(1) Within 20 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (5)(a) or 295.031 (1), the public official shall withdraw from the bank depository to which the notice applies all public funds deposits except those deposits that are insured by the Federal Deposit Insurance Corporation.
(2) If a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (5)(a) or 295.031 (1), beginning 20 business days after the public official receives the notice, the public official may not deposit into the bank depository to which the notice applies any public funds deposits if, as a result of such a deposit, the total public funds of the public official on deposit with the bank depository exceed the deposit insurance limit of the Federal Deposit Insurance Corporation. The prohibition on deposits continues until the public official receives notice under ORS 295.018 (5)(b) or 295.031 (2) indicating that the bank depository is in compliance with ORS 295.013 or 295.018, as applicable.
(3) Except as required by any applicable law or regulation, a bank depository may not impose any early withdrawal penalty or any forfeiture of interest with respect to a withdrawal made by a public official pursuant to this section. [2007 c.871 §3]
Note: See note under 295.031.
Section: Previous 295.018 295.020 295.022 295.025 295.027 295.030 295.031 295.034 295.035 295.037 295.040 295.041 295.045 295.045 295.046 NextLast modified: August 7, 2008