Deposit of public funds
- • limitation
- • exception
(1) A public official may retain undeposited such reasonable cash working fund as is fixed by the governing body of the political subdivision or public corporation for which the public official acts. Except to the extent of the cash working fund, a public official shall deposit public funds in the public official’s custody or control in one or more depositories currently qualified pursuant to ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules). Unless a depository has entered into the agreement described in ORS 295.008 (Conditions for acting as custodian or depository) (2)(b) and has deposited securities pursuant to ORS 295.015 (Maintenance of securities by depository) (1), the public official may not have on deposit in any one depository and branches of the depository a sum in excess of:
(a) The amount insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund; or
(b) For any amount over the amount insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, the amount insured or guaranteed by private deposit insurance or a deposit guaranty bond issued by an insurance company rated A- or better by a recognized insurance rating service.
(2) Compliance with ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules) relieves the public official of personal liability for the loss of the public funds in the public official’s custody or control. [Formerly 295.025; 2010 c.101 §2]
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.