible securities are deposited with the depository s custodian as collateral in an amount at least equal to the amount of the uninsured public funds deposits that exceed the limit specified in subsection (1)(d) or (e) of this section. (5) If the State Treasurer notifies a depository that it must cease accepting deposits of public funds under subsection (3) or (4) of this section, the State Treasurer may also notify public officials who have deposited public funds in the depository that within 15 business days after the public official receives the notice from the State Treasurer, the public official must withdraw from the depository to which the notice applies all public funds deposits that exceed the limit specified in subsection (1)(d) or (e) of this section. A public official who is notified by the State Treasurer under this subsection must begin to withdraw funds as specified in the notice. Except as required by any applicable law or regulation, a depository may not impose an early withdrawal penalty or a forfeiture of interest with respect to a withdrawal made pursuant to this subsection.
- 295.050 [Repealed by 1967 c.451 32]
- 295.053 Custodian duties when bank depository ceases holding uninsured public funds; securities.
- Note: The amendments to 295.053 by section 17, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.053. (1) If a 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. Unless the State Treasurer directs that the custodian hold the depository s pledged securities for a longer period, the custodian shall hold the depository s pledged securities for a period of 30 days. (2) If any of a depository s pledged securities mature during the period described in subsection (1) of this section, the depository shall pledge substitute securities that the depository s custodian shall hold until the period expires. (3) If a 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 tender the depository s pledged securities to the depository.
- 295.055 [1967 c.451 6; 2007 c.871 22; renumbered 295.006 in 2007]
- 295.056 Liability of public officials for loss of public funds.
- 295.060 [Repealed by 1967 c.451 32]
- 295.061 Treasurer reports; filing; notification of changes; failure to file reports.
- Note: The amendments to 295.061 by section 18, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.061. (1) On or before the date on which each treasurer report is due, each depository shall file the depository s treasurer report with the depository s custodian and with the State Treasurer. (2) Each depository that files reports with the State Treasurer under subsection (1) of this section shall notify the State Treasurer in writing or by electronic means within three business days of: (a) The date on which the depository s net worth is reduced by an amount greater than 10 percent of the amount shown as the depository s net worth on the most recent report the depository submitted pursuant to subsection (1) of this section; or (b) The date on which the depository ceases to be well capitalized and becomes adequately capitalized or undercapitalized, or ceases to be adequately capitalized and becomes undercapitalized. (3) An adequately capitalized depository or an undercapitalized depository shall report to the depository s custodian and to the State Treasurer at least once each week the actual amount of uninsured public funds deposits the depository holds. (4)(a) If a depository fails to file the reports or provide the notices required under this section or fails to file the notices or reports required under ORS 295.018, the State Treasurer shall send a notice to each public official who has uninsured public funds on deposit in the depository that the depository failed to comply. (b) If, after giving notice under paragraph (a) of this subsection, the State Treasurer receives notice that the depository has filed the required reports or provided the required notices, the State Treasurer may notify each public official who was notified under paragraph (a) of this subsection that the depository has complied. (5) If a depository fails to comply with this section, the depository shall, within three business days after receiving notice from the State Treasurer, cease accepting deposits of uninsured public funds.
- 295.065 [1967 c.451 7; 1973 c.378 2; 1975 c.515 4; repealed by 2007 c.871 35]
- 295.070 [Repealed by 1967 c.451 32]
- 295.071 Investigation by regulatory bodies other than State Treasurer.
- Note: The amendments to 295.071 by section 19, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.071. (1) The State Treasurer may request that the Director of the Department of Consumer and Business Services or another state or federal agency with primary regulatory authority over a financial institution that is a depository or that applies to become a depository investigate and report to the State Treasurer concerning the condition of the financial institution. (2) The financial institution examined under this section shall pay the expenses of the investigation and report. (3) In lieu of an investigation and report, the State Treasurer may rely upon information that the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, the Board of Governors of the Federal Reserve System or a state bank, thrift or credit union regulatory agency makes available to the State Treasurer or to the Director of the Department of Consumer and Business Services.
- 295.073 Report to State Treasurer of certain actions by Director of Department of Consumer and Business Services.
- Note: The amendments to 295.073 by section 20, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.073. The Director of the Department of Consumer and Business Services shall advise the State Treasurer in writing of any action the director takes or directs a depository to take that will reduce the depository s net worth by more than 10 percent as shown on the most recent treasurer report submitted pursuant to ORS 295.061.
