2011 ORS § 294.125¹
Investment of funds authorized by order of governing body
  • limitations

(1) Subject to ORS 294.040 (Restriction on investments under ORS 294.035) and 294.135 (Investment maturity dates) to 294.155 (Annual audit report), the custodial officer of any county, municipality, school district or other political subdivision of this state may, after having obtained a written order from the governing body of the county, municipality, school district or other political subdivision, which order shall be spread upon the minutes or journal of the governing body, invest any sinking fund, bond fund or surplus funds belonging to that county, municipality, school district or other political subdivision in the bank accounts, classes of securities at current market prices, insurance contracts and other investments described in ORS 294.035 (Investment of surplus funds of political subdivisions). However, notwithstanding any provision of ORS 190.003 (Definition for ORS 190.003 to 190.130) to 190.250 (Furnishing centralized accounting and data processing services to federal and local governmental units), except as provided in ORS 294.035 (Investment of surplus funds of political subdivisions):

(a) No custodial officer of any political subdivision of this state may accept for investment or invest the funds of any other political subdivision of this state; and

(b) No such political subdivision may tender funds for investment to the custodial officer of any other such political subdivision.

(2) Subject to ORS 294.040 (Restriction on investments under ORS 294.035), 294.135 (Investment maturity dates) to 294.155 (Annual audit report) and subsection (1) of this section, the custodial officer of a port organized under ORS chapter 777 or 778 may invest any sinking fund, bond fund or surplus funds belonging to the port in interest-bearing revenue bonds issued by an export trading corporation formed by the port under ORS 777.755 (Legislative findings and policy) to 777.800 (Annual report). A custodial officer of a port shall not invest in the aggregate more than $3 million in revenue bonds issued by an export trading corporation. [1981 c.880 §5; 1983 c.200 §17; 1995 c.245 §6]