ORS 295.004
Conditions for deposit of funds in excess of specified amounts


(1)

A public official may deposit public funds in a depository that is not a qualified depository in an amount in excess of the amount allowed in ORS 295.002 (Deposit of public funds) (1)(b) if the depository participates in a program through which:

(a)

The depository arranges to deposit the funds into one or more certificates of deposit or time deposits issued by other financial institutions in the United States;

(b)

Each certificate of deposit or time deposit is fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration;

(c)

The depository administers the funds on behalf of the public official; and

(d)

Other financial institutions that participate in the program place funds into the depository in an amount at least equal to the amount the public official deposited into the depository for purposes of the program.

(2)

A public official may deposit public funds in a depository that is not a qualified depository in an amount in excess of the amount allowed in ORS 295.002 (Deposit of public funds) (1)(b) if the depository participates in a program that meets the following conditions:

(a)

On or after the date that the funds are received, the depository:

(A)

Arranges for the redeposit of the funds into one or more insured deposit accounts in other financial institutions in the United States; and

(B)

Administers the funds on behalf of the public official;

(b)

The full amount of the funds redeposited by the depository into deposit accounts in other financial institutions, together with any interest accrued on deposited funds, is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration; and

(c)

On the same date that the funds are redeposited under this subsection, the depository receives an amount of deposits from customers of other financial institutions that are at least equal to the amount of the funds redeposited by the depository.

(3)

Until the depository places public funds into one or more certificates of deposit or time deposits as provided in subsection (1) of this section or places public funds into insured deposit accounts as provided in subsection (2) of this section, any uninsured public funds that the depository holds pending placement must be collateralized as provided in ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules) for other uninsured public funds deposits.

(4)

Intentionally left blank —Ed.

(a)

The provisions of ORS 295.006 (Public official filings with State Treasurer), 295.013 (Custodian’s receipt), 295.015 (Maintenance of securities by qualified depository), 295.018 (Increase in required collateral of qualified depository), 295.037 (Distribution of collateral after loss in qualified depository) and 295.038 (Assessment against collateral of qualified depositories) do not apply to depositories that arrange to deposit public funds in accordance with the programs described in subsections (1) and (2) of this section.

(b)

The certificate of deposit, time deposit or insured deposit in which a public official placed public funds under this section may be issued by a financial institution outside this state. [Formerly 295.027; 2009 c.821 §2; 2010 c.101 §3; 2011 c.477 §§1,2; 2019 c.587 §3]

Source: Section 295.004 — Conditions for deposit of funds in excess of specified amounts, https://www.­oregonlegislature.­gov/bills_laws/ors/ors295.­html.

295.001
Definitions for ORS 295.001 to 295.108
295.002
Deposit of public funds
295.004
Conditions for deposit of funds in excess of specified amounts
295.006
Public official filings with State Treasurer
295.007
Conditions for acting as custodian
295.008
Qualified depositories
295.012
State Treasurer rule setting maximum liability for qualified credit union depositories
295.013
Custodian’s receipt
295.015
Maintenance of securities by qualified depository
295.018
Increase in required collateral of qualified depository
295.022
Collateral not required for deferred compensation funds
295.031
Notice to public officials regarding adequacy of collateral
295.034
Withdrawal of inadequately collateralized funds
295.037
Distribution of collateral after loss in qualified depository
295.038
Assessment against collateral of qualified depositories
295.039
State Treasurer acceptance of moneys for purposes of administering ORS 295.038
295.041
Subrogation rights of State Treasurer
295.046
Limitation on acceptance of public funds from single public official
295.048
Limitations on aggregate uninsured public funds deposits
295.053
Custodian duties when qualified depository ceases holding uninsured public funds
295.056
Liability of public officials for loss of public funds
295.061
Treasurer reports
295.071
Investigation by regulatory bodies other than State Treasurer
295.073
Report to State Treasurer of actions that reduce net worth of depository
295.081
Time deposits
295.084
State Treasurer designation of depositories
295.091
Geographic preference in selecting depositories
295.093
Depositing moneys with treasurer of public body
295.097
State agency agreements with third parties
295.098
Public body agreements with third parties
295.101
Public funds not subject to ORS 295.001 to 295.108
295.103
Certain moneys related to motor carriers not public funds
295.106
State Treasurer charges
295.108
State Treasurer rules
295.195
Deposit of funds in foreign country
295.205
Accounts in financial institutions outside Oregon
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