Oregon Statutes - Chapter 295 - Depositories of Public Funds and Securities - Section 295.031 - Notice to public officials regarding adequacy of collateral.

(1) Within five business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (2)(e) indicating that a bank depository has failed to pledge adequate collateral with its custodian, the treasurer shall send written notice of the failure to each public official who has public funds on deposit in the bank depository with respect to which the notice under ORS 295.013 (2)(e) was given.

(2) Within five business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (2)(f) indicating that a bank depository has once again pledged adequate collateral with its custodian, the treasurer shall send written notice to each public official who was notified under subsection (1) of this section stating that the bank depository once again has adequate collateral. [2007 c.871 §2]

Note: ORS 295.031, 295.034, 295.037, 295.041, 295.046, 295.048, 295.053, 295.056, 295.061, 295.071, 295.073, 295.106 and 295.108 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.

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Last modified: August 7, 2008