Proceeding when warrants not paid for want of funds
(1) For the purposes of this section:
(a) Exhaustion of the General Fund has the meaning described in ORS 293.165 (Borrowing to pay warrants against General Fund) (2).
(b) "Restricted fund" means a fund in the General Fund whose use is restricted to particular purposes by the Constitution of Oregon or by federal law.
(2) Instead of paying warrants drawn on the General Fund, the State Treasurer shall indorse on the warrants the words "Not paid for want of funds" and shall register the warrants for future payment if:
(a) The General Fund becomes exhausted after the State Treasurer has borrowed moneys as provided in ORS 293.165 (Borrowing to pay warrants against General Fund) and has made the transfers of surplus funds as provided in ORS 293.205 (Definitions for ORS 293.205 to 293.225) to 293.225 (Construction of ORS 293.205 to 293.220); and
(b) The Governor, the Secretary of State and the State Treasurer deem it necessary or advisable to refuse to pay the warrants and to register the warrants, and direct the State Treasurer to do so.
(3) The State Treasurer shall register the warrants indorsed as provided in subsection (2) of this section by number and by date according to the date on which the warrants were presented for payment. All warrants so indorsed and registered shall thereafter become payable in full according to the date of registration, beginning with the earliest date. Warrants described in this subsection are payable only from moneys in the General Fund that are not in restricted funds.
(4) Notwithstanding subsection (2) of this section, a warrant that is drawn against a restricted fund may be paid, even if the General Fund is exhausted, if there are sufficient moneys in the restricted fund to pay the warrant. The State Treasurer need not indorse or register a warrant paid under this subsection in the manner described in subsections (2) and (3) of this section.
(5) Warrants that are registered under subsections (2) and (3) of this section shall draw interest payable from the General Fund, until called for payment by the State Treasurer, at the rate of five percent per year. The Oregon Department of Administrative Services shall determine the amount of interest payable on each warrant under this subsection and when and how the interest will be paid.
(6) As funds for the payment of all the warrants registered on a particular date and of the interest thereon become available in the General Fund, the State Treasurer shall give notice of the calling of the warrants for payment by one publication in a newspaper printed and published in Salem, Oregon. [Formerly 293.170]
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