Chapter 293 — Administration of Public Funds

 

2013 EDITION

 

ADMINISTRATION OF PUBLIC FUNDS

 

PUBLIC FINANCIAL ADMINISTRATION

 

GENERAL PROVISIONS

 

293.075     Encumbrances; rules

 

GIFTS, DEVISES AND BEQUESTS

 

293.090     Disposition of gift, devise or bequest to state or state agency

 

293.095     Effect of change in organization of state agencies on gifts, devises and bequests

 

GENERAL FUND; OTHER STATE FUNDS

 

(Generally)

 

293.105     General Fund

 

293.110     Certain funds as part of General Fund

 

293.115     Moneys separate and distinct from General Fund

 

293.117     Trust fund; continuous appropriation

 

293.125     Department to make accounting entries and charge claims against special dedicated funds

 

293.130     Information required on records of moneys deposited

 

293.135     Payment of warrants against certain special funds

 

293.140     Disposition of interest on state funds

 

(Oregon Rainy Day Fund)

 

293.144     Oregon Rainy Day Fund; use; interest

 

293.146     Transfer of moneys to Rainy Day Fund

 

293.148     Cap on amount

 

(Deficiencies)

 

293.165     Borrowing to pay warrants against General Fund

 

293.167     Proceeding when warrants not paid for want of funds

 

293.169     Notification to agency to stop issuing checks or warrants or initiating electronic funds transfers; resumption of checks, warrants or electronic funds transfers

 

293.171     State agency overdrafts; interest

 

(Petty Cash)

 

293.180     Agency petty cash fund

 

(Reversion)

 

293.190     Reversion of appropriations to General Fund; cancellation of budget limitations; rules; exceptions; extensions

 

(Retention of Certain Appropriation Balances)

 

293.195     Retention of appropriation balances

 

TRANSFERS TO FUNDS HAVING INSUFFICIENT MONEY

 

293.205     Definitions for ORS 293.205 to 293.225

 

293.210     Transfer and retransfer of money and credit among state funds

 

293.212     Transfers to funds of Department of Transportation with insufficient moneys

 

293.214     Lines of credit for state agency; duration; source of funding

 

293.215     Evidencing transfers and retransfers; notification of transfer

 

293.220     Interest on transferred moneys or credits

 

293.225     Construction of ORS 293.205 to 293.220

 

COLLECTION OF DEBTS OWED TO STATE AGENCIES

 

293.227     Definitions for ORS 293.227 to 293.233

 

293.229     Liquidated and delinquent accounts of state agency; annual reports

 

293.231     Collection of liquidated and delinquent accounts by private collection agency or Department of Revenue; rules; fee added to debt

 

293.233     Exemption of accounts from assignment to private collection agency; rules

 

UNCOLLECTIBLE DEBTS

 

293.235     “State agency” defined for ORS 293.240 and 293.245

 

293.240     Writing off uncollectible debts due state agency

 

293.245     Subsequent collection of debt written off under ORS 293.240

 

RECEIVING AND HANDLING MONEYS

 

293.250     Collections Unit; collection and disposition of amounts due state agencies or counties; setoff of sums due debtor; warrants

 

293.260     Collection of moneys and property due to state

 

293.262     Requiring information regarding accounts; reference to legislature

 

293.265     Moneys collected to be turned over to State Treasurer; return of checks or money orders; maximum amount returned set by rule; effect of indorsement “paid in full”

 

293.270     Record of moneys deposited under ORS 293.265; interest

 

293.275     Disbursement of moneys

 

293.280     Application of ORS 293.265 to 293.275

 

293.285     Transfers between funds, accounts or appropriations authorized for certain interagency and intergovernmental payments

 

293.293     Funds held in trust by court

 

APPROVING AND PAYING CLAIMS

 

(Approval)

 

293.295     When claim against moneys in State Treasury may be paid

 

293.300     No claim to be paid if disapproved by department; exceptions

 

293.306     Forms and procedures for claims, warrants, checks and orders; notice of two-year cancellation

 

293.311     Requiring information regarding claims

 

293.316     Appeal of disputed claim

 

293.321     Limitation on time of presentment of claims

 

293.326     When claim allowed against state as setoff

 

293.330     Designation of officer by state agency to approve disbursements

 

293.335     Designation of individual by legislative committee to approve disbursements

 

293.341     References to voucher claims as references to disbursements; filing designations with department

 

293.346     Drawing warrants

 

293.348     Charging and billing state agencies for expense of drawing and processing warrants

 

293.353     Payment for expense of processing banking-related transactions

 

293.370     Use of facsimile signatures by department and state agencies

 

293.375     Use of facsimile signatures by state officers and employees

 

(Payment)

 

293.406     Payment by State Treasurer; effect of issuance of check or warrant or initiation of electronic funds transfer by state officer

 

293.445     Definition for ORS 293.445 to 293.460; authority to make refunds; moneys held for refund or payment to claimants; deposit; rules; drawing checks

 

293.447     Establishment of accounts for purposes other than those in ORS 293.445 authorized; rules

 

293.450     Report of checks outstanding more than two years

 

293.455     Refusal of payment of unpresented checks; duties of State Treasurer in transferring funds; report to Department of State Lands

 

293.460     Recourse of owners of unpaid checks

 

293.462     Payment of overdue account charges; rules

 

(Duplicate Instruments)

 

293.465     Definitions for ORS 293.465 to 293.485; presentation of instrument for payment

 

293.470     Payment on lost, stolen or destroyed instruments; indemnity bonds not required

 

293.475     Issuance of duplicate instrument; affidavit of owner, payee or representative

 

293.480     Adoption of uniform procedure for issuing duplicate instruments

 

293.485     Effect of wrongful payment; liability of officer

 

(Death of Payee)

 

293.490     Payment upon death of person entitled to money from state if estate not in probate

 

293.495     Procedure for payment

 

293.500     Probate proceedings unnecessary; accounting to administrator

 

(Auditor of Public Accounts)

 

