ORS 295.048¹
Limitations on aggregate public funds deposits
  • notice
  • exceptions

(1) Notwithstanding ORS 295.046 (Limitation on depository acceptance of public funds from single public official), a bank depository may not permit the aggregate of public funds deposits on deposit with the bank depository from all public officials to exceed at any time:

(a) 100 percent of the value of the bank depository’s net worth, if the bank depository is an undercapitalized bank depository;

(b) 150 percent of the value of the bank depository’s net worth, if the bank depository is an adequately capitalized bank depository;

(c) 200 percent of the value of the bank depository’s net worth, if the bank depository is a well capitalized bank depository; or

(d) 30 percent of the total aggregate public funds deposits of all public officials in all bank depositories as reported in the most recent notice received by the bank depository from the State Treasurer.

(2) The State Treasurer shall notify each bank depository and its custodian of the total aggregate public funds deposits of all public officials in all bank depositories, based on the most recently submitted treasurer reports. The treasurer shall give the notification required by this subsection by the last day of the month in which bank depositories are required to submit a treasurer report.

(3) If a bank depository’s aggregate of public funds deposits exceeds the amount set forth in subsection (1) of this section, the bank depository shall, not later than 20 business days after receipt of notice from the State Treasurer, cease accepting deposits of public funds.

(4) Notwithstanding subsections (1) and (3) of this section:

(a) A bank depository may accept and hold public funds deposits in excess of the limits provided in subsection (1) of this section if the State Treasurer, upon good cause shown, approves the request of the bank depository to hold public funds in excess of the limits provided in subsection (1) of this section for a period not exceeding 90 days.

(b) The limitations of subsection (1) of this section do not apply to public funds deposits held by a bank depository in a program described in ORS 295.004 (Conditions for deposit of funds in excess of specified amounts).

(c) A well capitalized bank depository or an adequately capitalized bank depository may accept and hold public funds deposits in excess of the limit provided in subsection (1)(d) of this section if eligible securities are deposited with the bank depository’s custodian as collateral in an amount at least equal to the amount of the public funds deposits in excess of the limitation prescribed in subsection (1)(d) of this section. [2007 c.871 §11]

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