Oregon Law
Law as of Jan 1, 2026
Chapter contents
293.075Encumbrances; rules 293.090Disposition of gift, devise or bequest to state or state agency 293.095Effect of change in organization of state agencies on gifts, devises and bequests 293.105General Fund 293.110Certain funds as part of General Fund 293.115Moneys separate and distinct from General Fund 293.117Trust fund; continuous appropriation 293.120[Formerly 291.358; repealed by 2003 c.81 §14] 293.125Department to make accounting entries and charge claims against special dedicated funds 293.130Information required on records of moneys deposited 293.135Payment of warrants against certain special funds 293.140Disposition of interest on state funds 293.144Oregon Rainy Day Fund; use; interest 293.145[Formerly 291.368; repealed by 1967 c.637 §37] 293.146Transfer of moneys to Rainy Day Fund 293.148Cap on amount 293.150[Formerly 291.370; 1967 c.454 §101; repealed by 1967 c.637 §§37,38] 293.155[Formerly 291.372; repealed by 1967 c.637 §37] 293.160[Formerly 291.374; repealed by 1967 c.637 §37] 293.165Borrowing to pay warrants against General Fund 293.167Proceeding when warrants not paid for want of funds 293.169Notification to agency to stop issuing checks or warrants or initiating electronic funds transfers; resumption of checks, warrants or electronic funds transfers 293.170[Formerly 291.380; 2003 c.81 §7; renumbered 293.167 in 2003] 293.171State agency overdrafts; interest 293.173[2002 s.s.1 c.1 §3; repealed by 2007 c.783 §234] 293.175[2002 s.s.1 c.1 §4; 2007 c.783 §13; renumbered 286A.050 in 2007] 293.177[2002 s.s.1 c.1 §5; 2007 c.783 §14; renumbered 286A.055 in 2007] 293.180Agency petty cash fund 293.190Reversion of appropriations to General Fund; cancellation of budget limitations; rules; exceptions; extensions 293.195Retention of appropriation balances 293.200Transfers for wildfire suppression costs 293.205Definitions for ORS 293.205 to 293.225 293.210Transfer and retransfer of money and credit among state funds 293.212Transfers to funds of Department of Transportation with insufficient moneys 293.214Lines of credit for state agency; duration; source of funding 293.215Evidencing transfers and retransfers; notification of transfer 293.220Interest on transferred moneys or credits 293.225Construction of ORS 293.205 to 293.220 293.226Use of Social Security numbers for state agency debt collection activities; disclosure notice; rules 293.227Definitions for ORS 293.227 to 293.233 293.229Liquidated and delinquent accounts of state agency; annual reports 293.231Collection of liquidated and delinquent accounts by Department of Revenue or private collection agency; rules; fee added to debt 293.233Exemption of accounts from assignment to Department of Revenue or private collection agency; rules 293.234Report by Oregon Department of Administrative Services on certain uncollected debt; rules 293.235“State agency” defined for ORS 293.240 and 293.245 293.240Writing off uncollectible debts due state agency; offers of compromise 293.245Subsequent collection of debt written off under ORS 293.240 293.250Collections Unit; assistance in collection of amounts due to certain entities; rules; charges; setoff of sums due debtor; warrants 293.252Duties of Oregon Department of Administrative Services relating to state agency debt collection 293.254Requirement that state agency make reasonable efforts to collect debts owed to agency; use of Social Security numbers; setoff; rules 293.255[Formerly 291.432; repealed by 1967 c.454 §119] 293.256Charges for expenses of Oregon Department of Administrative Services; payment by state agencies; rules 293.258Delinquent Accounts Administration Fund 293.260Collection of moneys and property due to state 293.262Requiring information regarding accounts; reference to legislature 293.265Disposition of collected moneys; accord and satisfaction; return of checks or money orders; rules 293.270Record of moneys deposited under ORS 293.265; interest 293.275Disbursement of moneys 293.280Application of ORS 293.265 to 293.275 293.285Transfers between funds, accounts or appropriations