(1) As used in this section:
(a) “Bond” has the meaning given that term in ORS 287A.001.
(b) “Municipality” means a unit of local government within Oregon including, but not limited to, cities, counties, school districts, special districts, public corporations and intergovernmental corporations organized under the authority of ORS 190.010.
(2) Notwithstanding ORS 294.135 or 294.145 or any other law or charter provision, a municipality may invest proceeds of bonds and amounts held in a bond payment reserve or proceeds fund or account in float agreements, debt service deposit agreements, forward investment agreements, guaranteed investment contracts or other investment agreements if the agreements or contracts:
(a) Produce a guaranteed rate of return;
(b) Are fully collateralized by direct obligations of, or obligations guaranteed by, the United States; and
(c) Require that the collateral be held by the municipality, an agent of the municipality or a third-party safekeeping agent. [1999 c.559 §21; 2001 c.537 §7; 2007 c.783 §117]
Section: Previous 294.035 294.040 294.045 294.046 294.047 294.048 294.050 294.052 294.053 294.055 294.060 294.065 294.070 294.080 294.085 NextLast modified: August 7, 2008