Limitation on depository acceptance of public funds from single public official
- • exceptions
(1) A depository may not accept a deposit of public funds if the deposit would cause the aggregate of public funds deposits that any one public official makes in the depository to exceed at any time the depository’s net worth. If a depository’s net worth is reduced, the depository may allow public funds on deposit in excess of the reduced net worth to remain if the depository deposits with the depository’s custodian eligible securities valued at market value in an amount at least equal to the amount of the excess public funds deposits. If the additional securities required by this section are not deposited with the custodian, the depository shall permit the public official to withdraw deposits prior to maturity, including accrued interest, in accordance with applicable statutes and governmental regulations.
(2) The limitations of subsection (1) of this section do not apply to:
(a) Public funds deposits a depository holds in a certificate of deposit or time deposit under ORS 295.004 (Conditions for deposit of funds in excess of specified amounts) (1); or
(b) Public funds that an Oregon depository arranges to deposit into an insured deposit account under ORS 295.004 (Conditions for deposit of funds in excess of specified amounts) (2). [2007 c.871 §10; 2009 c.821 §12; 2010 c.101 §15; 2011 c.477 §§5,6; 2013 c.1 §26]
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.