2015 Oregon Revised Statutes
Volume : 07 - Public Facilities, Finance
Chapter 295 - Depositories of Public Funds and Securities
Section 295.002 - Deposit of public funds; limitation; exception.

(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.

[Formerly 295.025; 2010 c.101 §2]