Oregon Statutes - Chapter 351 - Higher Education Generally - Section 351.540 - Special checking account of board.

(1) Unless otherwise provided by law, or by federal order or regulation with respect to federal funds, the State Board of Higher Education, with the approval of the State Treasurer, may deposit with the State Treasurer any moneys coming into its possession. Moneys so deposited shall be credited by the State Treasurer to a special checking account.

(2) The moneys in the special checking account are continuously appropriated to the Department of Higher Education. The special checking account may be used for the purpose of clearing items subject to subsequent debit or credit to state funds.

(3) Disbursements may be made by check or order of the board upon the State Treasurer, signed by such officer or administrative head as the board, by motion or resolution, nominates for that purpose. Disbursements shall be made only in payment of claims authorized by law for the ordinary expenditures of the State Board of Higher Education incurred in the operation of the state institutions of higher learning.

(4) Funds in the account established under subsection (1) of this section may be held as petty cash or carried with the State Treasurer in segregated subaccounts, to be disbursed in accordance with subsection (3) of this section. With the approval of the State Treasurer, petty cash funds may be deposited in banks for safekeeping purposes and disbursed therefrom in payment of claims authorized by law by employees of the board authorized by the disbursing officer. The board’s duly designated disbursing officer from time to time shall reimburse the petty cash funds or subaccounts upon the presentation of satisfactory evidence of disbursements therefrom pursuant to law. [Amended by 1967 c.454 §31; 1979 c.479 §1; 2003 c.674 §24]

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Last modified: August 7, 2008