ORS 571.471
Financial activity of Oregon Hemp Commission
(1)
Intentionally left blank —Ed.(a)
Moneys a person collects or receives from the assessment levied pursuant to ORS 571.447 (Levy and collection of assessment), and other moneys the Oregon Hemp Commission receives, must be paid to the authorized agent of the commission and promptly deposited into an account established by the commission in a depository, as defined in ORS 295.001 (Definitions for ORS 295.001 to 295.108), that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.(b)
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, vice chairperson and secretary-treasurer for the commission shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the coverage limits established by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.(c)
All moneys in the account are continuously appropriated to the commission for the purposes of carrying out the commission’s duties, functions and powers.(2)
Moneys may not be withdrawn from or paid out of the account except upon order of the commission, and upon checks or other orders upon accounts signed by the secretary-treasurer or other member of the commission that the commission designates and countersigned by another member, officer or employee of the commission that the commission designates. The commission shall keep a receipt, voucher or other written record showing clearly the nature and items covered by each check or other order.(3)
Subject to approval by the Director of Agriculture, the commission may invest moneys the commission collects or receives. Investments the commission makes are:(a)
Limited to investments described in ORS 294.035 (Investment of funds of political subdivisions);(b)
Subject to the investments 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).(4)
Interest earned from any moneys the commission invests under subsection (3) of this section is available to the commission in a manner consistent with the commission’s annual budget.(5)
In addition to, or in lieu of, investments described in subsection (3) of this section, the commission 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 commission is a public corporation and the secretary-treasurer of the commission is the local government official. [2021 c.216 §26]
Source:
Section 571.471 — Financial activity of Oregon Hemp Commission, https://www.oregonlegislature.gov/bills_laws/ors/ors571.html.
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