(1) A public official may deposit public funds in a bank depository in an amount in excess of the amount allowed in ORS 295.002 without requiring the bank depository to show that it has entered into the agreement described in ORS 295.008 (2)(b) or deposited securities pursuant to ORS 295.015 (1) if the funds are initially deposited into a bank depository in Oregon and the Oregon bank depository participates in a program through which:
(a) The Oregon bank depository arranges for deposit of the funds into one or more certificates of deposit or time deposits issued by other financial institutions in the United States;
(b) Each certificate of deposit or time deposit is fully insured by the Federal Deposit Insurance Corporation;
(c) The Oregon bank depository administers the funds on behalf of the public official; and
(d) Other financial institutions participating in the program place funds into the Oregon depository in an amount at least equal to the amount deposited into the Oregon bank depository by the public official for purposes of the program.
(2) Until the Oregon bank depository places public funds into one or more certificates of deposit or time deposits as provided in subsection (1) of this section, any public funds held by the Oregon bank depository pending such placement that are in excess of the amounts allowed in ORS 295.002 must be collateralized as provided in ORS 295.001 to 295.108 for other public funds deposits.
(3) The provisions of ORS 295.006, 295.013, 295.015, 295.018 and 295.037 do not apply to public funds deposits deposited into a bank depository in Oregon that the bank depository arranges for under the provisions of the program described in this section. The provisions of ORS 294.035 and 295.001 requiring deposit of public funds into depositories that have offices or branches in Oregon do not apply to certificates of deposit or time deposits that an Oregon bank depository arranges for under the provisions of the program described in this section. [Formerly 295.027]
Note: The amendments to 295.004 (formerly 295.027) by section 20, 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.
295.004. (1) A public official may deposit public funds in an amount in excess of the amount allowed in ORS 295.002 without procuring a certificate of participation if the funds are initially deposited into a depository in Oregon and the Oregon depository participates in a program through which:
(a) The Oregon depository arranges for deposit of the funds into one or more certificates of deposit or time deposits issued by other financial institutions in the United States;
(b) Each certificate of deposit or time deposit is fully insured by the Federal Deposit Insurance Corporation;
(c) The Oregon depository administers the funds on behalf of the public official; and
(d) Other financial institutions participating in the program place funds into the Oregon depository in an amount at least equal to the amount deposited into the Oregon depository by the public official for purposes of the program.
(2) The provisions of ORS 294.035 and 295.001 requiring deposit of public funds into depositories that have offices or branches in Oregon do not apply to certificates of deposit or time deposits that an Oregon depository arranges for under the provisions of the program described in this section.
(3) As used in this section, “public funds” and “public official” have the meanings given those terms in ORS 295.001.
Section: Previous 295.001 295.002 295.004 295.005 295.006 295.008 295.010 295.011 295.013 295.015 295.018 295.020 295.022 295.025 295.027 NextLast modified: August 7, 2008