Merger or subsequent separation of investment pool and Oregon Short Term Fund
- • preconditions
(1) It is recognized that a time may come when the interest of local governments and tribal governments diminishes to the extent that participation in the investment pool no longer warrants its operation as a separate fund. If the investment pool decreases to a level below $125 million, the State Treasurer may transfer the assets of the pool to the Oregon Short Term Fund established under ORS 293.728 (Oregon Short Term Fund). In that event, the investment pool participant accounts will be treated as are other state funds and accounts in receiving a proportionate share of the earnings of the Oregon Short Term Fund. Notwithstanding ORS 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally), but subject to ORS 294.810 (Local and tribal governments authorized to place limited funds in pool), when the State Treasurer transfers the assets of the investment pool to the Oregon Short Term Fund, the distributions of income to local governments and tribal governments, payment of related expenses and the reporting, program examination and audit functions with respect to the investment pool participant accounts shall be administered in accordance with ORS 293.353 (Payment for expense of processing banking-related transactions) and 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government).
(2) The State Treasurer, at the discretion of the treasurer, may reestablish the investment pool as a separate fund if the participant accounts increase to over $125 million and, in the State Treasurer’s judgment, sufficient interest by local government and tribal government exists to ensure the investment pool will remain over $125 million. Prior to reestablishing the pool as a separate fund, the State Treasurer shall first present a plan for operation, including the reasons for such action, to the Oregon Investment Council at a regularly scheduled meeting for its review and comment. The State Treasurer shall publish notice in the Secretary of State’s administrative rules bulletin of the treasurer’s intent to reestablish the pool as a separate fund at least 30 days prior to the meeting at which the Oregon Investment Council shall review the proposal, and notice of the meeting time and location of the Oregon Investment Council at which the proposal will be discussed. [1979 c.608 §9; 1980 c.19 §7; 1983 c.456 §3; 1993 c.18 §62; 1997 c.129 §1; 1999 c.1043 §7; 2009 c.541 §15; 2009 c.821 §27; 2013 c.338 §10]
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