(1) As used in this section:
(a) “Depository” has the meaning given that term in ORS 295.001 (Definitions for ORS 295.001 to 295.108).
(b) “Financial institution” has the meaning given that term in ORS 706.008 (Additional definitions for Bank Act).
(2) Except as provided in this section, moneys received by the State Fair Council must be promptly deposited into an account established by the council in a depository that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. In a manner consistent with the requirements of ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules), the chairperson and vice-chairperson of the council shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the coverage provided by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
(3) The council may deposit moneys into an account established by the council in a financial institution that is not a depository if the amount on deposit is at all times fully insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or another appropriate federal regulatory body responsible for insuring amounts on deposit with the financial institution for the benefit of depositors.
(4) The council may invest any moneys the council receives. Except as provided in subsection (5) of this section, investments that the council makes are:
(a) Limited to investments described in ORS 294.035 (Investment of funds of political subdivisions);
(b) Subject to the investment maturity date limitations described in ORS 294.135 (Investment maturity dates); and
(c) Subject to the conduct prohibitions listed in ORS 294.145 (Prohibited conduct for custodial officer).
(5) In addition to or in lieu of investments described in subsection (4) of this section, the council may invest in the investment pool described in ORS 294.805 (Definitions for ORS 294.805 to 294.895). For purposes of ORS 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally), the state fair director is a local government official.
(6) Except as provided in this subsection, the state fair director shall provide to each meeting of the council a financial report that includes, but need not be limited to, a summary of account and investment activity, and copies of any account or investment statements received from a bank, investment firm or other source since the previous report was provided. The council may waive the financial report requirement if the council is meeting less than 30 days after a meeting to which the state fair director provided a financial report. [2013 c.492 §9]
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.