Oregon Revised Statutes
The Oregon Department of Administrative Services may adopt rules and regulations defining “encumbrances” as used in ORS chapters 291, 292 and 293 and the manner in which they are to be charged to appropriations and expenditure limitations. GIFTS, DEVISES AND BEQUESTS
All property given, devised or bequeathed to the State of Oregon or to any state agency as defined in ORS 293.235 shall belong to the state and shall be devoted to the agency or purpose specified in the terms of the gift, devise or bequest. A grant to a particular agency, not otherwise specifying the purpose of the grant, shall be deemed made for the purpose…
The state may abolish agencies, change or transfer agency functions or rename any state agency. Notwithstanding any such action, property acquired by the state through gift, devise or bequest, when the purpose of the grant is stated or implied as provided in ORS 293.090, shall continue to be used by any successor agency for the purpose specified. If property…
Subject to ORS 293.115, the following moneys shall be placed by the State Treasurer to the credit of and shall constitute the General Fund of the State of Oregon: All moneys arising from direct taxation and paid into the State Treasury by the several counties of the state. All moneys arising from the imposition of any license or other fees for permission t…
All payments of money into the State Treasury by virtue of any statute providing for, creating, authorizing or continuing any of the funds and accounts enumerated in subsection (2) of this section shall be paid into and become a part of the General Fund. The following funds and accounts shall be a part of the General Fund: Forest Patrol Fund. Motor Vehicl…
The following moneys shall be separate and distinct from the General Fund: Moneys paid into the State Treasury for fiduciary purposes and moneys that are in trust funds, as defined in ORS 291.002. Moneys by law directed and required to be placed by the State Treasurer to the credit of: The Agricultural College Fund principal and the interest accruing from…
Moneys in a trust fund that are not otherwise appropriated by law are continuously appropriated to the agency that administers the trust in order to carry out the purposes of the trust. As used in this section, “trust fund” has the meaning given that term in ORS 291.002. Note: 293.117 was enacted into law by the Legislative Assembly but was not added to or…
The Oregon Department of Administrative Services shall, by appropriate entries made at monthly periods, credit the several objects with the amounts which may be received respectively from the several sources and charge against the same any claims incurred in pursuance of authority of law, in the same manner as is provided for the payment of claims against th…
The State Treasurer shall enter upon all records created by the State Treasurer for moneys paid into the State Treasury such necessary information as shall: Enable the Oregon Department of Administrative Services to credit the moneys to a fund or account in such amounts as are applicable under the law. Permit an appropriate accounting of the moneys.
All warrants issued against any special fund that is a part of the General Fund hereby are made payable out of the General Fund. Such payment shall be made by the State Treasurer to the holders of such warrants upon demand.
Except as otherwise provided by law, all interest received on deposits of state funds shall accrue to and become a part of the General Fund. (Oregon Rainy Day Fund)
The Oregon Rainy Day Fund is established as an account in the General Fund. The Legislative Assembly may appropriate moneys from the Oregon Rainy Day Fund only if the appropriation is approved by three-fifths of the members serving in each house of the Legislative Assembly and the Legislative Assembly finds one of the following: That the last quarterly eco…
As used in this section: “Ending balance” means the difference between the amount of General Fund revenues collected during a biennium and the amount of General Fund appropriations for the biennium. “General Fund appropriations” means the amount of moneys appropriated from the General Fund for a biennium in the legislatively approved budget for the bienniu…
If the moneys in the Oregon Rainy Day Fund established by ORS 293.144 just prior to the time of a transfer scheduled under ORS 293.144 (3)(c) or 293.146 equal at least 12.5 percent of the amount of General Fund revenues collected during the prior biennium, moneys that would otherwise be transferred to the Oregon Rainy Day Fund shall be deposited in the Gener…
(Deficiencies)
If the moneys in the General Fund become exhausted, the State Treasurer shall borrow from the most advantageous sources the amounts necessary to pay warrants drawn against the General Fund in pursuance of law, other than warrants drawn against funds whose use is restricted to particular purposes by the Constitution of Oregon or by federal law. The Governor, …
For the purposes of this section: Exhaustion of the General Fund has the meaning described in ORS 293.165 (2). “Restricted fund” means a fund in the General Fund whose use is restricted to particular purposes by the Constitution of Oregon or by federal law. Instead of paying warrants drawn on the General Fund, the State Treasurer shall indorse on the warr…
The State Treasurer may notify a state agency that it must stop issuing checks or warrants on, or initiating electronic funds transfers from, a specified fund or account if: The General Fund is exhausted as described in ORS 293.165 (2); Warrants drawn on the General Fund are being registered under ORS 293.167; An appropriation or other authorization to ex…
If a check, warrant or demand for payment by electronic funds transfer is presented to the State Treasurer for payment and at the time of presentment the account or fund from which payment should be drawn has insufficient moneys to pay in full the amount presented, the State Treasurer may transfer the overdraft amount from other moneys deposited in the State…
(Petty Cash)
If the appropriation for an agency or the limitation on expenditures of an agency, as enacted by the Legislative Assembly, includes an amount for a petty cash fund, the fund shall be established and administered as provided in this section. The agency for which a petty cash fund has been authorized may prepare a voucher in the amount authorized in favor of …
On December 31 in each odd-numbered year, all General Fund appropriation balances as recorded on the records of the Oregon Department of Administrative Services for the prior biennium shall revert to the General Fund except for capital construction, continuing contracts, contested claims, special appropriations designated by legislative action, appropriation…
Any difference between the amount appropriated from the General Fund for a biennium to the judicial department as defined in ORS 174.113, including amounts appropriated to any agency of the judicial department, and the amount of the appropriation actually expended on or before the end of the biennium, is appropriated to the judicial department, out of the Ge…
As used in this section: “Biennium” means a two-year period beginning on July 1 of an odd-numbered year. “Borrowing agency” means the State Forestry Department or the Department of the State Fire Marshal. “Borrowing fund” has the meaning given that term in ORS 293.205. “Lending fund” has the meaning given that term in ORS 293.205. “Repayment amounts” me…
As used in ORS 293.205 to 293.225: “Borrowing fund” means the fund to which money is initially transferred under ORS 293.210. “Lending fund” means the fund from which money is initially transferred under ORS 293.210.
