ORS 294.468
Loans from one fund to another

  • commingling cash balances of funds

(1)

It shall be lawful to loan money from any fund to any other fund of the municipal corporation whenever the loan is authorized by official resolution or ordinance of the governing body. The loans shall be made in compliance with the applicable requirements and limitations of this section. Loans made under this section shall not be made from:

(a)

Debt service reserve funds created to provide additional security for outstanding bonds or other borrowing obligations that the municipal corporation has covenanted with the holders of such bonds or other borrowing obligations to maintain at certain specified levels. However, nothing in this paragraph is intended or shall be construed to prohibit loans from any such debt service reserve fund to the extent that the aggregate outstanding amount of the loans does not exceed the amount by which the amount in such debt service reserve fund exceeds the amount the municipal corporation has covenanted to maintain in the reserve fund with the holders of the related bonds or other borrowing obligations;

(b)

Debt service funds created to account for moneys needed to make annual debt service payments on outstanding bonds or other borrowing obligations; or

(c)

Moneys credited to any fund when, under applicable constitutional provisions, the moneys are restricted to specific uses unless the purpose for which the loan is to be made is a use allowed under such constitutional provisions.

(2)

The resolution or ordinance authorizing any interfund loan permitted under this section shall:

(a)

State the fund from which the loan is to be made, the fund to which the loan is to be made, the purpose for which the loan is to be made and the principal amount of the loan.

(b)

If the interfund loan is a capital loan, set forth a schedule under which the principal amount of the loan, together with interest thereon at the rate provided for in paragraph (c)(B) of this subsection, is to be budgeted and repaid to the lending fund. The schedule shall provide for the repayment in full of the loan over a term not to exceed 10 years from the date the loan is made.

(c)

If the interfund loan is a capital loan, provide that the loan shall bear interest at an annual rate equal to:

(A)

The rate of return on moneys invested in the investment pool under ORS 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally), as reported under ORS 294.875 (Monthly report of investments of pool funds), immediately prior to the adoption of the ordinance or resolution authorizing the loan; or

(B)

Such other rate as the governing body may determine.

(d)

If the interfund loan is an operating loan, provide that the money loaned shall be budgeted and repaid to the fund from which the money was borrowed by the end of the ensuing year or ensuing budget period.

(3)

The payment of any operating loans not repaid in the year or budget period in which the operating loan was made shall be budgeted as a requirement in the ensuing year or ensuing budget period.

(4)

It shall be lawful to commingle cash balances of funds so long as all such fund moneys are segregated in the budget and accounting records.

(5)

As used in this section:

(a)

“Capital loan” means any interfund loan, or portion thereof, made for the purpose of financing the design, acquisition, construction, installation or improvement of real or personal property and not for the purpose of paying operating expenses.

(b)

“Operating loan” means any interfund loan, or portion thereof, that is not a capital loan, including any interfund loan, or portion thereof, made for the purpose of paying operating expenses. [Formerly 294.460; 2013 c.338 §14]

Source: Section 294.468 — Loans from one fund to another; commingling cash balances of funds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors294.­html.

Notes of Decisions

This section authorized county to borrow from county general road fund provided other requirements of section were met. State ex rel Weinstein v. Lane County, 71 Or App 238, 692 P2d 135 (1984)

Attorney General Opinions

Distribution of earnings from investment of money in the custody of the county treasurer, (1971) Vol 35, p 1020; exchange of land purchased with money from County Road Fund, (1982) Vol 42, p 271