authorized for certain interagency and intergovernmental payments 293.290[Formerly 291.444; 1967 c.454 §7; 1987 c.158 §41; repealed by 1999 c.412 §4] 293.292[1971 c.161 §3; 1999 c.1043 §6; repealed by 2007 c.783 §234] 293.293Funds held in trust by court 293.295When claim against moneys in State Treasury may be paid 293.300No claim to be paid if disapproved by department; exceptions 293.305[Formerly 291.462; repealed by 1967 c.454 §119] 293.306Forms and procedures for claims, warrants, checks and orders; notice of two-year cancellation 293.310[Formerly 291.464; repealed by 1967 c.454 §119] 293.311Requiring information regarding claims 293.315[Formerly 291.466; repealed by 1967 c.454 §119] 293.316Appeal of disputed claim 293.320[Formerly 291.468; repealed by 1967 c.454 §119] 293.321Limitation on time of presentment of claims 293.325[Formerly 291.470; repealed by 1967 c.454 §119] 293.326When claim allowed against state as setoff 293.330Designation of officer by state agency to approve disbursements 293.335Designation of individual by legislative committee to approve disbursements 293.340[Formerly 291.474; repealed by 1967 c.454 §119] 293.341References to voucher claims as references to disbursements; filing designations with department 293.345[Formerly 291.476; repealed by 1967 c.454 §119] 293.346Drawing warrants 293.348Charging and billing state agencies for expense of drawing and processing warrants 293.350[Formerly 291.478; repealed by 1967 c.454 §119] 293.351[1967 c.454 §21; repealed by 1971 c.80 §8] 293.353Payment for expense of processing banking-related transactions 293.355[Formerly 291.480; renumbered 293.375] 293.356[1967 c.454 §22; 1983 c.740 §83; 1993 c.500 §61; repealed by 1993 c.741 §147] 293.360[1967 c.454 §23; repealed by 1971 c.80 §8] 293.365[1967 c.454 §24; repealed by 1971 c.80 §8] 293.370Use of facsimile signatures by department and state agencies 293.375Use of facsimile signatures by state officers and employees 293.405[Formerly 291.492; repealed by 2003 c.81 §14] 293.406Payment by State Treasurer; effect of issuance of check or warrant or initiation of electronic funds transfer by state officer 293.410[Formerly 291.494; repealed by 1967 c.454 §119] 293.411[1967 c.454 §57; repealed by 1999 c.412 §4] 293.415[Formerly 291.496; repealed by 1967 c.454 §119] 293.416[1967 c.454 §58; repealed by 1999 c.412 §4] 293.420[Formerly 291.498; repealed by 1967 c.454 §119] 293.425[Formerly 291.500; 1967 c.454 §59; 1971 c.79 §1; 1977 c.126 §2; repealed by 1993 c.694 §39] 293.430[Formerly 291.502; 1967 c.454 §60; repealed by 1971 c.79 §3] 293.435[Formerly 291.504; 1967 c.454 §61; repealed by 1971 c.79 §3] 293.440[Formerly 291.506; 1967 c.454 §62; 1971 c.79 §2; 1977 c.126 §3; 1983 c.104 §2; repealed by 1993 c.694 §39] 293.445Definition for ORS 293.445 to 293.460; authority to make refunds; moneys held for refund or payment to claimants; deposit; rules; drawing checks 293.447Establishment of accounts for purposes other than those in ORS 293.445 authorized; rules 293.450Report of checks outstanding more than two years 293.455Refusal of payment of unpresented checks; duties of State Treasurer in transferring funds 293.460Recourse of owners of unpaid checks 293.462Payment of overdue account charges; rules 293.465Definitions for ORS 293.465 to 293.485; presentation of instrument for payment 293.470Payment on lost, stolen or destroyed instruments; indemnity bonds not required 293.475Issuance of duplicate instrument; affidavit of owner, payee or representative 293.480Adoption of uniform procedure for issuing duplicate instruments 293.485Effect of wrongful payment; liability of officer 293.490Payment upon death of person entitled to money from state if estate not in probate 293.495Procedure for payment 293.500Probate proceedings unnecessary; accounting to administrator 293.505Secretary of State as Auditor of Public Accounts; claim disapproved in performance of constitutional functions not to be paid 293.510Presentment of claims to Secretary of State not required 293.515Withholding salary of state official or employee failing to