2011 ORS § 293.728¹
Oregon Short Term Fund
(1) The Oregon Short Term Fund is established in the State Treasury as a commingled investment vehicle for investment funds and the moneys described in subsection (2) of this section. Interest earned by the Oregon Short Term Fund shall be credited to the participating investor funds or accounts in the fund in proportion to the amount invested.
(2) Unless a federal law, court order, settlement or similar agreement or business practice requires otherwise, moneys received by the State Treasurer that may not be discretely invested as provided in ORS 293.723 (Discrete investment of moneys) shall be deposited in the fund. Moneys that may be discretely invested as provided in ORS 293.723 (Discrete investment of moneys) may be deposited in the fund.
(3) Moneys in the fund may be transferred as provided in ORS 293.205 (Definitions for ORS 293.205 to 293.225) to 293.225 (Construction of ORS 293.205 to 293.220). The State Treasurer is the officer in charge of the fund for purposes of ORS 293.220 (Interest on transferred moneys or credits) and shall determine the interest rate to be charged until the moneys are retransferred to the fund. The interest rate may not be less than the rate specified in ORS 293.220 (Interest on transferred moneys or credits). [2009 c.821 §19]
Note: 293.728 (Oregon Short Term Fund) was added to and made a part of 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (Separate accounts for each local government) by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.