(1) Notwithstanding ORS 295.046, a bank depository may not permit the aggregate of public funds deposits on deposit with the bank depository from all public officials to exceed at any time:
(a) 100 percent of the value of the bank depository’s net worth, if the bank depository is an undercapitalized bank depository;
(b) 150 percent of the value of the bank depository’s net worth, if the bank depository is an adequately capitalized bank depository;
(c) 200 percent of the value of the bank depository’s net worth, if the bank depository is a well capitalized bank depository; or
(d) 30 percent of the total aggregate public funds deposits of all public officials in all bank depositories as reported in the most recent notice received by the bank depository from the State Treasurer.
(2) The State Treasurer shall notify each bank depository and its custodian of the total aggregate public funds deposits of all public officials in all bank depositories, based on the most recently submitted treasurer reports. The treasurer shall give the notification required by this subsection by the last day of the month in which bank depositories are required to submit a treasurer report.
(3) If a bank depository’s aggregate of public funds deposits exceeds the amount set forth in subsection (1) of this section, the bank depository shall, not later than 20 business days after receipt of notice from the State Treasurer, cease accepting deposits of public funds.
(4) Notwithstanding subsections (1) and (3) of this section:
(a) A bank depository may accept and hold public funds deposits in excess of the limits provided in subsection (1) of this section if the State Treasurer, upon good cause shown, approves the request of the bank depository to hold public funds in excess of the limits provided in subsection (1) of this section for a period not exceeding 90 days.
(b) The limitations of subsection (1) of this section do not apply to public funds deposits held by a bank depository in a program described in ORS 295.004.
(c) A well capitalized bank depository or an adequately capitalized bank depository may accept and hold public funds deposits in excess of the limit provided in subsection (1)(d) of this section if eligible securities are deposited with the bank depository’s custodian as collateral in an amount at least equal to the amount of the public funds deposits in excess of the limitation prescribed in subsection (1)(d) of this section. [2007 c.871 §11]
Note: See note under 295.031.
Section: Previous 295.035 295.037 295.040 295.041 295.045 295.045 295.046 295.048 295.050 295.053 295.055 295.056 295.060 295.061 295.065 NextLast modified: August 7, 2008