Oregon Statutes - Chapter 576 - Agricultural Marketing Generally - Section 576.375 - Payment of commission moneys to authorized agent; deposits and withdrawals; investments.

(1) All moneys collected or received by any person from the assessment levied under the authority of ORS 576.325 and all other moneys received by a commodity commission must be paid to the authorized agent of the commission and promptly deposited into an account established by the commission in a depository, as defined in ORS 295.001, that is insured by the Federal Deposit Insurance Corporation. In a manner consistent with the requirements of ORS 295.001 to 295.108, the chairperson and vice chairperson for a commission shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the Federal Deposit Insurance Corporationís coverage. All moneys in the account are continuously appropriated to the commission making the deposit for the purpose of carrying out the duties, functions and powers of the commission.

(2) Moneys may not be withdrawn from or paid out of the account except upon order of the commission, and upon checks or other orders upon such accounts signed by the secretary-treasurer or such other member of the commission as the commission designates and countersigned by such other member, officer or employee of the commission as the commission designates. The commission shall keep a receipt, voucher or other written record, showing clearly the nature and items covered by each check or other order.

(3) Subject to approval by the Director of Agriculture, a commission may invest moneys collected or received by the commission. Investments made by a commission are:

(a) Limited to investments described in ORS 294.035;

(b) Subject to the investments maturity date limitations described in ORS 294.135; and

(c) Subject to the conduct prohibitions listed in ORS 294.145.

(4) Interest earned from any moneys invested by a commission under subsection (3) of this section is available to the commission in a manner consistent with the commissionís annual budget. [1953 c.489 §22; 1959 c.596 §17; 1967 c.451 §25; 2003 c.604 §45; 2007 c.871 §29]

Note: The amendments to 576.375 by section 29, chapter 871, Oregon Laws 2007, become operative July 1, 2008, and apply to all public funds on deposit on or after July 1, 2008. See sections 36 and 37, chapter 871, Oregon Laws 2007, as amended by sections 39 and 40, chapter 871, Oregon Laws 2007. The text that is operative until July 1, 2008, is set forth for the userís convenience.

576.375 (1) All moneys collected or received by any person from the assessment levied under the authority of ORS 576.325 and all other moneys received by a commodity commission must be paid to the authorized agent of the commission and promptly deposited into an account established by the commission in a depository bank, as defined in ORS 295.001, that is insured by the Federal Deposit Insurance Corporation. In a manner consistent with the requirements of ORS chapter 295, the chairperson and vice chairperson for a commission shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the Federal Deposit Insurance Corporationís coverage. All moneys in the account are continuously appropriated to the commission making the deposit for the purpose of carrying out the duties, functions and powers of the commission.

(2) Moneys may not be withdrawn from or paid out of the account except upon order of the commission, and upon checks or other orders upon such accounts signed by the secretary-treasurer or such other member of the commission as the commission designates and countersigned by such other member, officer or employee of the commission as the commission designates. The commission shall keep a receipt, voucher or other written record, showing clearly the nature and items covered by each check or other order.

(3) Subject to approval by the Director of Agriculture, a commission may invest moneys collected or received by the commission. Investments made by a commission are:

(a) Limited to investments described in ORS 294.035;

(b) Subject to the investments maturity date limitations described in ORS 294.135; and

(c) Subject to the conduct prohibitions listed in ORS 294.145.

(4) Interest earned from any moneys invested by a commission under subsection (3) of this section is available to the commission in a manner consistent with the commissionís annual budget.

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Last modified: August 7, 2008