If there is insufficient money to the credit of any fund in the State Treasury to pay the obligations against such fund and there is money to the credit of one or more other state funds that is not then required to meet the respective obligations against such funds, the State Treasurer shall transfer so much as the State Treasurer deems advisable of such mon…
If the Department of Transportation determines that there is insufficient money in any of its funds to pay the obligations against that fund, the department may request the State Treasurer to transfer money from one or more other funds to the fund that has insufficient money. The treasurer shall transfer the money if: The lending fund has money that is not …
Subject to the provisions of this section, a state agency may establish with the State Treasurer lines of credit for funds under its administration, upon a certificate by the agency’s department head and chief financial officer to the State Treasurer representing and satisfactorily demonstrating, for the period for which a line of credit is requested, that: …
All transfers from lending to borrowing funds under ORS 293.210 shall be evidenced by proper bookkeeping accounts kept by the State Treasurer showing appropriate credits to the lending funds. All retransfers shall be evidenced in like manner. When funds are transferred under ORS 293.210, the State Treasurer shall notify the Oregon Department of Administrati…
All moneys or credits transferred under ORS 293.210 or 293.214 shall bear interest, until retransferred, at such rate not less than two percent per annum as shall be agreed upon between the State Treasurer and the officer, state department, commission, or board in charge of the borrowing fund. The interest shall be payable from the borrowing fund and shall b…
ORS 293.205 to 293.220 shall not be construed as an appropriation Act and no appropriation made for any purpose shall be exceeded or increased by reason of any of the provisions of such sections, nor shall any budgetary designation be altered or affected by such sections. COLLECTION OF DEBTS OWED TO STATE AGENCIES
Subject to subsection (2) of this section, a state agency may request that a person voluntarily supply the person’s Social Security number for use in collecting debts owed to the State of Oregon on any document relating to any monetary obligation or transaction. A state agency that so requests shall include on the document a notice disclosing that the Social…
As used in ORS 293.227 to 293.233, unless the context requires otherwise: “Payment” means a voluntary amount of money paid by a debtor to a state agency or an involuntary amount of money paid by a debtor through offset or garnishment. “State agency” has the meaning given that term in ORS 293.226, except that it does not include the judicial department as d…
Not later than October 1 of each fiscal year, each state agency shall submit a report to the Legislative Fiscal Office that describes the status of that agency’s liquidated and delinquent accounts and efforts made by that agency to collect liquidated and delinquent accounts during the previous fiscal year. The report required under this subsection shall be i…
Except as provided in subsections (4) to (7) of this section, a state agency, unless otherwise prohibited by law, shall offer for assignment every liquidated and delinquent account to the Department of Revenue as provided in ORS 293.250 not later than: Ninety days from the date the account was liquidated if no payment has been received on the account within…
A state agency may use rules adopted by the Oregon Department of Administrative Services for exempting liquidated and delinquent accounts from assignment to the Department of Revenue or a private collection agency. The state agency shall provide documentation and justification for exempting liquidated and delinquent accounts from assignment. The Oregon Depa…
The Oregon Department of Administrative Services shall, no later than December 31 of each year and in the manner provided by ORS 192.245, report to the Legislative Assembly the amounts of liquidated and delinquent debt that, in the previous fiscal year: Were written off by a state agency under ORS 293.240; Were abated by a state agency; and Were canceled …
As used in ORS 293.240 and 293.245, “state agency” has the meaning given that term in ORS 293.226.