293.505     Secretary of State as Auditor of Public Accounts; claim disapproved in performance of constitutional functions not to be paid

 

293.510     Presentment of claims to Secretary of State not required

 

293.515     Withholding salary of state official or employee failing to settle accounts or correct delinquencies or errors in audit reports; notice and hearing; exemptions

 

ELECTRONIC FUNDS TRANSFERS

 

293.525     Payments to and by state agencies by electronic funds transfers; rules; penalty for failure to comply

 

ACCOUNTS FOR TOBACCO SETTLEMENT MONEYS

 

293.537     Tobacco Settlement Funds Account; sources; uses; investment

 

293.540     Health Care Trust Fund; sources; uses; investment

 

DISTRIBUTING CERTAIN FEDERAL MONEYS

 

293.550     Receipt and disposition generally of federal aid moneys; deposit in special fund

 

293.555     Receipt and disposition of moneys received from federal government in lieu of ad valorem property taxes

 

293.560     Apportionment among counties of moneys received from federal government from forest reserves

 

293.565     Apportionment among counties of moneys received from federal government under Mineral Lands Leasing Act; Federal Mineral Leases Fund

 

293.570     Apportionment among counties of moneys received from federal government under federal Flood Control Act; Federal Flood Control Leases Fund

 

293.575     Distribution of funds received under the Taylor Grazing Act; Taylor Grazing Fund

 

ACCOUNTING AND FISCAL REPORTING

 

293.590     Department to supervise state agency accounting; furnishing accounting services

 

293.595     Supervision of data processing equipment for accounting system; other uses

 

293.600     Financial and statistical reports by state agencies

 

293.605     Fiscal year

 

293.611     Accounts and records of Secretary of State as Auditor of Public Accounts

 

293.616     Accounts and records of State Treasurer

 

293.620     Monthly account of and payment by custodians of state property

 

293.625     Statements to be rendered to Secretary of State

 

293.630     Date for closing accounts by persons who must make annual accounts

 

293.640     Period covered by biennial reports

 

293.660     Determining date of filing or receipt of reports, claims, tax returns or remittances

 

INVESTING STATE FUNDS

 

293.701     Definitions for ORS 293.701 to 293.857

 

293.706     Oregon Investment Council; appointment; term; vacancies

 

293.708     Conflicts of interest for council members

 

293.711     Compensation and expenses of council members; chairperson

 

293.713     When compensation of council member as director of business prohibited

 

293.714     Council meetings; recordings; logs

 

293.716     State Treasurer is investment officer for council; subordinate personnel; bonds

 

293.718     Payment of expenses of State Treasurer

 

293.721     General objective of investments

 

293.723     Discrete investment of moneys

 

293.726     Standard of judgment and care in investments; investment in corporate stock

 

293.728     Oregon Short Term Fund

 

293.731     Council to formulate and review investment policies; exception

 

293.733     Venture capital investments; council’s duty

 

293.734     Report on venture capital investments

 

293.736     Duties of investment officer

 

293.741     Council may contract with others to perform investment officer functions; compensation; bond

 

293.746     Opinion of bond attorney or Attorney General; investment counseling and mortgage services

 

293.751     Custody of title instruments; deposit for safekeeping; form; collection and disposition of principal and interest; default proceedings

 

293.756     Separate accounting for funds

 

293.761     Duty of investment officer to provide information for financial reporting

 

293.766     Monthly reports by investment officer to council

 

293.771     Reports by council to Governor and legislature

 

293.776     Examination and audit of investment program; report

 

293.778     Investment holding companies; use; directors and officers; effect of conflict of interests

 

293.780     Group annuity contracts with insurers on behalf of Public Employees Retirement System and Board

 

293.790     Holding, investing and disposing of corporate stock

 

293.793     Purchase or acquisition of state government bonds

 

293.796     Findings regarding venture capital for new businesses

 

INVESTING IN SUDAN

 

293.811     Short title

 

293.812     Definitions for ORS 293.811 to 293.832

 

293.813     Findings

 

293.819     Investment in scrutinized companies

 

293.825     Policy for engagement with investment managers with investments in scrutinized companies

 

293.828     Notice on State Treasurer’s website

 

293.832     Applicability of ORS 293.825 and 293.828; sufficient appropriation

 

INVESTING IN IRAN

 

293.837     Definitions for ORS 293.837 to 293.847

 

293.839     Investment in scrutinized companies

 

293.841     Policy for engagement with investment managers with investments in scrutinized companies

 

293.843     Notice on State Treasurer’s website

 

293.847     Applicability of ORS 293.841 and 293.843; sufficient appropriation

 

INVESTING LOCAL FUNDS

 

293.857     Separate accounts for each local government; report; investment rules

 

INVESTMENT POOLS

 

293.861     Investment pools authorized

 

293.863     Investment pool procedures; duties of State Treasurer

 

CASH MANAGEMENT

 

293.875     State Treasurer as state banking and cash management officer; duties; preemption of conflicting laws

 

293.880     Accounts and funds established to comply with federal legislation relating to state and federal cash management reform

 

PENALTIES

 

293.990     Penalties

 

GENERAL PROVISIONS

 

      293.075 Encumbrances; rules. The Oregon Department of Administrative Services may adopt rules and regulations defining “encumbrances” as used in ORS chapters 291, 292 and 293 and the manner in which they are to be charged to appropriations and expenditure limitations. [1971 c.341 §2]

 

GIFTS, DEVISES AND BEQUESTS

 

      293.090 Disposition of gift, devise or bequest to state or state agency. All property given, devised or bequeathed to the State of Oregon or to any state agency as defined in ORS 293.235 shall belong to the state and shall be devoted to the agency or purpose specified in the terms of the gift, devise or bequest. A grant to a particular agency, not otherwise specifying the purpose of the grant, shall be deemed made for the purpose of carrying out any function with which the agency is charged by law at the time the grant is made. When the grant is not made to a specific agency or the purpose of the grant is not otherwise stated, title thereto and the proceeds therefrom shall become a part of the Common School Fund, to be administered in accordance with Article VIII of the Oregon Constitution. [1979 c.143 §1]

 

      Note: 293.090 and 293.095 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.095 Effect of change in organization of state agencies on gifts, devises and bequests. The state may abolish agencies, change or transfer agency functions or rename any state agency. Notwithstanding any such action, property acquired by the state through gift, devise or bequest, when the purpose of the grant is stated or implied as provided in ORS 293.090, shall continue to be used by any successor agency for the purpose specified. If property is held in trust, a change in agency name or transfer of agency functions, including administration of a trust, shall not be deemed a deviation from the terms of the trust. [1979 c.143 §2]

 

      Note: See note under 293.090.

