Each pool manager shall:
(1) Maintain an accurate inventory of the securities of each depository bank described in the custodian’s receipts transmitted to it from custodian banks, and adjust the inventory to reflect withdrawals and substitutions of securities previously inventoried.
(2) Appraise the value of the securities added to and withdrawn from the inventory of the depository bank, and appraise the value of the entire inventory of the depository on October 1 of each year and at such other times as it is directed to do so by the State Treasurer.
(3) Issue certificates of participation to public officials in amounts designated by the depository bank and, upon the direction of the depository bank and the written consent of the public official to whom it is issued, reduce, modify or cancel a certificate.
(4) Notify in writing holders of certificates of participation in the collateral of a depository bank whenever, after 10 days’ notice to the depository bank, the value of the securities continues to be less than 25 percent of outstanding certificates.
(5) Notify the State Treasurer of the occurrence whenever a bond in the inventory of a depository bank loses its rating requirement provided in ORS 295.001 (7)(c) and (d).
Section: Previous 295.050 295.053 295.055 295.056 295.060 295.061 295.065 295.065 295.070 295.071 295.073 295.075 295.080 295.081 295.084 NextLast modified: August 7, 2008