2015 ORS 293.701¹
Definitions for ORS 293.701 to 293.857

As used in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government), unless the context requires otherwise:

(1) Council means the Oregon Investment Council.

(2) Investment funds means:

(a) Public Employees Retirement Fund referred to in ORS 238.660 (Fund generally);

(b) Industrial Accident Fund referred to in ORS 656.632 (Industrial Accident Fund);

(c) Consumer and Business Services Fund referred to in ORS 705.145 (Consumer and Business Services Fund);

(d) Employment Department Special Administrative Fund referred to in ORS 657.822 (Employment Department Special Administrative Fund);

(e) Insurance Fund referred to in ORS 278.425 (Insurance Fund);

(f) Funds under the control and administration of the Department of State Lands;

(g) Oregon Student Assistance Fund referred to in ORS 348.570 (Funds in State Treasury);

(h) Moneys made available to the Commission for the Blind under ORS 346.270 (Receipt and expenditure of gifts and bequests) and 346.540 (Duties of commission with respect to operation of vending facilities) or rules adopted thereunder;

(i) Forest Development Revenue Bond Fund referred to in ORS 530.147 (Forest Development Revenue Bond Fund) and State Forestry General Obligation Bond Fund referred to in ORS 530.280 (State Forestry General Obligation Bond Fund);

(j) Oregon War Veterans Fund referred to in ORS 407.495 (Oregon War Veterans Fund);

(k) Oregon War Veterans Bond Sinking Account referred to in ORS 407.515 (Oregon War Veterans Bond Sinking Account);

(L) World War II Veterans Compensation Fund;

(m) World War II Veterans Bond Sinking Fund;

(n) Funds in the hands of the State Treasurer that are not required to meet current demands and that are invested in the Oregon Short Term Fund established under ORS 293.728 (Oregon Short Term Fund) or in another commingled investment vehicle;

(o) State funds that are not subject to the control and administration of officers or bodies specifically designated by law;

(p) Funds derived from the sale of state bonds;

(q) Social Security Revolving Account referred to in ORS 237.490 (Deposit investment and payment of funds);

(r) Public University Fund established by ORS 352.450 (Public University Fund);

(s) Local Government Employer Benefit Trust Fund referred to in ORS 657.513 (Political subdivision contribution payments from Local Government Employer Benefit Trust Fund);

(t) Elderly and Disabled Special Transportation Fund established by ORS 391.800 (Elderly and Disabled Special Transportation Fund);

(u) Education Stability Fund established by ORS 348.696 (Education Stability Fund);

(v) Deferred Compensation Fund established under ORS 243.411 (Deferred Compensation Fund);

(w) Trust for Cultural Development Account established under ORS 359.405 (Trust for Cultural Development Account); and

(x) The State Library Donation Fund and the Talking Book and Braille Library Endowment Fund subaccount established under ORS 357.195 (State Library Donation Fund).

(3) Investment officer means the State Treasurer in the capacity as investment officer for the council. [1967 c.335 §1; 1967 c.399 §5; 1971 c.408 §1; 1975 c.363 §1a; 1975 c.471 §1a; 1977 c.491 §11; 1977 c.892 §31; 1979 c.814 §3; 1980 c.19 §2; 1981 c.660 §47; 1985 c.565 §48; 1985 c.731 §25; 1985 c.759 §38; 1985 c.816 §14; 1987 c.373 §28; 1987 c.616 §6; 1987 c.652 §17; 1989 c.224 §49; 1989 c.597 §8; 1991 c.459 §378; 1993 c.18 §58; 1993 c.210 §19; 1995 c.12 §3; 1997 c.179 §21; 1999 c.274 §21; 1999 c.1078 §67; 2001 c.922 §14; 2001 c.954 §25; 2002 s.s.3 c.6 §9; 2003 c.67 §35a; 2003 c.625 §30; 2003 c.733 §82; 2009 c.541 §11; 2009 c.762 §41; 2009 c.821 §29; 2009 c.831 §17; 2015 c.767 §11; 2015 c.840 §24]

Note: Sections 25 and 26, chapter 840, Oregon Laws 2015, provide:

Sec. 25. Review of state law governing State Treasurer investment of state, local and tribal funds. Notwithstanding ORS 173.240 (Committees staff prohibited from influencing legislation):

(1) The Legislative Counsel and the Legislative Fiscal Officer shall conduct a review of state law governing the investment by the State Treasurer of the funds of this state and of local and tribal governments. The purpose of the review is to:

(a) Identify deficiencies in current law; and

(b) Make recommendations to clarify, simplify, consolidate and update the existing statutory framework.

(2) For purposes of the review, the Legislative Counsel and the Legislative Fiscal Officer may consult with the Department of Justice and the State Treasurer and any other officer or employee of this state or of any local or tribal government.

(3) The Legislative Counsel and the Legislative Fiscal Officer shall submit a report in the manner provided in ORS 192.245 (Form of report to legislature), and may include recommendations for legislation, to the Joint Committee on Ways and Means, or the Joint Interim Committee on Ways and Means, no later than December 31, 2016. [2015 c.840 §25]

Sec. 26. Section 25 of this 2015 Act is repealed on January 2, 2017. [2015 c.840 §26]

Atty. Gen. Opinions

Earnings derived from excess fund invest­ment, (1976) Vol 37, p 1309; construing lawfully available for invest­ment, (1976) Vol 38, p 271; Oregon Invest­ment Council rather than State Board of Higher Educa­tion has primary authority to make invest­ment decisions re­gard­ing higher educa­tion invest­ment funds, (1989) Vol 46, p 143; board and invest­ment council may cooperate in setting invest­ment policy re­gard­ing higher educa­tion funds, (1989) Vol 46, p 143

Atty. Gen. Opinions

Effect of Board of Higher Educa­tion order directing divestiture of stock in companies doing business in Southern Africa, (1978) Vol 38, p 2017; State Treasurer authority to enter into reverse repurchase agree­ments, (1979) Vol 39, p 569; real estate holdings through invest­ment for Oregon Public Employes Retire­ment Fund, (1981) Vol 41, p 503; Statutory and fiduciary duties of treasurer and Or. Invest­ment Council to PERF, (1993) Vol 46, p 506

Chapter 293

Atty. Gen. Opinions

Duty or authority of Secretary of State to con­duct performance audits, (1985) Vol. 44, p 381


1 Legislative Counsel Committee, CHAPTER 293—Administration of Public Funds, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors293.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2015, Chapter 293, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano293.­html (2015) (last ac­cessed Jul. 16, 2016).
 
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.