 

GENERAL FUND; OTHER STATE FUNDS

 

(Generally)

 

      293.105 General Fund. Subject to ORS 293.115, the following moneys shall be placed by the State Treasurer to the credit of and shall constitute the General Fund of the State of Oregon:

      (1) All moneys arising from direct taxation and paid into the State Treasury by the several counties of the state.

      (2) All moneys arising from the imposition of any license or other fees for permission to transact any business in the state and paid into the State Treasury by any person, firm or corporation if the law imposing the fee specifically requires the moneys to be paid into the General Fund.

      (3) All moneys collected by any state officer, board, institution or commission or county officer for license or other fees exacted by law, and from sales of state products paid into the State Treasury if the law imposing the fee specifically requires the moneys to be paid into the General Fund. [Formerly 291.352; 2003 c.81 §1]

 

      293.110 Certain funds as part of General Fund. (1) All payments of money into the State Treasury by virtue of any statute providing for, creating, authorizing or continuing any of the funds and accounts enumerated in subsection (2) of this section shall be paid into and become a part of the General Fund.

      (2) The following funds and accounts shall be a part of the General Fund:

      (a) Forest Patrol Fund.

      (b) Motor Vehicle Fund.

      (c) State Institutional Betterment Fund.

      (d) Miscellaneous Receipts Account for the State Library.

      (e) State Library School Library Fund.

      (f) Administrative Services Economic Development Fund.

      (g) All other funds or accounts created by law that are specifically established in the law creating them as funds or accounts in the General Fund. [Formerly 291.354; 1977 c.886 §36; 1983 c.740 §82; 1985 c.302 §12; 1985 c.762 §181; 2001 c.104 §100; 2003 c.81 §2; 2005 c.726 §20]

 

      293.115 Moneys separate and distinct from General Fund. The following moneys shall be separate and distinct from the General Fund:

      (1) Moneys paid into the State Treasury for fiduciary purposes and moneys that are in trust funds, as defined in ORS 291.002.

      (2) Moneys by law directed and required to be placed by the State Treasurer to the credit of:

      (a) The Agricultural College Fund principal and the interest accruing from the investment thereof.

      (b) The Burbank Trust Fund and the interest accruing from the investment thereof.

      (c) The Common School Fund and the interest accruing from the investment thereof.

      (d) The Industrial Accident Fund under ORS 656.632 and the interest accruing from the investment thereof.

      (e) The Consumer and Business Services Fund under ORS 705.145 and the interest accruing from the investment thereof.

      (f) The Workers’ Benefit Fund created in ORS 656.605 and the interest accruing from the investment thereof.

      (g) The University of Oregon Villard Endowment Interest Fund.

      (h) The Oregon Commercialized Research Fund created by ORS 284.725 and the interest accruing from the investment thereof.

      (i) The Oregon Innovation Fund created by ORS 284.720 and the interest accruing from the investment thereof.

      (3) All sums received by the state from the federal government from forest reserves, rentals, sales of timber and other sources from forest reserves, under ORS 293.560 and the interest accruing from the investment thereof.

      (4) All sums received from the five percentum of sales of public lands and apportioned under ORS 272.085 and the interest accruing from the investment thereof.

      (5) All sums received from the federal government under ORS 293.565 to 293.575 under Mineral Leasing Act, federal Flood Control Act and the Taylor Grazing Act and the interest accruing from the investment thereof.

      (6) Any other funds or accounts created by law that are not specifically established in the law creating them as funds or accounts in the General Fund. [Formerly 291.356; 1965 c.285 §79; 1981 c.787 §54; 1985 c.787 §2; 1987 c.373 §27; 1989 c.966 §19; 1995 c.641 §1; 2001 c.835 §§7,8; 2001 c.920 §10; 2003 c.81 §§3,4; 2005 c.748 §§13,14; 2009 c.762 §30]

 

      293.117 Trust fund; continuous appropriation. (1) Moneys in a trust fund that are not otherwise appropriated by law are continuously appropriated to the agency that administers the trust in order to carry out the purposes of the trust.

      (2) As used in this section, “trust fund” has the meaning given that term in ORS 291.002. [2003 c.81 §5]

 

      Note: 293.117 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.120 [Formerly 291.358; repealed by 2003 c.81 §14]

 

      293.125 Department to make accounting entries and charge claims against special dedicated funds. The Oregon Department of Administrative Services shall, by appropriate entries made at monthly periods, credit the several objects with the amounts which may be received respectively from the several sources and charge against the same any claims incurred in pursuance of authority of law, in the same manner as is provided for the payment of claims against the state. [Formerly 291.360; 1967 c.454 §99]

 

      293.130 Information required on records of moneys deposited. The State Treasurer shall enter upon all records created by the State Treasurer for moneys paid into the State Treasury such necessary information as shall:

      (1) Enable the Oregon Department of Administrative Services to credit the moneys to a fund or account in such amounts as are applicable under the law.