If a state agency has made all reasonable efforts to collect money owed to the agency and has determined that the money and any interest or penalties on the money are uncollectible, the agency may write off the debt on its accounts. Before determining that money is uncollectible under subsection (1) of this section, a state agency must adopt criteria for de…
If a debt previously written off pursuant to ORS 293.240 subsequently becomes collectible, the state agency to which the money is owed shall proceed to collect the money due. The agency shall credit the money so collected to the accounts or funds to which the debt was originally owing. RECEIVING AND HANDLING MONEYS
There is created a Collections Unit in the Department of Revenue. The Department of Revenue may render assistance in the collection of any delinquent account owing to any of the following entities, if the account is assigned by the entity to the department for collection: A state agency; A public university listed in ORS 352.002, notwithstanding ORS 352.1…
The Oregon Department of Administrative Services shall monitor state agency debt collection functions described by law and assist state agencies in efforts to improve the collection of delinquent debts owed to state agencies. The department’s duties under this subsection include, but are not limited to: Providing training to state agencies regarding process…
Subject to ORS 293.250, a state agency shall make all reasonable efforts to collect liquidated and delinquent accounts owing to the state agency, including the use of Social Security numbers made available by state agencies pursuant to ORS 293.226, and the setoff of any refunds or sums due to the debtor from the state agency, the Department of Revenue or fro…
The Oregon Department of Administrative Services shall estimate in advance the expenses that the department will incur during a biennium in carrying out the provisions of ORS 293.226 and 293.252 to 293.256. The department shall charge each state agency for the agency’s share of the expenses described in subsection (1) of this section for the biennium. The d…
The Delinquent Accounts Administration Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Delinquent Accounts Administration Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Department of Administrative Services for purposes of administering ORS 293.…
Except as otherwise specifically provided by law, the Secretary of State shall require all persons who have received any moneys or property belonging to the state and who have not accounted therefor to settle their accounts and to return the moneys or property to the state. An account of a person who has received any moneys or property belonging to the stat…
The Secretary of State may require any person to answer orally or in writing, under oath or affirmation, as to any facts relating to an account, presented to the Secretary of State for settlement, of a person who has received any moneys or property belonging to the state. At the request of any person interested in, and dissatisfied with the decision of the …
Except as provided in paragraph (b) of this subsection and subsection (5) of this section, it is the duty of the officer or other person or agent collecting, receiving, in possession of, or having the control of any state moneys or other funds, contributions or donations collected or received by, and to be expended by or on behalf of the state under the appr…
The State Treasurer shall create a record of the moneys deposited with the State Treasurer pursuant to ORS 293.265 and shall place all moneys so deposited, except money which forms all or part of any private donation or contribution, to the credit of appropriate funds or accounts designated by law. All money deposited with the State Treasurer which forms al…
Disbursements of the moneys transferred or deposited pursuant to ORS 293.265 shall be made only on warrants issued in payment of authorized claims and expenses, as provided by law. Disbursements of moneys so deposited, which were placed in separate trust funds, shall be made only on warrants issued in payment of any claims or expenses authorized by the prope…
Except as otherwise provided by law, ORS 293.265 to 293.275 do not apply to: State funds advanced to meet payrolls or to pay current expenses or emergency claims. Federal funds the control of which is otherwise directed by federal law or regulation. Funds of any state institution of higher learning.
Notwithstanding the provisions of ORS 293.275 or any other statute relating to interagency payments, the Oregon Department of Administrative Services may effect interagency payments for goods and services by transfer from the funds, accounts or appropriations of the agency receiving such goods or services, to the funds and accounts of the agency supplying su…
Whenever a court is required to hold funds in trust for the benefit of any party, all such funds shall be deposited with the State Treasurer in an account separate and distinct from the General Fund. Interest on such funds shall be credited to the General Fund. Notwithstanding subsection (1) of this section, if the amount in trust is $10,000 or more, upon m…
A claim for payment from any moneys in the State Treasury may not be paid unless: The claim is supported by the approval of the state agency that incurred the obligation or made the expenditure on which the claim is based; Provision for payment of the claim is made by law and appropriation; The obligation or expenditure on which the claim is based is auth…
Except for claims based on obligations incurred or expenditures made by the Legislative Assembly and its officers and committees, the courts and their officers and committees and the Secretary of State and State Treasurer in the performance of the functions of their constitutional offices, a claim for payment from any moneys in the State Treasury may not be …
The Oregon Department of Administrative Services may prescribe forms and procedures consistent with law for claims subject to disapproval by the department under ORS 293.300 and for the presentment, processing, approval and disapproval by state agencies and the department and drawing of warrants, checks or orders in payment of those claims. The use of forms …
The Oregon Department of Administrative Services may require any person to answer orally or in writing, under oath or affirmation, as to any facts relating to a claim subject to disapproval by the department under ORS 293.300. The state agency that incurred the obligation or made the expenditure on which the claim is based may require any person to answer o…
Any person aggrieved by the disallowance of a claim for payment of any moneys in the State Treasury, if the claim is subject to disapproval by the Oregon Department of Administrative Services under ORS 293.300, or by the state agency that incurred the obligation or made the expenditure on which the claim is based, if the claim is not subject to disapproval b…
A person having a claim against the state shall present the claim, with the evidence in support thereof, to the Oregon Department of Administrative Services or the state agency that incurred the obligation or made the expenditure on which the claim is based within two years after the date on which the claim accrues. However, if any federal funding arrangemen…
In an action or suit brought in behalf of the state, a claim may not be allowed against the state as a setoff unless: The claim was presented to the Oregon Department of Administrative Services or the state agency that incurred the obligation or made the expenditure on which the claim is based, and approved or disapproved as provided by law; or It is prove…
All boards, commissions, officers and heads of departments of the state authorized to approve disbursements for indebtedness or expenses may designate the secretary, or some officer of each board or commission, or some representative or deputy of such officer or head of department who is under bond to the State of Oregon to approve those disbursements, provi…
A statutory, standing, special or interim committee of the Legislative Assembly or either house thereof may designate one or more individuals to approve disbursements for which the indebtedness or expense has been theretofore authorized by the committee. The committee shall file with the Oregon Department of Administrative Services a statement designating th…
Notwithstanding any other provision of law: Any reference in any general or specific statute to voucher claims for indebtedness or expenses authorized by any state agency and to approval of those voucher claims is intended to be and shall be considered a reference to disbursements for the indebtedness or expenses and to approval of those disbursements. Any…
Warrants shall be drawn in payment of claims for payment from any moneys in the State Treasury. All warrants shall be drawn by the Oregon Department of Administrative Services, and ORS 291.015 (2) does not apply to the drawing of warrants by the department.
