2017 ORS 294.052¹
  • investment by municipality of proceeds of bonds

(1) As used in this section:

(a) “Bond” has the meaning given that term in ORS 287A.001 (Definitions for ORS chapter 287A).

(b) “Municipality” means a unit of local government within Oregon including, but not limited to, cities, counties, school districts, special districts, public corporations and intergovernmental corporations organized under the authority of ORS 190.010 (Authority of local governments to make intergovernmental agreement).

(2) Notwithstanding ORS 294.135 (Investment maturity dates) or 294.145 (Prohibited conduct for custodial officer) or any other law or charter provision, a municipality may invest proceeds of bonds and amounts held in a bond payment reserve or proceeds fund or account in float agreements, debt service deposit agreements, forward investment agreements, guaranteed investment contracts or other investment agreements if the agreements or contracts:

(a) Produce a guaranteed rate of return;

(b) Are fully collateralized by direct obligations of, or obligations guaranteed by, the United States; and

(c) Require that the collateral be held by the municipality, an agent of the municipality or a third-party safekeeping agent. [1999 c.559 §21; 2001 c.537 §7; 2007 c.783 §117]

1 Legislative Counsel Committee, CHAPTER 294—County and Municipal Financial Administration, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors294.­html (2017) (last ac­cessed Mar. 30, 2018).
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.