Oregon Statutes - Chapter 223 - Local Improvements and Works Generally - Section 223.285 - Separate funds kept for moneys received; investments authorized.

Any treasurer receiving any payments of final assessments or interest on unpaid installments by virtue of the Bancroft Bonding Act, shall account for the payments separately from other funds of the local government. The amount of the moneys paid on account of installments, interest on unpaid installments and late payment penalties or charges, shall be placed to the credit of a fund to be known and designated as “Bancroft Bond Redemption Fund” or in any designated account of the redemption fund that may be established by the local government under this section. All interest and principal due on bonds issued under ORS 223.235 shall be paid from the redemption fund or from a designated account of the redemption fund. The amount placed to the credit of the redemption fund or any account of the fund shall from time to time, under the direction of the governing body of the issuing local government, be invested as provided in ORS 294.035 or 294.805 to 294.895. [Amended by 1975 c.495 §1; 1991 c.902 §22; 2003 c.802 §16]

Section:  Previous  223.255  223.260  223.262  223.265  223.270  223.275  223.280  223.285  223.290  223.295  223.297  223.299  223.300  223.301  223.302  Next

Last modified: August 7, 2008