ORS 295.034¹
Withdrawal of inadequately collateralized funds

(1) Within 20 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of bank depository) (5)(a) or 295.031 (Notice to public officials regarding adequacy of collateral) (1), the public official shall withdraw from the bank depository to which the notice applies all public funds deposits except those deposits that are insured by the Federal Deposit Insurance Corporation.

(2) If a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of bank depository) (5)(a) or 295.031 (Notice to public officials regarding adequacy of collateral) (1), beginning 20 business days after the public official receives the notice, the public official may not deposit into the bank depository to which the notice applies any public funds deposits if, as a result of such a deposit, the total public funds of the public official on deposit with the bank depository exceed the deposit insurance limit of the Federal Deposit Insurance Corporation. The prohibition on deposits continues until the public official receives notice under ORS 295.018 (Increase in required collateral of bank depository) (5)(b) or 295.031 (Notice to public officials regarding adequacy of collateral) (2) indicating that the bank depository is in compliance with ORS 295.013 (Custodian's receipt) or 295.018 (Increase in required collateral of bank depository), as applicable.

(3) Except as required by any applicable law or regulation, a bank depository may not impose any early withdrawal penalty or any forfeiture of interest with respect to a withdrawal made by a public official pursuant to this section. [2007 c.871 §3]

Note: See note under 295.031 (Notice to public officials regarding adequacy of collateral).

Atty. Gen. Opinions

Invest­ment of deferred compensa­tion funds, (1976) Vol 37, p 1284; county fair associa­tion as public corpora­tion, (1979) Vol 39, p 505

Chapter 295

Atty. Gen. Opinions

Invest­ment of funds by school district, (1974) Vol 36, p 827

1 Legislative Counsel Committee, CHAPTER 295—Depositories of Public Funds and Securities, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors295.­pdf (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 295, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­295ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
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. Currency Information