(1) If the moneys in the General Fund become exhausted, the State Treasurer shall borrow from the most advantageous sources the amounts necessary to pay warrants drawn against the General Fund in pursuance of law, other than warrants drawn against funds whose use is restricted to particular purposes by the Constitution of Oregon or by federal law. The Governor, Secretary of State and State Treasurer, jointly, shall issue certificates of indebtedness therefor. The certificates shall draw interest not to exceed the legal rate of interest until redeemed. All certificates of indebtedness shall be redeemable by the State Treasurer from the first moneys regularly accruing and credited to the General Fund.
(2) For the purposes of subsection (1) of this section, the moneys in the General Fund shall be deemed to be exhausted when there are no moneys remaining in the General Fund other than funds whose use is restricted to particular purposes by the Constitution of Oregon or by federal law. [Formerly 291.378; 1967 c.454 §102; 2003 c.81 §6]Section: Previous 293.144 293.145 293.146 293.148 293.150 293.155 293.160 293.165 293.167 293.169 293.170 293.171 293.173 293.175 293.177 Next
Last modified: August 7, 2008