Oregon Revised Statutes
As used in ORS 295.001 to 295.108, unless the context requires otherwise: “Adequately capitalized” means a qualified depository that is classified as adequately capitalized by the depository’s primary federal regulatory authority. “Bank” means an insured institution or trust company. “Business day” means a day other than a federal or State of Oregon legal…
A public official shall deposit, or require the deposit of, all public funds in the public official’s custody or control in one or more qualified depositories, except as follows: A public official may retain undeposited such reasonable cash working fund as is fixed by the public body for which the public official acts. A public official may deposit public …
A public official may deposit public funds in a depository that is not a qualified depository in an amount in excess of the amount allowed in ORS 295.002 (1)(b) if the depository participates in a program through which: The depository arranges to deposit the funds into one or more certificates of deposit or time deposits issued by other financial institutio…
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. If a public official changes a depository in which the public official deposits public funds, the public official shall report t…
A financial institution or a Federal Home Loan Bank may be a custodian for securities pledged by a qualified depository if it: Is approved by the State Treasurer; Enters into a pledge agreement; and Except as provided in subsection (3) of this section, certifies in writing to the State Treasurer that it will furnish the reports required under ORS 714.075 …
A depository is qualified to hold public funds if the depository: Certifies in writing to the State Treasurer that the depository will furnish the reports required under ORS 714.075 to the Director of the Department of Consumer and Business Services by the time specified by the director and furnish any other information the director considers necessary to d…
For any period of time during which fewer than 10 credit unions are qualified depositories, the State Treasurer, notwithstanding ORS 295.001 (14), by rule may set the maximum liability for a credit union that holds uninsured public funds at 20 percent of the greater of: All uninsured public funds deposits the credit union holds, as shown on the date of the …
When a custodian receives a pledge or release of securities from a qualified depository, and after receiving the approval of the State Treasurer, the custodian shall issue to the State Treasurer a custodian’s receipt that describes the securities. The custodian also shall issue a copy of the receipt to the depository. A custodian shall: Maintain an accurat…
Except as provided in ORS 295.018: Throughout the period that a qualified depository possesses uninsured public funds deposits, the depository shall maintain collateral, at the depository’s own expense, that has a value at least equal to the depository’s minimum collateral requirement and as otherwise prescribed in ORS 295.001 to 295.108. If the collateral …
Throughout the period that a qualified depository possesses uninsured public funds deposits, the State Treasurer may require the depository to maintain collateral, including securities on deposit with the depository’s custodians, that has a value not less than 110 percent of the greater of: All uninsured public funds the qualified depository holds; or The …
Notwithstanding any other provision of this chapter, when a depository receives moneys of the Deferred Compensation Fund established under ORS 243.411 from the state for deposit or investment, the depository shall not have to maintain the collateral required under this chapter for those deferred compensation moneys.
Within three business days after the State Treasurer determines that a qualified depository has failed to increase the value of the depository’s collateral within the time required under ORS 295.015 (3)(b) or 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 …
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 qualified depository to which the notice applies all uninsured public funds deposits. If a public official receives a notice from the State Treasurer pursuant to…
The provision of collateral, including the deposit of securities by a qualified depository with its custodian pursuant to ORS 295.001 to 295.108, constitutes consent by the depository to the disposition of the securities in accordance with this section. When a loss has occurred in a qualified depository, the depository shall as soon as possible make payment…
After making the calculation described in ORS 295.037, the State Treasurer shall assess the amount of uninsured public funds against a collateral pool that consists of collateral provided by all other qualified depositories of the same type, either bank or credit union, as the closed depository as follows: First, against the closed depository, to the extent…
The State Treasurer may accept moneys from any public or private source for the purpose of paying initial or continuing expenses related to administering the provisions of ORS 295.038. The State Treasurer shall deposit moneys the State Treasurer receives under this section into the Miscellaneous Receipts Account established for the State Treasurer in the Ge…
When the State Treasurer distributes the proceeds of assessments and liquidated collateral to a public official under ORS 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 closed depository’s assets ratably with other depositors. Sums recei…
A qualified 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 qualified depository’s net worth is reduced, the depository may allow public funds on deposit in excess of the reduced net…
Notwithstanding ORS 295.046, a qualified 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 least of: 100 percent of the value of the qualified depository’s net worth, if the depository is an undercapitalized depository; 150 percent of the value of th…
If a qualified 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 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold t…
When public funds deposits are made in accordance with ORS 295.001 to 295.108, a public official may not be held liable for any loss of public funds that results from the failure or default of any qualified depository without fault or neglect on the public official’s part.
On or before the date on which each treasurer report is due, each qualified depository shall file the depository’s treasurer report with the State Treasurer using systems and processes prescribed by the State Treasurer in individual pledge agreements or by rule. Each qualified depository that files reports with the State Treasurer under subsection (1) of th…
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 qualified depository or that applies to become a qualified depository investigate and report to the State Treasurer concerning the condition of the fi…
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 qualified 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.
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 certifi…
In the exercise of the powers and duties conferred under ORS 293.875, the State Treasurer shall designate those depositories or qualified depositories that may be used by state agencies for collecting drafts, checks, certificates of deposit and coupons in satisfaction of a payment obligation owed to the state agency.
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 …
Any public official may deposit moneys coming into the hands of the public official in connection with official duties with the treasurer of the public body concerned and obtain a receipt therefor.
With the written approval of the State Treasurer, a state agency may enter into an agreement with a third party under which the third party facilitates the receipt, collection, transfer, disbursement or payment of public funds and temporarily holds or deposits public funds. A state agency may use alternative methods to those set forth in this chapter to secu…
A public official who enters into an agreement with a third party, under which the third party facilitates the receipt, collection, transfer, disbursement or payment of public funds and temporarily holds or deposits public funds, may use alternative methods to those set forth in this chapter to secure public funds that are held or deposited by the third part…
The following public funds are not subject to the provisions of ORS 295.001 to 295.108: Funds that are deposited for the purpose of paying principal, interest or premium, if any, on bonds, as defined in ORS 286A.001 and 287A.001, and related costs or securing a borrowing related to an agreement for exchange of interest rates entered into under ORS 286A.110 …
This section applies to the following moneys: Motor fuel taxes, penalties and interest that are: Imposed on motor carriers; and Payable through a clearinghouse operated under an international fuel tax agreement entered into under ORS 825.555; and Registration fees and other fixed fees and taxes that are: Imposed on motor carriers for motor vehicles prop…
The State Treasurer may charge depositories for the State Treasurer’s reasonable expenses in connection with the State Treasurer’s services, duties and activities under ORS 295.001 to 295.108. The State Treasurer shall deposit all moneys received under this section in the Miscellaneous Receipts Account established in the General Fund for the State Treasurer.…
The State Treasurer shall adopt rules to implement the provisions of ORS 295.001 to 295.108, including without limitation: Rules describing permitted forms of collateral and the valuation of collateral; Requirements that must be met by financial institutions and other third parties outside this state to hold public funds; Fees paid by qualified depositori…
Notwithstanding any other provision of this chapter, to the extent estimated to be necessary to fund operations or activities for one biennium of the State of Oregon in a foreign country, the State Treasurer may deposit funds in a financial institution in a foreign country. When funds are deposited in a financial institution in a foreign country pursuant to…
Notwithstanding any other law: 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. Moneys that a financial institution or other entity receives or collects under an a…
CHAPTER 296 [Reserved for expansion] _______________