      (2) Permit an appropriate accounting of the moneys. [Formerly 291.362; 1967 c.454 §100; 1969 c.141 §2; 1999 c.412 §1]

 

      293.135 Payment of warrants against certain special funds. All warrants issued against any special fund that is a part of the General Fund hereby are made payable out of the General Fund. Such payment shall be made by the State Treasurer to the holders of such warrants upon demand. [Formerly 291.364]

 

      293.140 Disposition of interest on state funds. Except as otherwise provided by law, all interest received on deposits of state funds shall accrue to and become a part of the General Fund. [Formerly 291.366; 1981 c.194 §1]

 

(Oregon Rainy Day Fund)

 

      293.144 Oregon Rainy Day Fund; use; interest. (1) The Oregon Rainy Day Fund is established as an account in the General Fund.

      (2) The Legislative Assembly may appropriate moneys from the Oregon Rainy Day Fund only if the appropriation is approved by three-fifths of the members serving in each house of the Legislative Assembly and the Legislative Assembly finds one of the following:

      (a) That the last quarterly economic and revenue forecast for a biennium indicates that moneys available to the General Fund for the next biennium will be at least three percent less than appropriations from the General Fund for the current biennium;

      (b) That there has been a decline for two or more consecutive quarters in the last 12 months in seasonally adjusted nonfarm payroll employment; or

      (c) That a quarterly economic and revenue forecast projects that revenues in the General Fund in the current biennium will be at least two percent below what the revenues were projected to be in the revenue forecast on which the legislatively adopted budget for the current biennium was based.

      (3) Once each month, the Oregon Department of Administrative Services shall calculate the amount of General Fund interest that is attributable to moneys in the Oregon Rainy Day Fund. Except as otherwise provided in ORS 293.148, the department shall transfer the amount calculated under this subsection to the Oregon Rainy Day Fund.

      (4) The Legislative Assembly may not appropriate for any one biennium more than two-thirds of the amount that is in the Oregon Rainy Day Fund at the beginning of that biennium. If the appropriation is for a biennium that has not yet begun, the Legislative Assembly may use as the base the most recent estimate of the amount that will be in the Oregon Rainy Day Fund at the beginning of the biennium for which the appropriation is made.

      (5) As used in this section, “legislatively adopted budget” has the meaning given that term in ORS 291.002. [2007 c.5 §1]

 

      Note: 293.144 to 293.148 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.145 [Formerly 291.368; repealed by 1967 c.637 §37]

 

      293.146 Transfer of moneys to Rainy Day Fund. (1) As used in this section:

      (a) “Ending balance” means the difference between the amount of General Fund revenues collected during a biennium and the amount of General Fund appropriations for the biennium.

      (b) “General Fund appropriations” means the amount of moneys appropriated from the General Fund for a biennium in the legislatively approved budget for the biennium, minus the amount of any General Fund appropriation balances for that biennium that revert to the General Fund under ORS 293.190.

      (c) “Legislatively approved budget” has the meaning given that term in ORS 291.002.

      (2) Except as provided in ORS 293.148, as soon as possible after the ending balance for a biennium is determined, an amount equal to one percent of the amount of General Fund appropriations for that biennium shall be transferred to the Oregon Rainy Day Fund established by ORS 293.144. If the ending balance does not equal or exceed one percent of the amount of General Fund appropriations, an amount equal to the ending balance shall be transferred to the Oregon Rainy Day Fund. [2007 c.5 §4]

 

      Note: See note under 293.144.

 

      293.148 Cap on amount. (1) If the moneys in the Oregon Rainy Day Fund established by ORS 293.144 just prior to the time of a transfer scheduled under ORS 293.144 (3) or 293.146 equal at least 7-1/2 percent of the amount of General Fund revenues collected during the prior biennium, moneys that would otherwise be transferred to the Oregon Rainy Day Fund shall be deposited in the General Fund.

      (2) If the moneys in the Oregon Rainy Day Fund just prior to the time of a transfer scheduled under ORS 293.144 (3) or 293.146 do not equal at least 7-1/2 percent of the amount of General Fund revenues collected during the prior biennium, the transfer to the Oregon Rainy Day Fund shall be made regardless of whether that transfer increases the amount in the Oregon Rainy Day Fund to at least 7-1/2 percent of the amount of General Fund revenues collected during the prior biennium. [2007 c.5 §6]

 

      Note: See note under 293.144.

 

      293.150 [Formerly 291.370; 1967 c.454 §101; repealed by 1967 c.637 §§37,38]

 

      293.155 [Formerly 291.372; repealed by 1967 c.637 §37]

 

      293.160 [Formerly 291.374; repealed by 1967 c.637 §37]

 

(Deficiencies)

 

      293.165 Borrowing to pay warrants against General Fund. (1) If the moneys in the General Fund become exhausted, the State Treasurer shall borrow from the most advantageous sources the amounts necessary to pay warrants drawn against the General Fund in pursuance of law, other than warrants drawn against funds whose use is restricted to particular purposes by the Constitution of Oregon or by federal law. The Governor, Secretary of State and State Treasurer, jointly, shall issue certificates of indebtedness therefor. The certificates shall draw interest not to exceed the legal rate of interest until redeemed. All certificates of indebtedness shall be redeemable by the State Treasurer from the first moneys regularly accruing and credited to the General Fund.

      (2) For the purposes of subsection (1) of this section, the moneys in the General Fund shall be deemed to be exhausted when there are no moneys remaining in the General Fund other than funds whose use is restricted to particular purposes by the Constitution of Oregon or by federal law. [Formerly 291.378; 1967 c.454 §102; 2003 c.81 §6]

 

      293.167 Proceeding when warrants not paid for want of funds. (1) For the purposes of this section:

      (a) Exhaustion of the General Fund has the meaning described in ORS 293.165 (2).

      (b) “Restricted fund” means a fund in the General Fund whose use is restricted to particular purposes by the Constitution of Oregon or by federal law.

      (2) Instead of paying warrants drawn on the General Fund, the State Treasurer shall indorse on the warrants the words “Not paid for want of funds” and shall register the warrants for future payment if:

      (a) The General Fund becomes exhausted after the State Treasurer has borrowed moneys as provided in ORS 293.165 and has made the transfers of surplus funds as provided in ORS 293.205 to 293.225; and

      (b) The Governor, the Secretary of State and the State Treasurer deem it necessary or advisable to refuse to pay the warrants and to register the warrants, and direct the State Treasurer to do so.