The Oregon Department of Administrative Services may charge state agencies for the drawing of warrants and processing of receipts and transfers. The amount so charged shall be billed to state agencies at least quarterly, and the proceeds from such charges shall be deposited in the Oregon Department of Administrative Services Operating Fund established by ORS…
As payment for expenses of processing banking-related transactions, the State Treasurer may charge each state agency having such transactions involving the State Treasury. The amount so charged shall be determined by the number of transactions processed by the State Treasurer and shall be paid in the manner determined by the State Treasurer to be most effici…
The Oregon Department of Administrative Services may cause any warrant drawn by it, and any other state agency authorized by law to draw warrants may cause any warrant drawn by the state agency, to be signed by facsimile signature affixed by any mechanical equipment or device. The State Treasurer shall honor any warrant presented for payment so signed by fac…
When authorized to use facsimile signatures by the administrative head of any state agency, any person authorized to sign any check, warrant or other instrument on behalf of the state agency may, in the discretion of the person, sign the check, warrant or other instrument by facsimile signature affixed by any mechanical equipment or device. Where the use of…
(Payment)
The State Treasurer shall pay on demand all items presented to the State Treasurer for payment if there are appropriate and sufficient funds in the State Treasury, as provided by law, to make the payments. If a law requires that an item be paid from a particular fund, the State Treasurer must make the payment from that fund only. When a state officer author…
As used in ORS 293.445 to 293.460, “agency” means any state officer, department, commission or institution. When any agency determines that moneys have been received by it in excess of the amount legally due and payable to the agency or that it has received moneys to which it has no legal interest, the agency, within three years from the date the money was …
With the consent of and in accordance with rules prescribed by the State Treasurer, agencies may establish accounts with the State Treasurer for purposes other than those described in ORS 293.445 (3). These accounts may be established when required by federal law or regulation or when it is impractical for the agency to use funds established with the Oregon …
Before October 1 of each year, an agency that maintains an account pursuant to ORS 293.445 shall prepare a report pursuant to ORS 98.352 of all checks or orders drawn by it that have been outstanding for a period of more than two years prior to July 1, and that have not been paid by the State Treasurer. The report shall not include checks or orders that hav…
After October 1, the State Treasurer may refuse payment of the unpresented checks or orders included in the report referred to in ORS 293.450. The State Treasurer shall: Transfer and credit the amounts of the unpresented checks or orders dedicated for general funding to the General Fund. Transfer all other funds to the Unclaimed Property and Estates Fund. …
The lawful owner of any check or order included in the report referred to in ORS 293.450 and not paid may file a claim with the State Treasurer in the manner provided by ORS 98.392 and 98.396.
It is the policy of the State of Oregon to pay any overdue account charges incurred by state agencies which do not promptly pay for goods and services provided by private businesses. The overdue account charges to be paid under this section shall be the same as the usual overdue account charges to the general clientele of the vendor. Moneys appropriated fr…
As used in ORS 293.465 to 293.485: “Instrument” means a warrant, check or order issued by the state, or by any board, department, commission or officer of the state, or an electronic image or record of such a warrant, check or order. “Subdivision” means any county, municipal corporation, quasi-municipal corporation, or civil or political subdivision in thi…
An instrument may be paid without presentment if the person claiming to be the lawful owner of the instrument satisfies the officer by whom payment is to be made that the instrument has been lost, stolen or destroyed prior to the claimant’s having received value for the instrument or having negotiated the instrument, in compliance with ORS 293.475. Notwiths…
Upon satisfactory showing by the lawful owner of an instrument of the loss, destruction or theft of the instrument, the proper officer, board, department or commission that issued the original instrument, or the issuer’s duly authorized legal successor, may issue a duplicate in lieu thereof for the same amount as the original. The duplicate shall bear the si…
State officers, boards, departments or commissions lawfully issuing instruments upon the State Treasurer may adopt the uniform procedure of issuing and delivering to all parties entitled thereto duplicate instruments to replace those lost, stolen or destroyed, in accordance with ORS 293.475.
