2011 ORS § 295.034¹
Withdrawal of inadequately collateralized funds

(1) Within 15 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of bank depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), the public official shall withdraw from the bank depository to which the notice applies all uninsured public funds deposits.

(2) If a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of bank depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), beginning 15 business days after the public official receives the notice, the public official may not deposit into the bank depository to which the notice applies any public funds that, as a result of such a deposit, would be uninsured public funds deposits. The prohibition on deposits continues until the public official receives notice under ORS 295.018 (Increase in required collateral of bank depository) (6)(b), 295.031 (Notice to public officials regarding adequacy of collateral) (2) or 295.061 (Treasurer reports) (4)(b) indicating that the bank depository is in compliance with ORS 295.013 (Custodians receipt), 295.018 (Increase in required collateral of bank depository) or 295.061 (Treasurer reports), as applicable.

(3) Except as required by any applicable law or regulation, a bank depository may not impose any early withdrawal penalty or any forfeiture of interest with respect to a withdrawal made by a public official pursuant to this section. [2007 c.871 §3; 2009 c.821 §9]

Note: The amendments to 295.034 (Withdrawal of inadequately collateralized funds) by section 10, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the users convenience.

295.034 (Withdrawal of inadequately collateralized funds). (1) Within 15 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of bank depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), the public official shall withdraw from the depository to which the notice applies all uninsured public funds deposits.

(2) If a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of bank depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), beginning 15 business days after the public official receives the notice, the public official may not deposit into the depository to which the notice applies any public funds that, as a result of the deposit, would be uninsured public funds deposits. The prohibition on deposits continues until the public official receives notice under ORS 295.018 (Increase in required collateral of bank depository) (6)(b), 295.031 (Notice to public officials regarding adequacy of collateral) (2) or 295.061 (Treasurer reports) (4)(b) indicating that the depository is in compliance with ORS 295.013 (Custodians receipt), 295.018 (Increase in required collateral of bank depository) or 295.061 (Treasurer reports), as applicable.

(3) Except as required by any applicable law or regulation, a depository may not impose an early withdrawal penalty or a forfeiture of interest with respect to a withdrawal that a public official makes pursuant to this section.