- 295.075 [1965 c.629 3; repealed by 1967 c.451 32]
- 295.080 [Amended by 1959 c.330 2; 1963 c.520 2; 1967 c.335 33; repealed by 1967 c.451 32]
- 295.081 Time deposits.
- Note: The amendments to 295.081 by section 21, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.081. (1) Subject to ORS 295.002, 295.015 and 295.018, a depository may offer in writing to accept from the State Treasurer time deposits in an unlimited amount or in an aggregate amount stated in the offer and to pay interest on the time deposits at rates specified in the offer. The offer shall continue until the depository delivers or mails, by registered or certified mail, notice to the State Treasurer that modifies or withdraws the offer. While the offer continues in effect, the depository must accept in accordance with the terms of the offer time deposits tendered by the State Treasurer. (2) Funds the State Treasurer deposits on a time basis must be deposited at the highest rate of interest available for the amount and term of the deposit. (3) The State Treasurer shall establish time deposits so as to make the deposited moneys as productive as possible, and shall exercise the judgment and care that a person of prudence, discretion and intelligence exercises in the management of the person s own affairs, considering the probable income and the probable safety of the moneys deposited and considering the distribution of the deposits among depositories so as to minimize the possibility of loss of moneys.
- 295.084 Designation of depository; collection for claims due state.
- Note: The amendments to 295.084 by section 22, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.084. The State Treasurer may designate such banks and credit unions within this state as are necessary as depositories for collecting drafts, checks, certificates of deposit and coupons the State Treasurer receives on account of any claim due the state.
- 295.085 [1967 c.451 8; repealed by 2007 c.871 35]
- 295.087 [Formerly 295.145; repealed by 2009 c.821 31]
- 295.090 [Amended by 1959 c.330 3; repealed by 1967 c.451 32]
- 295.091 Preference in selecting depositories for political subdivisions; apportioning funds; interest.
- Note: The amendments to 295.091 by section 23, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.091. (1) A public official need not deposit public funds in a depository in a particular locality, but the public official shall give preference to a depository that is qualified to receive the public funds and that is engaged in business at an office within the corporate limits of the public official s political subdivision or public corporation. If more than one local qualifying depository exists, the public official shall apportion the public funds among the local qualifying depositories in a manner that is equitable and in the best interests of the political subdivision or public corporation. (2) The depositories shall pay interest to the political subdivision or public corporation for deposits evidenced by certificates of deposit or deposits that by agreement may not be withdrawn on less than 30 days notice, at the rate or rates upon which the governing body of the political subdivision or public corporation and the depository agree. (3) Interest received on deposits of moneys under this section accrues to and becomes a part of the fund the moneys of which were deposited. (4) This section does not apply to the State Treasurer.
- 295.093 Depositing moneys with treasurer of political subdivision.
- 295.095 [1967 c.451 9; 1969 c.314 20; 1973 c.378 3; 1983 c.456 7; repealed by 1999 c.311 8]
- 295.097 State agency agreements to use electronic commerce for sale of public property, debt collection or other business; State Treasurer approval.
- 295.100 [Repealed by 1967 c.451 32]
- 295.101 Public funds not subject to ORS 295.001 to 295.108.
- 295.105 [1967 c.451 10; 1973 c.438 1; 1975 c.515 5; 1983 c.296 10; 1985 c.762 183; 1999 c.311 2; repealed by 2007 c.871 35]
- 295.106 State Treasurer charges; expenses.
- 295.108 State Treasurer rules; form of report.
- Note: The amendments to 295.108 by section 25, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.108. (1) The State Treasurer shall adopt rules to implement the provisions of ORS 295.001 to 295.108. (2) The State Treasurer shall design the treasurer report required by ORS 295.061 to minimize the regulatory burden of completing and submitting the report and, to the greatest extent practicable, to make the form of the report and the content required in the report consistent with the information required by the depository s report of condition and income.
