ORS 348.703¹
Management and investment of moneys in account
  • reporting requirement
  • contracts for investment advice and other services

(1) The Oregon Growth Account Board shall contract with one or more management companies to manage and invest the moneys in the Oregon Growth Account. For purposes of this subsection, a contract with a management company may consist of:

(a) A partnership agreement under which the Oregon Growth Account Board is the limited partner and the management company is the general partner; or

(b) Another form of payment or profit-sharing arrangement under which the Oregon Growth Account Board may receive payment or another form of return in exchange for its investment in an emerging growth business.

(2) The provisions of ORS 293.726 (Standard of judgment and care in investments) do not apply to those assets of the Education Stability Fund that are held in the Oregon Growth Account. The limitations of ORS 293.726 (Standard of judgment and care in investments) (6) shall be calculated based only on the balance of the Education Stability Fund that does not include the Oregon Growth Account.

(3) A management company selected to manage the Oregon Growth Account shall manage the moneys in the account, subject to investment policies established by the State Treasurer and the investment directives or strategies of the Oregon Growth Account Board, with the care, skill and diligence that a prudent investor acting in a similar capacity and familiar with such investments would use in managing and investing a similar account. The management company shall invest in Oregon an amount that is at least equal to the amount of the principal transferred from the Oregon Growth Account to the management company for investment.

(4) The contract between the board and a management company to manage the Oregon Growth Account and the functions performed under the contract are not subject to the State Personnel Relations Law or ORS 279.835 (Definitions for ORS 279.835 to 279.855) to 279.855 (Entities that may obtain goods and services through Oregon Department of Administrative Services) or ORS chapter 279A or 279B.

(5) Notwithstanding ORS 348.702 (Oregon Growth Account) (5), a management company selected to manage the Oregon Growth Account may maintain a portion of the moneys allocated to the account under ORS 348.702 (Oregon Growth Account) (1) in short-term securities in investments other than those specified in ORS 348.702 (Oregon Growth Account) (5) during such times as a management company is seeking investments that meet the requirements of ORS 348.702 (Oregon Growth Account) (5).

(6) The State Treasurer shall annually submit a report to the Governor and to the Legislative Assembly on the investment of moneys in the Oregon Growth Account. The report required by this subsection shall include a summary of the amount of money invested by industrial sector or business classification, by region of this state, by size of investment and by type of investment.

(7) The State Treasurer shall provide to other state agencies any reports on the investment of moneys in the Oregon Growth Account that are necessary to fulfill audit, financial, investment or other reporting requirements to which the Education Stability Fund is subject by law or standard accounting principles.

(8) The office of the State Treasurer shall provide staff to the board.

(9) There is continuously appropriated to the board from the Oregon Growth Account those amounts necessary to meet the expenses of the board and the State Treasurer in carrying out the operations of the Oregon Growth Account and the duties of the board and the State Treasurer. The cost to the office of the State Treasurer of providing staff to the board shall be deducted from those amounts paid to the State Treasurer pursuant to ORS 293.718 (Payment of expenses of State Treasurer) as reimbursement for expenses incurred as investment officer for the Education Stability Fund.

(10) The board may enter into contracts for the provision of investment advice or other services that the board deems reasonable and necessary to fulfill the duties of the board. The State Treasurer may enter into contracts for the provision of investment advice or other services that the State Treasurer deems reasonable and necessary to fulfill the duties of the State Treasurer with respect to the Oregon Growth Account. Such contracts are not subject to the State Personnel Relations Law or ORS 279.835 (Definitions for ORS 279.835 to 279.855) to 279.855 (Entities that may obtain goods and services through Oregon Department of Administrative Services) or ORS chapter 279A or 279B. [1995 c.811 §5(1) to (4); 1997 c.323 §5; 1999 c.42 §4; 2001 c.52 §2; 2001 c.922 §3; 2002 s.s.3 c.6 §5; 2003 c.606 §7; 2003 c.794 §258; 2007 c.172 §3]

1 Legislative Counsel Committee, CHAPTER 348—Student Aid; Education Stability Fund; Planning, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­348.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
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.
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