When any instrument is paid, other than as authorized by ORS 293.465 to 293.480, such wrongful payment shall not relieve the political body issuing the instrument from liability to the true and lawful owner thereof; but the officer or person making such wrongful payment and the sureties on the official bond of the officer or person, if any, shall be responsi…
Except for property described under ORS 98.302 to 98.436, and as otherwise directed by law, upon the death of any person entitled to payment of money in the State Treasury or on deposit with a state agency or officer, if the estate is not to be administered in a court having probate jurisdiction, the State Treasurer or the state agency or officer authorized …
Payment authorized by ORS 293.490 may be made only upon receipt by the State Treasurer or other state officer authorized to disburse moneys due the decedent of an affidavit from one of the survivors in a group of survivors listed in ORS 293.490 (3), that: The decedent died testate or intestate, as the case may be. The estate of the decedent will not be pro…
It shall not be necessary to institute probate proceedings to establish the right of any of the surviving parties named in ORS 293.490 to collect the amounts due the decedent under ORS 293.490 and 293.495; but if, after payment of such amounts, the estate of the decedent is probated, the person receiving the moneys due the decedent shall account therefor to …
The performance of functions as provided by law by the Oregon Department of Administrative Services or any other state agency in the processing, approval and disapproval of claims for payment from any moneys in the State Treasury and in the drawing of warrants in payment thereof does not constitute or affect the performance of constitutional functions of the…
Notwithstanding any other provision of law, the presentment of claims for payment from any moneys in the State Treasury to the Secretary of State as Auditor of Public Accounts and the audit, allowance or other approval of those claims by the Secretary of State as Auditor of Public Accounts before the drawing of warrants in payment of those claims or otherwis…
In the discharge of the constitutional duties of Auditor of Public Accounts, the Secretary of State may certify to the Governor the failure of any state official or state employee: To settle accounts or render such statements as may be required with respect to the custody or disposition of public funds or other state property; or To correct any major delin…
Upon consultation with the State Treasurer’s office, a state agency by rule may: Require that payments to the agency above designated amounts be made by electronic funds transfer. All electronic funds transfer entries through an automated clearinghouse shall follow standards adopted by the State Treasurer that shall be substantially similar to those adopted…
ACCOUNTS FOR TOBACCO SETTLEMENT MONEYS
The Tobacco Settlement Funds Account is established as an account in the General Fund. Except as provided in section 2, chapter 11, Oregon Laws 2003, the account shall consist of all moneys paid to this state under the Master Settlement Agreement of 1998. Before July 1 of each odd-numbered year, the Department of Justice shall submit for approval to the Ore…
There is established in the State Treasury, separate and distinct from the General Fund, the Health Care Trust Fund. The Health Care Trust Fund shall consist of moneys, in amounts directed by the Legislative Assembly, paid to this state by United States tobacco products manufacturers under the Master Settlement Agreement of 1998. All earnings on moneys in t…
The Governor may apply for, accept and receive, or authorize any state agency to apply for, accept and receive, financial assistance and grants from the United States or any of its agencies, subject to the terms and conditions thereof, for financing the cost of any federally sponsored program or project deemed beneficial to the State of Oregon. Applications …
The State Treasurer shall receive any moneys that may be paid to the state by the United States, or any agency thereof, in lieu of ad valorem property taxes, and shall retain or transfer to the respective county treasurers the moneys so received in compliance with the annual apportionment made by the Department of Revenue.
Except for a distribution charge that shall be deducted to meet expenses incurred by the Oregon Department of Administrative Services in administering this section, all sums received by the state from the United States Government as its distributive share of the amounts collected by the United States Government for forest reserve rentals, sales of timber, an…
Except for a distribution charge that shall be deducted to meet expenses incurred by the Oregon Department of Administrative Services in administering this section, all funds received from the United States Government by the State of Oregon as its distributive share of the amounts collected under the provisions of the Act of Congress of February 25, 1920, 41…
All funds received from the United States Government by the State of Oregon as its distributive share of the amounts collected under the federal Flood Control Act and Acts amendatory thereof and supplemental thereto, shall upon receipt by the State Treasurer be credited to a special fund in the State Treasury to be known as the Federal Flood Control Leases F…
Except for a distribution charge that shall be deducted to meet expenses incurred by the Oregon Department of Administrative Services in administering this section, all funds received from the United States Government as a distributive share of the amounts collected by the United States Government under the provisions of the Act of Congress of June 28, 1934,…
The Oregon Department of Administrative Services shall direct and control the accounting for all the fiscal affairs of the state government and agencies thereof, and shall provide for the maintenance of accounting records, including accounts stated in summary or in detail, for those fiscal affairs. The department is responsible for establishing and maintaini…
The Oregon Department of Administrative Services shall control and supervise the acquisition, installation and use of all electronic or automatic data processing equipment to be used primarily for the purposes of the accounting records and system referred to in ORS 293.590. The adequacy and capacity of that equipment for purposes of the performance of consti…
As used in this section, “state agency” means every state officer, board, commission, department, institution, branch or agency of state government whose costs are paid wholly or in part from funds held in the State Treasury. The Oregon Department of Administrative Services may require periodic and special financial and statistical reports from all state ag…
The fiscal year of this state shall commence on July 1 and close on June 30 of each year. All the accounts of the Oregon Department of Administrative Services, Secretary of State and State Treasurer shall be kept and all duties of the department and those officers shall be performed with reference to the beginning and end of the fiscal year. Whenever it is …
The Secretary of State shall cause to be maintained accounts and records the Secretary of State considers necessary in the performance of constitutional functions as Auditor of Public Accounts.