settle accounts or correct delinquencies or errors in audit reports; notice and hearing; exemptions 293.525Payments to and by state agencies by electronic funds transfers; rules; penalty for failure to comply 293.530[1999 c.272 §1; renumbered 323.803 in 2003] 293.533[1999 c.272 §2; 2003 c.60 §1; 2003 c.804 §89; renumbered 323.800 in 2003] 293.535[1999 c.272 §3; 2003 c.801 §§21,22; renumbered 323.806 in 2003] 293.537Tobacco Settlement Funds Account; sources; uses; investment 293.540Health Care Trust Fund; sources; uses; investment 293.550Receipt and disposition generally of federal aid moneys; deposit in special fund 293.555Receipt and disposition of moneys received from federal government in lieu of ad valorem property taxes 293.560Apportionment among counties of moneys received from federal government from forest reserves 293.565Apportionment among counties of moneys received from federal government under Mineral Lands Leasing Act; Federal Mineral Leases Fund 293.570Apportionment among counties of moneys received from federal government under federal Flood Control Act; Federal Flood Control Leases Fund 293.575Distribution of funds received under the Taylor Grazing Act; Taylor Grazing Fund 293.590Department to supervise state agency accounting; furnishing accounting services 293.595Supervision of data processing equipment for accounting system; other uses 293.600Financial and statistical reports by state agencies 293.605Fiscal year 293.610[Formerly 291.554; repealed by 1967 c.454 §119] 293.611Accounts and records of Secretary of State as Auditor of Public Accounts 293.615[Formerly 291.556; repealed by 1967 c.454 §119] 293.616Accounts and records of State Treasurer 293.620Monthly account of and payment by custodians of state property 293.625Statements to be rendered to Secretary of State 293.630Date for closing accounts by persons who must make annual accounts 293.635[Formerly 291.570; repealed by 1967 c.454 §119] 293.640Period covered by biennial reports 293.644[1967 c.454 §74; repealed by 1975 c.605 §33] 293.645[Formerly 291.574; repealed by 1967 c.454 §119] 293.648[1967 c.454 §75; repealed by 1975 c.605 §33] 293.650[Formerly 291.575; 1967 c.335 §31; repealed by 1967 c.454 §119] 293.652[1967 c.454 §76; 1971 c.267 §3; repealed by 1975 c.605 §33] 293.655[Formerly 291.576; 1993 c.98 §13; repealed by 1995 c.452 §17] 293.660Determining date of filing or receipt of reports, claims, tax returns or remittances 293.665[2021 c.2 §7; 2021 c.591 §7; repealed by 2024 c.70 §72] 293.701Definitions for ORS 293.701 to 293.857 293.705[Formerly 291.604; 1965 c.285 §63; 1967 c.399 §1; repealed by 1967 c.335 §60 and 1967 c.399 §4] 293.706Oregon Investment Council; appointment; term; vacancies 293.707[1965 c.359 §9; repealed by 1967 c.335 §60] 293.708Conflicts of interest for council members 293.710[Formerly 291.606; repealed by 1967 c.335 §60] 293.711Compensation and expenses of council members; chairperson 293.712Continuing education requirements for members of council 293.713When compensation of council member as director of business prohibited 293.714Council meetings; recordings; logs 293.715[Formerly 291.607; repealed by 1967 c.335 §60] 293.716State Treasurer is investment officer for council; subordinate personnel; bonds 293.718Payment of expenses of State Treasurer 293.720[Formerly 291.608; repealed by 1967 c.335 §60] 293.721General objective of investments 293.723Discrete investment of moneys 293.726Standard of judgment and care in investments; investment in corporate stock 293.728Oregon Short Term Fund 293.731Council to formulate and review investment policies; exception 293.733Venture capital investments; council’s duty 293.734Report on venture capital investments 293.735[Formerly 291.610; repealed by 1967 c.335 §60] 293.736Duties of investment officer 293.740[Formerly 291.611; repealed by 1967 c.335 §60] 293.741Council may contract with others to perform investment officer functions; compensation; bond 293.745[Formerly 291.612; repealed by 1967 c.335 §60] 293.746Opinion of bond attorney or Attorney General; investment counseling and