(1) Moneys in a fund established by law may not be discretely invested unless the law establishing the fund specifically indicates that the moneys may be invested. A provision in a law establishing a fund that requires interest earned by the fund to be retained by the fund is not, by itself, a specific indication that the moneys in the fund may be discretely invested.
(2) As used in this section, discretely invested means invested in something other than the Oregon Short Term Fund established under ORS 293.728 (Oregon Short Term Fund). [2007 c.217 §2; 2009 c.541 §13; 2009 c.821 §20]
Note: 293.723 (Discrete investment of moneys) was added to and made a part of 293.701 (Definitions for ORS 293.701 to 293.857) to 793.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.