The State Treasurer shall cause to be maintained accounts and records of all moneys received and disbursed by the State Treasurer.
All persons, state institutions, commissions, commissioners, departments, boards, and state officers or agents, handling or having the custody or control of any property belonging to the state or to any state institution, board, commission, or department, shall account for and pay over to the State Treasurer monthly all moneys received from the income or ren…
The Secretary of State shall from time to time require all persons receiving moneys or securities, or having the disposition or management of any property of the state, of which an account is kept in the office of the Secretary of State, to render statements thereof to the Secretary of State. All such persons shall render such statement at such time and in s…
All officers and persons required to render annual accounts to the Secretary of State or State Treasurer shall close these accounts on June 30 of each year.
The biennial report of any state officer or agency required to be submitted to the Legislative Assembly or the Governor shall cover the biennial period closing on June 30 next preceding the odd-numbered year regular session of the Legislative Assembly.
Any report, tax return, remittance to cover a payment or claim for credit or refund required by law to be filed with or made to the state or to a state agency, which is: Transmitted through the United States mail or by private express carrier, shall be deemed filed or received on the date shown by the cancellation mark or other record of transmittal, or on …
INVESTING STATE FUNDS
As used in ORS 293.701 to 293.857, unless the context requires otherwise: “Council” means the Oregon Investment Council. “Investment funds” means: Public Employees Retirement Fund referred to in ORS 238.660; Industrial Accident Fund referred to in ORS 656.632; Consumer and Business Services Fund referred to in ORS 705.145; Employment Department Special…
There is created the Oregon Investment Council, consisting of five voting members and one nonvoting member. The Governor shall appoint four voting members, subject to Senate confirmation in the manner provided in ORS 171.562 and 171.565. The members appointed by the Governor must be qualified by training and experience in the field of investment or finance.…
As used in this section: “Business” has the meaning given that term in ORS 244.020. “Business with which the person is associated” has the meaning given that term in ORS 244.020. “Member of the household” has the meaning given that term in ORS 244.020. “Relative” has the meaning given that term in ORS 244.020. When a person who is a member of the Oregon…
Except as provided in subsection (2) of this section, a member of the Oregon Investment Council is entitled to compensation and expenses as provided in ORS 292.495. A member of the council who is also a member of the Public Employees Retirement Board is entitled to compensation and expenses as provided in ORS 238.640 (7) and (8). The council shall select o…
The chairperson of the Oregon Investment Council, after consultation with the State Treasurer, shall prescribe continuing education requirements for members of the council. Such continuing education requirements must relate to fiduciary duties, best practices or both. Note: 293.712 was enacted into law by the Legislative Assembly but was not added to or mad…
A member of the Oregon Investment Council is prohibited from accepting compensation for service, except per diem and reimbursement for travel expenses, on the board of directors of any business in which the state has an equity interest, other than publicly traded common stock. Note: 293.713 was enacted into law by the Legislative Assembly but was not added …
Notwithstanding ORS 192.650 (1) and (2), full sound recordings shall be made of every meeting of the Oregon Investment Council. The full sound recordings shall be produced on equipment selected by the Oregon Investment Council for compatibility with equipment for reproduction by the State Archives. The council shall maintain a written log of each sound reco…
The State Treasurer is the investment officer for the Oregon Investment Council, and shall perform functions in that capacity as authorized or required by law and, consistent with law, by the council. The bond of the State Treasurer required from the State Treasurer by law shall be deemed to extend to the faithful performance of all functions of the office …
As payment for expenses of the investment officer, the State Treasurer may deduct monthly a maximum of 0.35 basis points of the most recent market value of assets under management for each of the investment funds. However, for the funds described in ORS 293.701 (2)(n), a maximum of 0.5 basis points may be deducted monthly. Amounts so deducted shall be deposi…
Moneys in the investment funds shall be invested and reinvested to achieve the investment objective of the investment funds, which is to make the moneys as productive as possible, subject to the standard set forth in ORS 293.726.