mortgage services 293.750[Formerly 291.613; repealed by 1967 c.335 §60] 293.751Custody of title instruments; deposit for safekeeping; form; collection and disposition of principal and interest; default proceedings 293.755[Formerly 291.614; repealed by 1967 c.335 §60] 293.756Separate accounting for funds 293.760[Formerly 291.616; repealed by 1967 c.335 §60] 293.761Duty of investment officer to provide information for financial reporting 293.765[Formerly 291.618; repealed by 1967 c.335 §60] 293.766Monthly reports by investment officer to council 293.770[Formerly 291.620; repealed by 1967 c.335 §60] 293.771Reports by council to Governor and legislature 293.775[1963 c.520 §3; repealed by 1967 c.335 §60] 293.776Examination and audit of investment program; report 293.778Investment holding companies; use; directors and officers; effect of conflict of interests 293.780Group annuity contracts with insurers on behalf of Public Employees Retirement System and Board 293.790Holding, investing and disposing of corporate stock 293.793Purchase or acquisition of state government bonds 293.796Findings regarding venture capital for new businesses 293.798Definitions 293.799Investments in thermal coal 293.800Identification of and engagement with thermal coal companies; rules 293.801Reporting by State Treasurer 293.802[1995 c.811 §2; repealed by 1999 c.54 §2] 293.803Applicability of ORS 293.800 and 293.801; sufficient appropriation 293.805[1971 c.339 §2; repealed by 1975 c.363 §2] 293.809Management of climate change risks; reporting 293.810[1981 c.880 §2; 1991 c.88 §4; 1993 c.18 §60; repealed by 1997 c.129 §4] 293.811Short title 293.812Definitions 293.813Findings 293.814[2005 c.774 §5; repealed by 2013 c.722 §75] 293.815[2005 c.774 §6; repealed by 2013 c.722 §75] 293.816[2005 c.774 §7; repealed by 2013 c.722 §75] 293.817[2005 c.774 §8; repealed by 2013 c.722 §75] 293.819Investment in scrutinized companies 293.820[1981 c.880 §3; 2013 c.338 §13; renumbered 293.857 in 2013] 293.822[1991 c.902 §107; renumbered 293.861 in 2013] 293.824[1991 c.902 §108; 1997 c.129 §3; 2007 c.783 §116; renumbered 293.863 in 2013] 293.825Policy for engagement with investment managers with investments in scrutinized companies 293.828Notice on State Treasurer’s website 293.830[1987 c.193 §1; repealed by 1999 c.295 §1] 293.832Applicability of ORS 293.825 and 293.828; sufficient appropriation 293.835[1987 c.193 §3; 1991 c.135 §1; 1999 c.59 §77; repealed by 1999 c.295 §1] 293.837Definitions 293.839Investment in scrutinized companies 293.840[1987 c.193 §2; 1991 c.135 §2; repealed by 1999 c.295 §1] 293.841Policy for engagement with investment managers with investments in scrutinized companies 293.843Notice on State Treasurer’s website 293.845[1987 c.193 §4; 1991 c.135 §3; repealed by 1999 c.295 §1] 293.847Applicability of ORS 293.841 and 293.843; sufficient appropriation 293.850[1987 c.193 §5; 1991 c.135 §4; repealed by 1999 c.295 §1] 293.855[1987 c.193 §6; 1991 c.135 §5; repealed by 1999 c.295 §1] 293.857Separate accounts for each local government; report; investment rules 293.860[1987 c.193 §7; 1991 c.135 §6; repealed by 1999 c.295 §1] 293.861Investment pools authorized 293.863Investment pool procedures; duties of State Treasurer 293.865[1987 c.193 §8; 1991 c.135 §7; repealed by 1999 c.295 §1] 293.867[1991 c.135 §9; repealed by 1999 c.295 §1] 293.870[1987 c.193 §10; repealed by 1999 c.295 §1] 293.875State Treasurer as state banking and cash management officer; duties; preemption of conflicting laws 293.880Accounts and funds established to comply with federal legislation relating to state and federal cash management reform 293.990Penalties

Chapter 293 — Administration of Public Funds

ORS 293.723 Discrete investment of moneys

(1)

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 invested.

(2)

As used in this section, “discretely invested” means invested in something other than the Oregon Short Term Fund established under ORS 293.728.

Note: 293.723 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Earlier statutory text is available in an ingested published ORS edition.