Separate funds kept for moneys received
- • investments authorized
Any treasurer receiving any payments of final assessments or interest on unpaid installments by virtue of the Bancroft Bonding Act, shall account for the payments separately from other funds of the local government. The amount of the moneys paid on account of installments, interest on unpaid installments and late payment penalties or charges, shall be placed to the credit of a fund to be known and designated as "Bancroft Bond Redemption Fund" or in any designated account of the redemption fund that may be established by the local government under this section. All interest and principal due on bonds issued under ORS 223.235 (Issuance of bonds) shall be paid from the redemption fund or from a designated account of the redemption fund. The amount placed to the credit of the redemption fund or any account of the fund shall from time to time, under the direction of the governing body of the issuing local government, be invested as provided in ORS 294.035 (Investment of surplus funds of political subdivisions) or 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally). [Amended by 1975 c.495 §1; 1991 c.902 §22; 2003 c.802 §16]
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.