2015 Oregon Revised Statutes
Volume : 07 - Public Facilities, Finance
Chapter 295 - Depositories of Public Funds and Securities
Section 295.091 - Preference in selecting depositories for political subdivisions; apportioning funds; interest.
(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or public corporation for deposits evidenced by certificates of deposit or deposits that by agreement may not be withdrawn on less than 30 days’ notice, at the rate or rates upon which the governing body of the political subdivision or public corporation and the depository agree.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.
[Formerly 295.155; 2010 c.101 §23]
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