2017 ORS 295.101¹
Public funds not subject to ORS 295.001 to 295.108

(1) The following public funds are not subject to the provisions of ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules):

(a) Funds that are deposited for the purpose of paying principal, interest or premium, if any, on bonds, as defined in ORS 286A.001 and 287A.001 (Definitions for ORS chapter 287A), and related costs or securing a borrowing related to an agreement for exchange of interest rates entered into under ORS 286A.110 (Agreements for exchange of interest rates) or 287A.335 (Agreements for exchange of interest rates).

(b) Funds that are invested in authorized investments under provisions of law other than ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules). Funds invested under ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) are invested in authorized investments for purposes of this subsection from the time the funds are transferred by the State Treasurer to a third party under the terms of a contract for investment or administration of the funds that requires such a transfer until the time the funds are returned to the treasurer or paid to another party under the terms of the contract.

(c) Negotiable certificates of deposit purchased by the State Treasurer under ORS 293.736 (Duties of investment officer) or by an investment manager under ORS 293.741 (Council may contract with others to perform investment officer functions).

(d) Funds that are held by a public official and are required by federal law or contractual provisions to be collateralized at 100 percent, if the funds are deposited in an account that is separate from other accounts of the public official in a depository, and the public official and the depository have entered into a written agreement that provides a perfected security interest to the public official in collateral valued at an amount at least equal to the amount of funds in the account in a manner substantially similar to a pledge agreement described in ORS 295.001 (Definitions for ORS 295.001 to 295.108) (15).

(2) Notwithstanding subsection (1) of this section, funds deposited by a custodial officer under ORS 294.035 (Investment of funds of political subdivisions) (3)(d) are subject to the provisions of ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules). [Formerly 295.011; 2011 c.667 §5]

Atty. Gen. Opinions

Invest­ment of deferred compensa­tion funds, (1976) Vol 37, p 1284; county fair associa­tion as public corpora­tion, (1979) Vol 39, p 505

Chapter 295

Atty. Gen. Opinions

Invest­ment of funds by school district, (1974) Vol 36, p 827

1 Legislative Counsel Committee, CHAPTER 295—Depositories of Public Funds and Securities, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors295.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 295, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano295.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.