Oregon Statutes - Chapter 295 - Depositories of Public Funds and Securities - Section 295.013 - Custodianís receipt; duties of custodian.

(1) Upon receipt of securities from the bank depository, the custodian bank shall issue to the State Treasurer, with a copy to the bank depository, a custodianís receipt describing the securities.

(2) Each custodian shall:

(a) Maintain an accurate inventory of the securities of each bank depository described in the custodianís receipts issued by the custodian to the State Treasurer, and adjust the inventory to reflect withdrawals and substitutions of securities previously inventoried.

(b) Appraise the value of the securities added to and withdrawn from the inventory of the bank depository, and appraise the value of the entire inventory of the bank depository on the last day of each month and at such other times as the State Treasurer directs.

(c) Provide a monthly report to the State Treasurer listing the securities pledged by each bank depository and setting forth the value of each security and of the entire inventory of securities pledged by the bank depository.

(d) Notify a bank depository in writing whenever the value of the securities held by the custodian for the bank depository is less than:

(A) For a bank depository that is subject to increased collateral requirements under ORS 295.018, 110 percent of the greater of:

(i) All public funds held by the bank depository; or

(ii) The average of the balances of public funds held by the bank depository, as shown on the last four immediately preceding treasurer reports; or

(B) For a bank depository that is not subject to increased collateral requirements under ORS 295.018, the maximum liability for the bank depository.

(e) Notify the State Treasurer in writing if a bank depository fails to increase the value of its securities within five business days after receipt of notice under paragraph (d) of this subsection.

(f) Notify the State Treasurer in writing if a bank depository increases the value of its securities to an adequate amount after receipt of notice under paragraph (d) of this subsection.

(g) Notify the State Treasurer whenever a bond in the inventory of a bank depository no longer meets the rating requirements described in ORS 295.001 (17)(c) or (d). [Formerly 295.035]

Note: The amendments to 295.013 (formerly 295.035) by section 21, 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 userís convenience.

295.013. Upon receipt of securities from the depository bank, the custodian bank shall issue to the pool manager designated by the depository a custodianís receipt describing the securities.

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Last modified: August 7, 2008