Local governments authorized to place limited funds in pool
(1) With the consent of the governing body, a local government official may place in the aggregate up to $30 million of its funds in the investment pool, or, if the assets of the investment pool have been transferred pursuant to ORS 294.882 (Merger or subsequent separation of local government investment pool and state investment fund), in the state investment fund established pursuant to ORS 293.721 (General objective of investments), for investment and reinvestment by the investment officer as provided under ORS 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (Separate accounts for each local government) or 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally), as the case may be. The $30 million limitation stated in this section shall not apply either to funds of a governing body which are placed in the investment pool on a pass-through basis or to funds invested on behalf of another government unit. Local governments must remove pass-through funds which result in an account balance in the pool in excess of $30 million within 10 business days. County governments must remove such excess funds within 20 business days. The investment officer shall promptly report each instance of noncompliance with, or apparent abuse of, the limitations of this section to the Secretary of State and to the governing body of the local government involved.
(2) The $30 million limitation contained in subsection (1) of this section shall increase in proportion to the increase occurring after September 9, 1995, in the Consumer Price Index for All Urban Consumers of the Portland, Oregon, Standard Metropolitan Statistical Area, as compiled by the United States Department of Labor, Bureau of Labor Statistics. [1973 c.748 §2; 1981 c.880 §15; 1987 c.381 §2; 1995 c.245 §10]
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