294.004
Definitions
294.005
Definitions for ORS 294.005 to 294.025
294.010
Surrender of warrants upon payment
294.015
Payment on lost, stolen or destroyed warrants upon affidavit of owner, payee or representative
294.025
Effect of wrongful payment
294.027
Provisions relating to warrants and payment of claims
294.028
Payment of warrants by depository
294.029
Provisions of ORS 294.027 and 294.028 not mandatory
294.030
Deductions for bonds from compensation of municipal and other employees
294.033
Investment of deferred compensation funds
294.035
Investment of funds of political subdivisions
294.040
Restriction on investments under ORS 294.035
294.046
List of approved securities for investment under ORS 294.035
294.047
Loss of principal on liquidation of investments
294.048
Borrowing money when premature withdrawal or liquidation of certain investments would cause loss
294.052
Definitions
294.053
Investment by county in master warrants of county
294.055
Use by counties of moneys received from federal government under the Mineral Leasing Act
294.060
Apportionment of moneys received by counties from federal forest reserves to road and school funds
294.065
Use by counties of moneys received from federal government under the federal Flood Control Act
294.070
Expenditure of Taylor Grazing Act funds
294.080
Disposition of interest earned on funds held by county treasurer
294.090
County orders and vouchers to be numbered to correspond to warrants drawn
294.095
Action or proceeding with respect to budget or levy
294.100
Public official expending money in excess of amount or for different purpose than provided by law unlawful
294.120
Use of facsimile signatures
294.125
Investment of funds authorized by order of governing body
294.135
Investment maturity dates
294.145
Prohibited conduct for custodial officer
294.155
Annual audit report
294.160
Opportunity for public comment on new fee or fee increase
294.175
Definitions
294.178
Assessment grant to county
294.181
Alternative method for certification
294.184
County Assessment Function Funding Assistance Account
294.187
County Assessment and Taxation Fund
294.250
Publication by county governing body of schedule of expenditures and statement of proceedings
294.305
Sections constituting Local Budget Law
294.311
Definitions for ORS 294.305 to 294.565
294.316
Exclusions from scope
294.321
Purposes
294.323
Budget period
294.331
Budget officer
294.333
Basis of accounting used by municipal corporation
294.338
Compliance with Local Budget Law required prior to expenditure or tax certification
294.343
Internal service funds
294.346
Reserve fund established without vote
294.353
Elimination of unnecessary fund
294.358
Expenditure and resource estimate sheets
294.361
Contents of estimate of budget resources
294.368
Determination of estimated tax revenues
294.373
Reserving receipts from revenue-producing property or facility
294.378
Certain interest to be included in budget
294.383
Inclusions in accrued revenues of school, education service, community college and community college service districts using accrual basis of accounting
294.388
Estimates and reconciliation of expenditures and other requirements
294.393
Preparation of estimates by school, education service and community college districts and by municipal corporations operating public utility or hospital
294.398
Estimate of unappropriated ending fund balance for each fund
294.403
Budget message
294.408
Time of making budget message and document
294.414
Budget committee
294.423
Governing body of certain municipal corporations to be budget committee
294.426
Budget committee meeting
294.428
Budget committee hearings
294.431
Submission of budget document to tax supervising and conservation commission before date of public hearing
294.433
Format for notices and summaries
294.438
Publication of notice of meeting, financial summary and budget summary
294.441
Requirements for financial summaries of school, education service and community college districts
294.444
County budget summary of revenues and expenditures funded in part by state resources
294.448
Manner of publication
294.451
Sufficiency of publication of budget documents
294.453
Hearing by governing body on budget document as approved by budget committee
294.456
Governing body to adopt budget, make appropriations, declare and categorize property tax amount or rate
294.458
Filing copy of budget and certain documents with county assessor and Department of Revenue
294.461
Tax certification contrary to law voidable by Oregon Tax Court
294.463
Transfers of appropriations within fund or between funds
294.466
Appropriation of pass-through revenues
294.468
Loans from one fund to another
294.471
Supplemental budget in certain cases
294.473
Procedure when supplemental budget changes estimated expenditures by more than 10 percent
294.474
Requirement to file materials related to measure proposing local option tax or general obligation bond
294.476
Local option tax or bond measure approved after adoption of budget
294.477
Inclusion in budget of estimated requirements for bonds approved at May election
294.478
School or community college district expending federal or state funds in emergency
294.481
Authorization to receive grants or borrow or expend moneys to respond to public emergency
294.490
Department of Revenue not to interfere with fiscal policy of municipal corporation
294.495
Department of Revenue to construe Local Budget Law
294.500
Declaratory ruling by Department of Revenue as to its rules
294.505
Division of Audits to issue notification of budgetary irregularities
294.510
Order for revision of budgetary procedures
294.515
Appeal by municipal corporation from Department of Revenue order
294.520
Priority of appeals under Local Budget Law
294.565
Failure to file copy of required budget, reports or other documents
294.605
Definitions for ORS 294.605 to 294.705
294.608
Populous counties
294.610
Tax supervising and conservation commission
294.615
Oath of commissioner
294.620
Office of commission
294.625
Jurisdiction of commission
294.630
Tax supervising and conservation commission account
294.632
Commission calculation and report of costs
294.635
Submission of budget estimates by levying boards
294.640
Hearing on budget
294.645
Consideration of budget by commission
294.650
Striking unauthorized items from budget
294.655
Hearing on special tax levies and bond issues proposed for elector approval
294.660
Compiling information as to indebtedness
294.665
Levying board to submit audit report or financial statements annually
294.670
Commission may inquire into management, books and systems
294.675
Calling joint meetings of levying boards
294.680
Certifying excessive or unauthorized expenditures to district attorney
294.685
Annual report by commission
294.690
Records and files of commission open to public inspection
294.695
Attorney General as legal advisor and counsel to commission
294.700
Proceedings to collect penalties
294.705
Tax supervising and conservation commission fund
294.710
Procedures for establishing commission
294.725
Definitions for ORS 294.725 to 294.755
294.730
Fund created
294.735
Payments to fund by political subdivisions
294.740
Refund of account balances
294.745
Analysis of fund receipts and expenditures
294.750
Experience and liability of successor political subdivisions
294.755
Payment on quarterly basis
294.805
Definitions for ORS 294.805 to 294.895
294.810
Local and tribal governments authorized to place limited funds in pool
294.815
Period of investments
294.820
Establishment of investment pools by intergovernmental agreement
294.825
State Treasurer as investment officer
294.831
Investment objective
294.835
Standard of care
294.840
Investment policies
294.845
Investment officer to invest, reinvest pool funds
294.847
Prohibited conduct for investment officer
294.850
Contracts with persons to perform investment functions
294.855
Legal opinions
294.860
Custody of investment documents
294.865
Monthly deductions from income received for payment of expenses
294.870
Separate accounts for public bodies
294.875
Monthly report of investments of pool funds
294.880
Program examination and audit
294.882
Merger or subsequent separation of investment pool and Oregon Short Term Fund
294.885
Oregon Short Term Fund Board
294.890
Board members serve without compensation
294.895
Board duties, generally
294.900
“Council of governments” defined
294.905
Budget committee
294.910
Estimates of expenditures
294.915
Notice of budget committee meeting
294.920
Hearing on budget document
294.925
Supplemental budget
294.930
Authority of Department of Revenue
294.950
County revenue sharing with cities
294.960
Collection and disposition of amounts due counties
294.990
Penalties
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