      (3) The State Treasurer shall register the warrants indorsed as provided in subsection (2) of this section by number and by date according to the date on which the warrants were presented for payment. All warrants so indorsed and registered shall thereafter become payable in full according to the date of registration, beginning with the earliest date. Warrants described in this subsection are payable only from moneys in the General Fund that are not in restricted funds.

      (4) Notwithstanding subsection (2) of this section, a warrant that is drawn against a restricted fund may be paid, even if the General Fund is exhausted, if there are sufficient moneys in the restricted fund to pay the warrant. The State Treasurer need not indorse or register a warrant paid under this subsection in the manner described in subsections (2) and (3) of this section.

      (5) Warrants that are registered under subsections (2) and (3) of this section shall draw interest payable from the General Fund, until called for payment by the State Treasurer, at the rate of five percent per year. The Oregon Department of Administrative Services shall determine the amount of interest payable on each warrant under this subsection and when and how the interest will be paid.

      (6) As funds for the payment of all the warrants registered on a particular date and of the interest thereon become available in the General Fund, the State Treasurer shall give notice of the calling of the warrants for payment by one publication in a newspaper printed and published in Salem, Oregon. [Formerly 293.170]

 

      293.169 Notification to agency to stop issuing checks or warrants or initiating electronic funds transfers; resumption of checks, warrants or electronic funds transfers. (1) The State Treasurer may notify a state agency that it must stop issuing checks or warrants on, or initiating electronic funds transfers from, a specified fund or account if:

      (a) The General Fund is exhausted as described in ORS 293.165 (2);

      (b) Warrants drawn on the General Fund are being registered under ORS 293.167;

      (c) An appropriation or other authorization to expend moneys has not been approved for the state agency; or

      (d) There are no moneys in the fund or account on or from which the state agency proposes to issue checks or warrants or to initiate electronic funds transfers.

      (2) A notice issued by the State Treasurer under this section must specify the fund or account on or from which the state agency may no longer issue checks or warrants or initiate electronic funds transfers. When the conditions described in subsection (1) of this section that led to the notice from the State Treasurer are no longer in effect, the State Treasurer shall notify the state agency that it may resume issuance of checks or warrants or initiation of electronic funds transfers.

      (3) A state agency that receives a notice from the State Treasurer under subsection (1) of this section must cease issuing checks or warrants drawn on, or initiating electronic funds transfers from, the specified fund or account. If authorized to do so by the State Treasurer, a state agency that ceases issuance of checks or warrants or initiation of electronic funds transfers under this section may pay obligations by warrants that may be registered under ORS 293.167 if the checks or warrants are drawn on, or the electronic funds transfers are from, moneys in the General Fund.

      (4) As used in this section, “state agency” means any board, commission, department, institution, branch or agency the costs of which are paid in whole or in part from funds held in the State Treasury. [2003 c.81 §9]

 

      Note: 293.169 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.170 [Formerly 291.380; 2003 c.81 §7; renumbered 293.167 in 2003]

 

      293.171 State agency overdrafts; interest. (1) If a check, warrant or demand for payment by electronic funds transfer is presented to the State Treasurer for payment and at the time of presentment the account or fund from which payment should be drawn has insufficient moneys to pay in full the amount presented, the State Treasurer may transfer the overdraft amount from other moneys deposited in the State Treasury by the state agency from whose account or fund the payment is required. The State Treasurer may charge interest at a rate determined by the State Treasurer on any negative account or fund balance that results from the overdraft. The interest shall be paid to the account or fund from which moneys were transferred to pay the overdraft. The State Treasurer may also charge fees for the transfer, in amounts determined by the State Treasurer.

      (2) The authority given the State Treasurer in this section is in addition to, and not in lieu of, authority given the treasurer in ORS 293.205 to 293.225.

      (3) As used in this section, “state agency” means any board, commission, department, institution, branch or agency, the costs of which are paid in whole or in part from funds held in the State Treasury. [2003 c.81 §10]

 

      Note: 293.171 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.173 [2002 s.s.1 c.1 §3; repealed by 2007 c.783 §234]

 

      293.175 [2002 s.s.1 c.1 §4; 2007 c.783 §13; renumbered 286A.050 in 2007]

 

      293.177 [2002 s.s.1 c.1 §5; 2007 c.783 §14; renumbered 286A.055 in 2007]

 

(Petty Cash)

 

      293.180 Agency petty cash fund. (1) If the appropriation for an agency or the limitation on expenditures of an agency, as enacted by the Legislative Assembly, includes an amount for a petty cash fund, the fund shall be established and administered as provided in this section.

      (2) The agency for which a petty cash fund has been authorized may prepare a voucher in the amount authorized in favor of a person designated by the agency as custodian of its petty cash fund. A warrant shall be drawn for the amount of the voucher payable out of moneys appropriated for the expenditures of the agency. The designated custodian shall credit the amount of the warrant to the petty cash fund.

      (3) The Oregon Department of Administrative Services may establish regulations governing the administration of petty cash funds established pursuant to this section.

      (4) Subject to regulations established by the department:

      (a) The designated custodian may make disbursements from the petty cash fund only when it is necessary to make an immediate cash payment which is lawfully payable from moneys appropriated to the agency.

      (b) The designated custodian may hold the petty cash fund in cash or may deposit the fund to the account of the agency in any insured institution or institutions in the state authorized as a depository of state funds, or may hold part in cash and deposit the remainder.

