2011 ORS § 344.080¹
- • accounts and records
- • bond
(1) All reimbursement vouchers for claims paid from the revolving funds mentioned in ORS 344.070 (Revolving accounts for federally sponsored education or training) shall be approved by the Superintendent of Public Instruction or the Commissioner for Community College Services pursuant to rules of the State Board of Education. When vouchers are so approved, warrants covering the same shall be drawn by the Oregon Department of Administrative Services, payable from the appropriate fund, and be used to reimburse the revolving funds.
(2) The districts receiving such advances shall maintain their accounts and records so as to disclose at all times the true status of the unpaid vouchers issued for the reimbursement of the funds, the district warrants drawn against the funds advanced and the balances to the credit thereof.
(3) The revolving funds and accounts shall be subject to examination and audit by the state in the manner provided by law for other state funds and accounts. The State Board of Education may require an audit of the revolving accounts and shall take proper precautions as to the safety of, and accountability for, all funds advanced.
(4) The State Board of Education may require the filing with it of a bond of a corporate surety duly licensed to transact business in this state to insure the proper handling of and responsibility for any funds advanced. The bond shall be cumulative and supplemental to fidelity insurance coverage already held by the district concerned. The state may have recourse to any and all fidelity bonds of clerks or other financial officers of the district to protect such advances. [Amended by 1983 c.740 §110; 1989 c.491 §49; 1993 c.45 §245]