Each depository bank shall designate one or more pool managers as provided in ORS 295.001 to 295.125; but it shall designate only one pool manager to function with respect to the public fund deposits and the security therefor of a single public official. If the depository elects to change pool managers, the public official shall surrender certificates of participation issued by the former pool manager in exchange for certificates of like amount issued by the successor pool manager, and the former pool manager shall cause the custodian to deliver to the successor pool manager custodian’s receipts for security no longer required to support its outstanding certificates of participation. Such transactions may be arranged by escrows or otherwise, as the parties agree.
Section: Previous 295.031 295.034 295.035 295.037 295.040 295.041 295.045 295.045 295.046 295.048 295.050 295.053 295.055 295.056 295.060 NextLast modified: August 7, 2008