      (5) The designated custodian shall periodically submit to the appropriate warrant drawing authority verified reimbursement vouchers properly supported by evidences of disbursements from the petty cash fund. Upon allowance of the reimbursement vouchers the warrant drawing authority shall issue a warrant on the State Treasurer, in favor of the designated custodian, payable out of moneys appropriated for the expenditures of the agency. [Formerly 291.548; 1967 c.454 §103; 1997 c.631 §445]

 

(Reversion)

 

      293.190 Reversion of appropriations to General Fund; cancellation of budget limitations; rules; exceptions; extensions. (1) On December 31 in each odd-numbered year, all General Fund appropriation balances as recorded on the records of the Oregon Department of Administrative Services for the prior biennium shall revert to the General Fund except for capital construction, continuing contracts, contested claims, special appropriations designated by legislative action, appropriations described in ORS 293.195 or savings continuously appropriated to agencies under ORS 291.120.

      (2) On December 31 in each odd-numbered year, all limitation balances on any separate fund or cash account in the State Treasury shall be canceled except for continuing contracts, contested claims or special limitations designated by legislative action.

      (3) Notwithstanding subsections (1) and (2) of this section, under conditions which shall be described by the department by rule, upon request, an extension may be granted to allow an agency to make final analyses and corrections before an appropriation or limitation is canceled. The procedures for requesting an extension and the criteria for approving the request shall be established by the department. [1971 c.341 §3; 1991 c.220 §7; 1993 c.724 §3; 2012 c.107 §58]

 

(Retention of Certain Appropriation Balances)

 

      293.195 Retention of appropriation balances. (1) Any difference between the amount appropriated for a biennium to the judicial department as defined in ORS 174.113, including amounts appropriated to any agency of the judicial department, and the amount of the appropriation actually expended on or before the end of the biennium, is continuously appropriated to the judicial department for payment of expenses of the judicial department for the next biennium.

      (2) Any difference between the amount appropriated for a biennium to the legislative department as defined in ORS 174.114, including amounts appropriated to any agency of the legislative department, and the amount of the appropriation actually expended on or before the end of the biennium, is continuously appropriated to the legislative department for payment of expenses of the legislative department for the next biennium. [2012 c.107 §56]

 

      Note: 293.195 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

TRANSFERS TO FUNDS HAVING INSUFFICIENT MONEY

 

      293.205 Definitions for ORS 293.205 to 293.225. As used in ORS 293.205 to 293.225:

      (1) “Borrowing fund” means the fund to which money is initially transferred under ORS 293.210.

      (2) “Lending fund” means the fund from which money is initially transferred under ORS 293.210. [Formerly 291.402]

 

      293.210 Transfer and retransfer of money and credit among state funds. If there is insufficient money to the credit of any fund in the State Treasury to pay the obligations against such fund and there is money to the credit of one or more other state funds that is not then required to meet the respective obligations against such funds, the State Treasurer shall transfer so much as the State Treasurer deems advisable of such money standing to the credit of the funds having excess money to the fund having insufficient money if there are or will be moneys accruing to the borrowing fund or that can be transferred to it in like manner, as provided in this section, to enable a retransfer to be made of such moneys to the credit of the lending funds from which they were so transferred in time to meet the requirements of the lending funds. However, unless conditions are such at the time when the original transfer of moneys is considered as to make sure that such retransfer can be so made, the original transfer shall not be made. All moneys transferred under this section from lending to borrowing funds shall be retransferred to the lending funds when or before they are needed in the lending funds. [Formerly 291.404; 2005 c.22 §217]

 

      293.212 Transfers to funds of Department of Transportation with insufficient moneys. (1) If the Department of Transportation determines that there is insufficient money in any of its funds to pay the obligations against that fund, the department may request the State Treasurer to transfer money from one or more other funds to the fund that has insufficient money. The treasurer shall transfer the money if:

      (a) The lending fund has money that is not required at the time of the transfer to meet the obligations against the fund; and

      (b) The treasurer determines that there are or will be enough moneys accruing to the borrowing fund, or that can be transferred to it, to enable a retransfer of the money to the lending fund in time to meet the requirements of the lending fund.

      (2) All moneys transferred under this section to a borrowing fund shall be retransferred to the lending funds when or before they are needed.

      (3) The department may request transfers of money under this section regardless of whether or not the insufficiency in a fund that triggers the request was anticipated by the department. [1991 c.793 §2; 2005 c.22 §218]

 

      Note: 293.212 was added to and made a part of 293.205 to 293.225 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

      293.214 Lines of credit for state agency; duration; source of funding. (1) Subject to the provisions of this section, a state agency may establish with the State Treasurer lines of credit for funds under its administration, upon a certificate by the agency’s department head and chief financial officer to the State Treasurer representing and satisfactorily demonstrating, for the period for which a line of credit is requested, that:

      (a) There will be insufficient moneys to the credit of the funds for which the line of credit is requested to meet expenses as they arise; and

      (b) The agency will be entitled for expenditure of agency funds to reimbursement from federal agencies or other sources sufficient to repay, when due, all draws against the line of credit, plus interest charged to the agency.

      (2) No line of credit, based upon anticipated reimbursements, shall be established more than six months in advance of a draw on the credit and draws shall be repaid to the lending fund within six months. Reimbursements must be applied against any outstanding advances on the line of credit established under this section.

      (3) The State Treasurer may fund lines of credit established pursuant to this section from money to the credit of other state funds which will not be required to meet the respective obligations of the funds during the period for which a draw under a line of credit is not repaid, as provided in ORS 293.210.

      (4) A line of credit may operate as a revolving fund, so that draws shall proportionately reduce and repayments shall proportionately increase the credit remaining under the line of credit, but at no time shall the total amount of draws against the line of credit exceed the credit limit.

      (5) Every state agency for which a line of credit is established shall report promptly in writing to the State Treasurer any change in information furnished in support of the request for a line of credit.

      (6) The State Treasurer may grant or deny, modify or terminate a line of credit when in the judgment of the State Treasurer it is in the best interest of the state. [1993 c.68 §2; 2003 c.16 §3]

 

      Note: 293.214 was added to and made a part of 293.205 to 293.225 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

      293.215 Evidencing transfers and retransfers; notification of transfer. (1) All transfers from lending to borrowing funds under ORS 293.210 shall be evidenced by proper bookkeeping accounts kept by the State Treasurer showing appropriate credits to the lending funds. All retransfers shall be evidenced in like manner.

