Merger or subsequent separation of local government investment pool and state investment fund
- • preconditions
(1) It is recognized that a time may come when the interest of local governments diminishes to the extent that participation in the local government investment pool no longer warrants its operation as a separate fund. If the local government investment pool decreases to a level below $125 million, the State Treasurer may transfer the assets of the pool to the state investment fund established under ORS 293.701 (Definitions for ORS 293.701 to 293.820) (2)(o). In that event, the local government investment pool participant accounts will be treated as are other state funds and accounts in receiving a proportionate share of the earnings of that investment fund. Notwithstanding ORS 294.860 (Custody of investment documents), 294.865 (Monthly deductions from income received for payment of expenses), 294.870 (Separate accounts for local governments), 294.875 (Monthly report of investments of pool funds) or 294.880 (Program examination and audit), when the State Treasurer transfers the assets of the local government investment pool to the state investment fund, the distributions of income to local governments, payment of related expenses and the reporting, program examination and audit functions with respect to the investment pool participant accounts shall be administered in accordance with ORS 293.718 (Payment of expenses of State Treasurer), 293.751 (Custody of title instruments), 293.756 (Separate accounting for funds), 293.761 (Reports by investment officer with respect to funds), 293.766 (Monthly reports by investment officer to council), 293.771 (Reports by council to Governor and legislature), 293.776 (Examination and audit of investment program) and 293.820 (Separate accounts for each local government).
(2) The State Treasurer, at the discretion of the treasurer may reestablish the local government investment pool as a separate fund, if the participant accounts increase to over $125 million and in the State Treasurer’s judgment, sufficient interest by local government exists to insure the local government investment pool will remain over $125 million. Prior to reestablishing the pool as a separate fund, the State Treasurer shall first present a plan for operation, including the reasons for such action, to the Oregon Investment Council at a regularly scheduled meeting for its review and comment. The State Treasurer shall publish notice in the Secretary of State’s administrative rules bulletin of the treasurer’s intent to reestablish the pool as a separate fund at least 30 days prior to the meeting at which the Oregon Investment Council shall review the proposal, and notice of the meeting time and location of the Oregon Investment Council at which the proposal will be discussed. [1979 c.608 §9; 1980 c.19 §7; 1983 c.456 §3; 1993 c.18 §62; 1997 c.129 §1; 1999 c.1043 §7]
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