ORS 323.120¹
Form of security

In lieu of a bond or bonds a distributor, under such conditions as the Department of Revenue may prescribe, may deposit with the State Treasurer an amount of lawful money equivalent to the amount of the bond or bonds otherwise required, or the distributor may deposit an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act), or readily salable bonds or other obligations of the United States, the State of Oregon, or any county of this state of an actual market value of not less than the amount of the bond or bonds otherwise required by ORS 323.005 (Short title) to 323.482 (Offense of unlawful distribution of cigarettes). The State Treasurer shall immediately notify the department as to the time of receipt and the amount of money or value of the irrevocable letter of credit or of bonds received by the State Treasurer. [1965 c.525 §37; 1991 c.331 §54; 1997 c.631 §459]

Chapter 323

Notes of Decisions

This chapter was not intended to impose a tax on cigarettes sold by an Oregon distributor, to be shipped out of state and sold out of state to ultimate consumers for use out of state. Carter & Son v. Dept. of Rev., 5 OTR 379 (1974)

1 Legislative Counsel Committee, CHAPTER 323—Cigarettes and Tobacco Products, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors323.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 323, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­323ano.­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