Moneys in a fund established by law may not be discretely invested unless the law establishing the fund specifically indicates that the moneys may be invested. A provision in a law establishing a fund that requires interest earned by the fund to be retained by the fund is not, by itself, a specific indication that the moneys in the fund may be discretely inv…
The investment funds shall be invested and the investments of those funds managed as a prudent investor would do, under the circumstances then prevailing and in light of the purposes, terms, distribution requirements and laws governing each investment fund. The standard stated in subsection (1) of this section requires the exercise of reasonable care, skill…
The Oregon Short Term Fund is established in the State Treasury as a commingled investment vehicle for investment funds and the moneys described in subsection (2) of this section. Interest earned by the Oregon Short Term Fund shall be credited to the participating investor funds or accounts in the fund in proportion to the amount invested. Unless a federal …
Subject to the objective set forth in ORS 293.721 and the standards set forth in ORS 293.726, the Oregon Investment Council shall formulate policies for the investment and reinvestment of moneys in the investment funds and the acquisition, retention, management and disposition of investments of the investment funds. The council, from time to time, shall revi…
In making and implementing investment decisions related to venture capital, the Oregon Investment Council and the investment officer have a duty to look first at Oregon opportunities for diversification unless, under the circumstances, it is not prudent to do so. At any given time, the council shall have at least $100 million in venture capital investments …
The Oregon Investment Council shall submit an annual report to the Speaker of the House of Representatives and the President of the Senate detailing the investments and commitments made by the council in accordance with ORS 293.733. Note: 293.734 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any s…
Except as provided in ORS 293.741, in amounts available for investment purposes and subject to the policies formulated by the Oregon Investment Council, the investment officer shall invest and reinvest moneys in the investment funds and acquire, retain, manage, including exercise of any voting rights, and dispose of investments of the investment funds. Subj…
The Oregon Investment Council may enter into contracts with one or more persons whom the council determines to be qualified, whereby the persons undertake, in lieu of or in addition to the investment officer, to perform the functions specified in ORS 293.736 to the extent provided in the contract. Performance of functions under a contract shall be paid for o…
In the acquisition or disposition of bonds with which approving legal opinions ordinarily are furnished, the investment officer may require an original or certified copy of the written opinion of a reputable bond attorney or attorneys, or the written opinion of the Attorney General, certifying to the legality of the bonds. The Oregon Investment Council may …
Except as provided in ORS 293.741 and this subsection, all instruments of title of all investments of the investment funds shall remain in the custody of the investment officer. The investment officer may deposit with one or more custodial agents or banks those instruments of title that the State Treasurer considers advisable, to be held in safekeeping by th…
The investment officer shall keep, for each fund included in the investment funds for which investments are made, a separate account, which shall record the individual amounts and the totals of all investments of moneys in the fund.
The investment officer shall follow generally accepted accounting practices and provide to the officer or body having control and administration of any investment funds any information necessary for financial reporting required by law. The investment officer shall separately identify investments held in the Oregon Growth Account established in ORS 348.702 a…
Not later than 15 days after the last day of each month, the investment officer shall submit to the Oregon Investment Council a report of the investments made during the preceding month. The report shall include a detailed summary of investment, reinvestment, purchase, sale and exchange transactions, setting forth, among other matters, the investments bought…
The Oregon Investment Council shall report to the Governor and Legislative Assembly on the investment funds investment program at each odd-numbered year regular session of the Legislative Assembly and at other times as the council considers in the public interest.
The Oregon Investment Council shall provide for an examination and audit of the investment funds investment program, and for submission to the council of a report based on the examination and audit, at least once every four years and at other times as the council may require. The examination and audit, and the report based thereon, shall include an evaluatio…
The investment officer singly, or jointly with other public or institutional investors, may authorize establishment of investment holding companies, which may be corporations, partnerships or limited liability companies, and placement of investment funds or investments in such companies, when it is appropriate to do so under the investment standard prescribe…
The Oregon Investment Council, for and on behalf of the Public Employees Retirement System and Public Employees Retirement Board, may enter into group annuity contracts with one or more insurance companies authorized to do business in this state. In lieu of any investment of moneys in the Public Employees Retirement Fund as provided in ORS 293.701 to 293.857…
Under authority of Article XI, section 6, of the Oregon Constitution, the state, subject to subsection (2) of this section, may hold and dispose of the stock of any company, association or corporation, including stock already received, that is donated or bequeathed, and the state, acting on behalf of the governing board of a public university listed in ORS 3…
As used in this section: “Related agency” has the meaning given that term in ORS 286A.001. “State government” has the meaning given that term in ORS 174.111. If the State Treasurer, acting as investment officer, or a trustee, investing moneys for a related agency, purchases or acquires bonds issued by state government, the purchase or acquisition does not…
The Legislative Assembly finds that: The availability of venture capital for the start-up and subsequent expansion of new businesses is critical to the continued growth and development of the economy of Oregon. There exists an estimated gap of between $100 million and $200 million between available venture capital resources and the need of Oregon businesse…
As used in ORS 293.798 to 293.803: “Clean energy” has the meaning given the term “nonemitting electricity” in ORS 469A.400. “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor, franchisee or its wholly owned subsidiary that exists for profit-making purposes or ot…
The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with ORS 293.721 and 293.726 to try to ensure that moneys in subject investment funds are not invested in any thermal coal company, or any fund containing a thermal coal company. Divestme…
The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall make reasonable efforts to investigate all companies in which the State Treasury has invested or may invest moneys in subject investment funds to determine whether any of those companies are thermal coal companies. If the State T…
On or before January 15 of each year, the State Treasurer shall report to the Legislative Assembly in the manner provided by ORS 192.245 on actions taken by the State Treasurer and the Oregon Investment Council pursuant to the provisions of ORS 293.798 to 293.803. Annual reports must be made under this section until no moneys in subject investment funds are …
ORS 293.800 (2) to (5) and 293.801 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described by ORS 293.718 or moneys in subject investment funds, to administer ORS 293.800 (2) to (5) and 293.801. Any costs incurred by the State Treasurer in administering ORS 293.800 (2) to (5) and 293.801 may …
CLIMATE CHANGE RISKS
As used in this section: “Just transition” means efforts to ensure that the transition to a low-carbon economy is fair, collaborative and inclusive. “Scope 1 emissions” means emissions from sources that a firm owns or controls directly. “Scope 2 emissions” means emissions from the production of energy used by a firm. The Oregon Investment Council and Sta…
INVESTING IN SUDAN
ORS 293.811 to 293.832 may be cited as the Oregon Human Rights and Anti-Genocide Act of 2005.
