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2019 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 295 - Depositories of Public Funds and Securities
Section 295.091 - Geographic preference in selecting depositories; apportioning funds; interest.
Universal Citation: OR Rev Stat § 295.091 (2019)
(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 engaged in business at an office within the corporate limits of the public official’s public body. If more than one local depository exists, the public official shall apportion the public funds among the local depositories in a manner that is equitable and in the best interests of the public body.
(2) The depositories shall pay interest to the public body for deposits evidenced by certificates of deposit or deposits that by agreement may not be withdrawn on less than 30 days’ notice, at the rate or rates upon which the public body and the depository agree.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; 2019 c.587 §27]
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