      (2) When funds are transferred under ORS 293.210, the State Treasurer shall notify the Oregon Department of Administrative Services, the Legislative Fiscal Office, the department for whose use the lending fund is maintained and the governing board or commission, if any, of the department for whose use the lending fund is maintained. [Formerly 291.406; 1967 c.454 §104; 2001 c.71 §1]

 

      293.220 Interest on transferred moneys or credits. All moneys or credits transferred under ORS 293.210 or 293.214 shall bear interest, until retransferred, at such rate not less than two percent per annum as shall be agreed upon between the State Treasurer and the officer, state department, commission, or board in charge of the borrowing fund. The interest shall be payable from the borrowing fund and shall be credited to and become part of the lending fund. [Formerly 291.408; 2003 c.16 §4]

 

      293.225 Construction of ORS 293.205 to 293.220. ORS 293.205 to 293.220 shall not be construed as an appropriation Act and no appropriation made for any purpose shall be exceeded or increased by reason of any of the provisions of such sections, nor shall any budgetary designation be altered or affected by such sections. [Formerly 291.410]

 

COLLECTION OF DEBTS OWED TO STATE AGENCIES

 

      293.227 Definitions for ORS 293.227 to 293.233. As used in ORS 293.227 to 293.233, unless the context requires otherwise:

      (1) “Payment” means a voluntary amount of money paid by a debtor to a state agency or an involuntary amount of money paid by a debtor through offset or garnishment.

      (2) “State agency” means any officer, board, commission, department, division or institution in the executive or administrative branch of state government. [1999 c.1092 §1; 2001 c.104 §101]

 

      Note: 293.227 to 293.233 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.229 Liquidated and delinquent accounts of state agency; annual reports. (1) Not later than October 1 of each fiscal year, each state agency shall submit a report to the Legislative Fiscal Office that describes the status of that agency’s liquidated and delinquent accounts and efforts made by that agency to collect liquidated and delinquent accounts during the previous fiscal year. The report required under this subsection shall be in a form prescribed by the Legislative Fiscal Office and shall include but not be limited to:

      (a) Beginning balance and total number of all liquidated and delinquent accounts;

      (b) New liquidated and delinquent accounts added during the last preceding fiscal year;

      (c) Total collections of liquidated and delinquent accounts;

      (d) Total amount and total number of liquidated and delinquent accounts that have been written off;

      (e) Total number and ending balance of all liquidated and delinquent accounts;

      (f) Total amount of liquidated and delinquent accounts turned over to private collection agencies and total amount collected by those agencies under ORS 293.231; and

      (g) Total number and total amount of all liquidated and delinquent accounts exempted under ORS 293.233.

      (2) The Legislative Fiscal Office shall produce an annual report not later than December 31 of each fiscal year on the status of liquidated and delinquent accounts of state agencies. The report shall be based on the reports submitted by state agencies as required in this section. [1999 c.1092 §2; 2005 c.22 §219]

 

      Note: See note under 293.227.

 

      293.231 Collection of liquidated and delinquent accounts by private collection agency or Department of Revenue; rules; fee added to debt. (1) Except as provided in subsections (4) to (9) of this section, a state agency, unless otherwise prohibited by law, shall offer for assignment every liquidated and delinquent account to a private collection agency or to the Department of Revenue as provided in ORS 293.250 not later than:

      (a) Ninety days from the date the account was liquidated if no payment has been received on the account within the 90-day period; or

      (b) Ninety days from the date of receipt of the most recent payment on the account.

      (2) Nothing in subsection (1) of this section prohibits a state agency from offering for assignment a liquidated and delinquent account to a private collection agency at any time within the 90-day period.

      (3) If, after a reasonable time, the private collection agency is unable to collect the account, the private collection agency shall notify the state agency that assigned the account that it has been unable to collect the account and shall relinquish the account to the state agency. A private collection agency that collects an account under this section shall be held to the same standard of confidentiality, service and courtesy imposed on the state agency that assigned the account.

      (4) If a state agency assigns a liquidated and delinquent account to the Department of Revenue as provided in ORS 293.250, the department shall have six months from the date of assignment to collect a payment. If the department does not collect a payment within that six-month period or if six months have elapsed since the date of receipt of the most recent payment on the account, the department shall notify the state agency. The state agency shall then immediately offer for assignment the debt to a private collection agency.

      (5) The provisions of subsection (1) of this section do not apply to a liquidated and delinquent account that is prohibited by state or federal law or regulation from assignment or collection.

      (6) The Oregon Department of Administrative Services may adopt rules exempting specified kinds of liquidated and delinquent accounts from the time periods established in subsections (1), (2) and (4) of this section.

      (7) The Oregon Department of Administrative Services shall adopt rules exempting liquidated and delinquent accounts that originate in the Department of Revenue or the Employment Department from the time periods established in subsections (1), (2) and (4) of this section.

      (8) A liquidated and delinquent account that is subject to assignment under this section shall be assigned to a private collection agency if more than one year has elapsed without a payment on the account.

      (9) Notwithstanding subsection (1) of this section, a state agency may, at its discretion, choose not to offer for assignment to a private collection agency a liquidated and delinquent account that:

      (a) Is secured by a consensual security interest in real or personal property;

      (b) Is a court-ordered judgment that includes restitution or a payment to the Department of Justice Crime Victims’ Assistance Section;

      (c) Is in litigation, including bankruptcy, arbitration and mediation;

      (d) Is a student loan owed by a student who is attending school;

      (e) Is owed to a state agency by a local or state government or by the federal government;

      (f) Is owed by a debtor who is hospitalized in a state hospital as defined in ORS 162.135, who receives public assistance as defined in ORS 411.010 or who receives medical assistance as defined in ORS 414.025;

      (g) Is owed by a debtor who is imprisoned;

      (h) Is less than $100, including penalties; or

      (i) Would result in loss of federal funding if assigned.

