(1) The board of directors of an irrigation district may withdraw from any moneys deposited on behalf of the district an amount designated by the board and deposit it in an account with any insured institution, as defined in ORS 706.008, that is approved by the board to be maintained in the name of the district for the purposes set forth in subsection (2) of this section.
(2) The account established under this section shall be used for the payment of any claims arising out of labor and emergency expenses incurred by the district during any month. Moneys may be withdrawn from the account by:
(a) Check or draft signed by at least two individuals authorized to do so by the board of directors; or
(b) Electronic funds transfers authorized by the board and initiated by at least two individuals authorized by the board.
(3) The expenditures made shall be ratified and audited by the board at each regular meeting.
(4) As used in this section, “electronic funds transfer” has the meaning given that term in ORS 293.525. [Formerly 545.563; 1997 c.631 §488; 2005 c.492 §2]
Section: Previous 545.659 545.660 545.662 545.663 545.664 545.666 545.667 545.671 545.673 545.675 545.677 545.679 545.683 545.685 545.990 NextLast modified: August 7, 2008