(1) Notwithstanding ORS 670.335, except where otherwise specifically provided by statute pursuant to ORS 182.462 (5), all moneys collected or received by a board, placed to the credit of that board and remaining unexpended and unobligated on the date that the board is established as a semi-independent state agency, and all moneys collected or received by a board after the date that the board is established as a semi-independent state agency, must be deposited into an account established by that board in a depository insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. In a manner consistent with the requirements of ORS 295.001 to 295.108, the chairperson, president or administrator of a board shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the coverage of the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. All moneys in the account are continuously appropriated to the board making the deposit for the purpose of carrying out the functions of the board.
(2) Subject to the approval of the chairperson, president or administrator, a board may invest moneys collected or received by the board. Investments made by a board are:
(a) Limited to investments described in ORS 294.035;
(b) Subject to the investment maturity date limitations described in ORS 294.135; and
(c) Subject to the conduct prohibitions listed in ORS 294.145.
(3) Interest earned from any accounts invested under subsection (2) of this section shall be made available to a board in a manner consistent with the board’s annual budget.
(4) Subject to the approval of the chairperson, president or administrator, all necessary board expenses shall be paid from the moneys collected or earned by a board.
(5) As used in this section, “depository” has the meaning given that term in ORS 295.001. [1999 c.1084 §10; 2001 c.409 §3; 2003 c.405 §3; 2007 c.871 §25]
Note: The amendments to 182.470 by section 25, chapter 871, Oregon Laws 2007, become operative July 1, 2008, and apply to all public funds on deposit on or after July 1, 2008. See sections 36 and 37, chapter 871, Oregon Laws 2007, as amended by sections 39 and 40, chapter 871, Oregon Laws 2007. The text that is operative until July 1, 2008, is set forth for the user’s convenience.
182.470. (1) Notwithstanding ORS 670.335, except where otherwise specifically provided by statute pursuant to ORS 182.462 (5), all moneys collected or received by a board, placed to the credit of that board and remaining unexpended and unobligated on the date that the board is established as a semi-independent state agency, and all moneys collected or received by a board after the date that the board is established as a semi-independent state agency, must be deposited into an account established by that board in a depository bank insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. In a manner consistent with the requirements of ORS chapter 295, the chairperson, president or administrator of a board shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the coverage of the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. All moneys in the account are continuously appropriated to the board making the deposit for the purpose of carrying out the functions of the board.
(2) Subject to the approval of the chairperson, president or administrator, a board may invest moneys collected or received by the board. Investments made by a board are:
(a) Limited to investments described in ORS 294.035;
(b) Subject to the investment maturity date limitations described in ORS 294.135; and
(c) Subject to the conduct prohibitions listed in ORS 294.145.
(3) Interest earned from any accounts invested under subsection (2) of this section shall be made available to a board in a manner consistent with the board’s annual budget.
(4) Subject to the approval of the chairperson, president or administrator, all necessary board expenses shall be paid from the moneys collected or earned by a board.
(5) As used in this section, “depository bank” has the meaning given that term in ORS 295.001.
Note: See note under 182.454.
Section: Previous 182.454 182.456 182.460 182.462 182.464 182.466 182.468 182.470 182.472 182.500 182.510 182.515 182.520 182.525 182.530 NextLast modified: August 7, 2008