- 295.110 [Amended by 1953 c.352 3; repealed by 1967 c.451 32]
- 295.115 [1967 c.451 11; 1989 c.319 1; 2007 c.871 23; renumbered 295.081 in 2007]
- 295.120 [Amended by 1953 c.352 3; repealed by 1967 c.451 32]
- 295.125 [1967 c.451 12b; 1981 c.189 1; 1989 c.319 2; repealed by 2007 c.871 35]
- 295.130 [Amended by 1953 c.352 3; repealed by 1967 c.451 32]
- 295.135 [1967 c.451 13; 1981 c.189 2; 1991 c.6 1; renumbered 295.084 in 2007]
- 295.140 [Repealed by 1953 c.352 3]
- 295.145 [1967 c.451 14; renumbered 295.087 in 2007]
- 295.150 [Repealed by 1967 c.451 32]
- 295.155 [1967 c.451 15; 2005 c.22 225; renumbered 295.091 in 2007]
- 295.160 [Repealed by 1967 c.451 32]
- 295.165 [1967 c.451 16; renumbered 295.093 in 2007]
- 295.170 [Repealed by 1967 c.451 32]
- 295.175 [1967 c.451 30; 1989 c.569 5; repealed by 2007 c.871 35]
- 295.180 [Repealed by 1967 c.451 32]
- 295.185 [1983 c.456 6; repealed by 2007 c.871 35]
- 295.190 [Repealed by 1967 c.451 32]
- 295.195 Deposit of funds in foreign country; effect on collateral; report to Legislative Assembly.
- 295.200 [Repealed by 1967 c.451 32]
- 295.205 Accounts in financial institutions outside Oregon; conditions; rules.
- Note: The amendments to 295.205 by section 26, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the user s convenience.
- 295.205. (1) Notwithstanding any other law: (a) The State Treasurer may establish demand deposit accounts in financial institutions outside this state for the purpose of accepting deposits of funds related to state investments in the geographical areas that the financial institutions serve. (b) Moneys that a financial institution or other entity receives or collects under an agreement to provide loan servicing for a state agency, political subdivision or public corporation may be deposited in accounts in financial institutions outside this state for the purpose of: (A) Accepting payments of loan principal and interest; (B) Accepting and holding escrow funds; (C) Accepting and holding funds required to be held in reserve with or on behalf of the state agency, political subdivision or public corporation; or (D) Collecting and holding other moneys the financial institution must collect and hold for loan servicing under the agreement before remitting the moneys to the state agency, political subdivision or public corporation or a third party. (c) Moneys a trustee or escrow agent holds pursuant to a bond indenture, certificate of participation indenture or escrow agreement with a state agency, political subdivision or public corporation in this state that are public funds, as defined in ORS 295.001, may be deposited in accounts in financial institutions outside this state. (2) The State Treasurer shall establish the demand deposit accounts described in subsection (1)(a) of this section in accordance with rules adopted pursuant to ORS 183.310 to 183.410 that ensure that reasonable and prudent measures are taken to protect state investment funds from loss. (3) When accounts are established for a state agency, political subdivision or public corporation under subsection (1)(b) or (c) of this section, the state agency, political subdivision or public corporation in the agreement to provide loan servicing or the bond indenture, certificate of participation indenture or escrow agreement shall ensure that reasonable and prudent measures are taken to protect the moneys in the accounts from loss. (4) As used in this section, the terms financial institution outside this state and public official have the meanings given those terms in ORS 295.001.
- 295.210 [Repealed by 1967 c.451 32]
- 295.220 [Repealed by 1967 c.451 32]
- 295.230 [Repealed by 1967 c.451 32]
- 295.240 [Repealed by 1967 c.451 32]
- 295.410 [Repealed by 1967 c.451 32]
- 295.420 [Repealed by 1967 c.451 32]
- 295.430 [Repealed by 1967 c.451 32]
- 295.440 [Amended by 1957 c.171 1; 1965 c.169 2; repealed by 1967 c.451 32]
- 295.450 [Repealed by 1967 c.451 32]
- 295.460 [Repealed by 1967 c.451 32]
- 295.470 [Repealed by 1967 c.451 32]
- 295.480 [Repealed by 1967 c.451 32]
- 295.490 [Amended by 1963 c.502 5; repealed by 1967 c.451 32]
- 295.500 [Repealed by 1967 c.451 32]
- 295.510 [Repealed by 1967 c.451 32]
- 295.520 [Repealed by 1967 c.451 32]
- 295.530 [Repealed by 1967 c.451 32]
- 295.990 [Repealed by 1967 c.451 32]
- 295.991 [1967 c.451 18; repealed by 1971 c.743 432] CHAPTER 296 [Reserved for expansion] _______________
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