Depository accounts for moneys collected or received by semi-independent state agencies
(1) Notwithstanding ORS 670.335 (Disposition of fees received by boards), except where otherwise specifically provided by statute pursuant to ORS 182.462 (Budgets for semi-independent state agencies) (1)(e), all moneys collected or received by a board, placed to the credit of that board and remaining unexpended and unobligated on the date that the board is established as a semi-independent state agency, and all moneys collected or received by a board after the date that the board is established as a semi-independent state agency, must be deposited into an account established by that board in a depository insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. In a manner consistent with the requirements of ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules), the chairperson, president or administrator of a board shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the coverage of the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. All moneys in the account are continuously appropriated to the board making the deposit for the purpose of carrying out the functions of the board.
(2) Subject to the approval of the chairperson, president or administrator, a board may invest moneys collected or received by the board. Investments made by a board are:
(a) Limited to investments described in ORS 294.035 (Investment of funds of political subdivisions);
(b) Subject to the investment maturity date limitations described in ORS 294.135 (Investment maturity dates); and
(c) Subject to the conduct prohibitions listed in ORS 294.145 (Prohibited conduct for custodial officer).
(3) Interest earned from any accounts invested under subsection (2) of this section shall be made available to a board in a manner consistent with the board’s annual budget.
(4) Subject to the approval of the chairperson, president or administrator, all necessary board expenses shall be paid from the moneys collected or earned by a board.
(5) As used in this section, “depository” has the meaning given that term in ORS 295.001 (Definitions for ORS 295.001 to 295.108). [1999 c.1084 §10; 2001 c.409 §3; 2003 c.405 §3; 2007 c.871 §25; 2011 c.110 §3]
Note: See note under 182.454 (Semi-independent state agencies).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.