As used in ORS 293.811 to 293.832: “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor, franchisee or its wholly owned subsidiary that exists for profit-making purposes or otherwise to secure economic advantage. “Fund of funds” means investment funds that functio…
The people of Oregon condemn the human rights abuses, enslavement and genocide in Sudan and declare these atrocities to be absolutely contrary to the fundamental principles of human rights and standards of justice and individual freedom. The Legislative Assembly finds: The Congress of the United States has declared that genocide is occurring in the Darfur …
The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that managers who are engaged by the council or the State Treasurer for the active managemen…
Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, the State Treasurer shall adopt a statement of policy that describes a process of engagement with managers who: Are engaged by the Oregon Investment Council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retireme…
On or before March 15 of each year, the State Treasurer shall make available on the State Treasurer’s website a summary of actions taken during the previous year in accordance with ORS 293.811 to 293.832. The summary shall include a list of identified scrutinized companies.
ORS 293.825 (2) to (5) and 293.828 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described by ORS 293.718 or moneys in the Public Employees’ Retirement Fund, to administer ORS 293.825 (2) to (5) and 293.828.
INVESTING IN IRAN
As used in ORS 293.837 to 293.847: “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor or franchisee, or its wholly owned subsidiary, that exists for profit-making purposes or otherwise to secure economic advantage. “Fund of funds” means investment funds that fun…
The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that managers who are engaged by the council or the State Treasurer for the active managemen…
Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, the State Treasurer shall adopt a statement of policy that describes a process of engagement with managers who: Are engaged by the Oregon Investment Council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retireme…
On or before March 15 of each year, the State Treasurer shall make available on the State Treasurer’s website a summary of actions taken during the previous year in accordance with ORS 293.837 to 293.847. The summary shall include a list of identified scrutinized companies.
ORS 293.841 (2) to (5) and 293.843 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described in ORS 293.718, to administer ORS 293.841 (2) to (5) and 293.843. Any costs incurred by the State Treasurer in administering ORS 293.837 to 293.847 may not be paid from investment funds.
INVESTING LOCAL FUNDS
When the investment officer invests the funds of any county, municipality, school district or other political subdivision of this state or of a tribal government, the investment officer shall keep a separate account for each such governmental unit the funds of which are being invested. The investment officer shall report monthly to each such governmental un…
INVESTMENT POOLS
The Legislative Assembly recognizes that changes in federal arbitrage regulations have imposed substantial additional financial and administrative burdens on state agencies and local governments which issue tax-exempt obligations. The impact of these burdens is exacerbated by the fiscal restrictions placed on these agencies and governments by section 11b, Ar…
As used in this section: “Council” means the Oregon Investment Council. “Investor” means an entity which deposits proceeds with the State Treasurer for investment in a pool. “Pool” means a fund or account established by the State Treasurer for the investment of proceeds for one or more investors, pursuant to this section. “Public body” has the meaning gi…
CASH MANAGEMENT
The State Treasurer is designated the sole banking and cash management officer for the state and may review, establish and modify procedures for the efficient handling of moneys under the control of the State Treasury, the Secretary of State, the Judicial Department, the Legislative Assembly and state agencies as defined in ORS 291.002. The State Treasurer s…
The State Treasurer may establish accounts, and the Oregon Department of Administrative Services may establish funds, as needed to comply with the requirements of federal legislation relating to the state and federal cash management reform. These accounts and funds shall be separate and distinct from the General Fund. Interest earned, if any, shall inure to …
Any person, official or state agent violating ORS 293.265 to 293.280 or failing to comply with any of the requirements of those sections within the time provided shall be liable on the official bond of the person, officer or state agent and commits a Class A misdemeanor. In addition to civil liability, violation of ORS 293.620 is a Class A violation. _____…