ORS 295.101
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 (Definitions for ORS chapter 286A) 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 as required by federal law, a judicial or regulatory order, settlement agreement, consent decree or similar arrangement. To the extent allowed by such federal law, order, agreement, decree or arrangement, the public official shall require the funds to be protected in a manner consistent with the provisions of this chapter.(e)
Funds that are held pursuant to a contract with provisions that require the funds to be collateralized at 100 percent, if the funds are deposited into an account that is separate from other accounts of the holder of the funds and the public official and the financial institution in which the funds are deposited 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) (17).(f)
Funds that are held by a trustee or escrow agent, whether commingled with other moneys or in a segregated account, if the trust or escrow agreement provides for collateral or other methods that may be used to secure the moneys that comply with rules or policies adopted by the State Treasurer to protect the funds from loss by the financial institution in which they are deposited.(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; 2019 c.503 §§1,2; 2019 c.587 §31]
Source:
Section 295.101 — Public funds not subject to ORS 295.001 to 295.108, https://www.oregonlegislature.gov/bills_laws/ors/ors295.html.
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