ORS 708A.350¹
Obligations secured by government bonds

In addition to obligations permitted under ORS 708A.295 (Limitations on amount of obligations to Oregon commercial bank), an Oregon commercial bank may make loans to and accept other obligations of a person, not to exceed 20 percent of the Oregon commercial bank’s capital, if:

(1) The obligation is secured by bonds of any state of the United States or bonds of any county, city, school district, port district or other public body in the United States;

(2) The principal amount of the obligation is not more than 90 percent of the market value of the bonds that secure the obligation;

(3) The bonds are payable from ad valorem taxes; and

(4) The bonds are rated in one of the four highest grades by a recognized investment service organization that has been engaged regularly and continuously for a period of not less than 10 years in rating state and municipal bonds. [1997 c.631 §155]

1 Legislative Counsel Committee, CHAPTER 708A—Regulation of Institutions Generally, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors708A.­pdf (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. Currency Information