      (10) Nothing in this section prohibits a state agency from collecting a tax offset after a liquidated and delinquent account is assigned to a private collection agency.

      (11) For the purposes of this section, a state agency shall be deemed to have offered for assignment an account if:

      (a) The terms of the offer are of a type generally acceptable within the collections industry for the type of account offered for assignment; and

      (b) The offer is made to a private collection agency that engages in collecting on accounts of the type sought to be assigned or is made generally available to private collection agencies through a bid or request for proposal process.

      (12) A state agency that retains a private collection agency under this section may add a fee to the amount of the liquidated and delinquent account as provided in ORS 697.105. A fee may not be added under this subsection unless the state agency has provided notice to the debtor:

      (a) Of the existence of the debt;

      (b) That the debt may be assigned to a private collection agency for collection; and

      (c) Of the amount of the fee that may be added to the debt under this subsection.

      (13) Except as provided by federal law, the state agency may not add a fee under subsection (12) of this section that exceeds the collection fee of the private collection agency. [1999 c.1092 §3; 2001 c.218 §1; 2001 c.233 §1; 2003 c.66 §3; 2003 c.805 §1; 2013 c.688 §27]

 

      Note: See note under 293.227.

 

      293.233 Exemption of accounts from assignment to private collection agency; rules. (1) A state agency may use rules adopted by the Oregon Department of Administrative Services for exempting liquidated and delinquent accounts from assignment to a private collection agency. The state agency shall provide documentation and justification for exempting liquidated and delinquent accounts from assignment.

      (2) The Oregon Department of Administrative Services shall adopt rules governing the procedure that a state agency may follow in exempting a liquidated and delinquent account from assignment, including but not limited to adequacy of the documentation and justification that a state agency is required to provide under this section. [1999 c.1092 §4]

 

      Note: See note under 293.227.

 

UNCOLLECTIBLE DEBTS

 

      293.235 “State agency” defined for ORS 293.240 and 293.245. As used in ORS 293.240 and 293.245, “state agency” means any state officer, board, commission, corporation, institution, department or other state organization having power to collect state funds. [1965 c.448 §1]

 

      293.240 Writing off uncollectible debts due state agency. (1) If a state agency has made all reasonable efforts to collect money owed to it, including money owed on a liquidated and delinquent account that has been relinquished by a private collection agency under ORS 293.231, and has determined that the money and any interest or penalties on the money are uncollectible, the agency may write off the debt on its accounts.

      (2) Before determining that money is uncollectible under subsection (1) of this section, a state agency must adopt criteria for determining when money is uncollectible. The criteria must include the right of offset and must be approved by the Attorney General.

      (3) This section does not apply to debts owed to a state agency for which a procedure for compromise, release, discharge, waiver, cancellation or other form of settlement for the debt for reasons other than uncollectibility is by law made specially applicable to the state agency. [1965 c.448 §2; 1971 c.604 §3; 1991 c.567 §3; 1999 c.1092 §5; 2011 c.223 §1]

 

      293.245 Subsequent collection of debt written off under ORS 293.240. If a debt previously written off pursuant to ORS 293.240 subsequently becomes collectible, the state agency to which the money is owed shall proceed to collect the money due. The agency shall credit the money so collected to the accounts or funds to which the debt was originally owing. [1965 c.448 §3; 1971 c.604 §4; 2001 c.233 §2]

 

RECEIVING AND HANDLING MONEYS

 

      293.250 Collections Unit; collection and disposition of amounts due state agencies or counties; setoff of sums due debtor; warrants. (1) There is hereby created a Collections Unit in the Department of Revenue.

      (2) The Department of Revenue may render assistance in the collection of any delinquent account owing to any state officer, board, commission, corporation, institution, department or other state organization, or to a county pursuant to a judgment obtained under ORS 169.151, assigned by the agency or county to which the delinquent account is owed to the Department of Revenue for collection.

      (3)(a) Subject to rules prescribed by the Oregon Department of Administrative Services for collection of delinquent accounts owing to the respective officers, departments, boards and commissions of state government, and to counties, the Department of Revenue shall render assistance in such collection and shall charge such officers, agencies and counties separately for the cost of such assistance, provided that charges shall not exceed the proceeds of collection credited to such officer, agency or county for the same biennium. The Department of Revenue may designate a single percentage to retain from the proceeds of collection as a charge for the cost of assistance. If the Department of Revenue finds that accounts assigned to the Department of Revenue for collection by certain officers, agencies or counties lack sufficient information to properly and efficiently identify the debtor or that the account information must be put into a form usable by the Department of Revenue in order to efficiently provide collection services, the Department of Revenue may establish a separate percentage charge to be retained from collections for the officer, agency or county. The charge must reflect the average of the actual cost to provide collection services for all accounts assigned by that officer, agency or county. In providing assistance, the Department of Revenue shall utilize all means available to collect the delinquent accounts including the setoff of any refunds or sums due to the debtor from the Department of Revenue or any other state agency. The Department of Revenue may offset any refunds or sums due to the debtor from the department or any other state agency against delinquent accounts assigned by a county to the department for collection under this section. The Department of Revenue may prescribe criteria for the kinds of accounts that may be assigned under this section, including a minimum dollar amount owed.

      (b) No setoff will be made by the Department of Revenue unless the debt is in a liquidated amount.

      (c) When the Department of Revenue has notified the assigning agency or county that a refund or other sum due to the debtor is available for setoff, the debtor may arrange with the Department of Revenue for payment of the debt in full before the setoff is made. However, the assigning agency or county shall not enter into any agreement with the debtor for payment of the debt before the setoff is made.

      (d) At the time any setoff is made the debtor shall be notified by the Department of Revenue of its intention to apply sums due from a state agency against the debtor’s delinquent account. The notice shall provide that the debtor within 30 days may request a hearing before the claimant agency or county. No issues at the hearing may be considered that have been litigated previously, or if the debtor after being given due notice of rights of appeal has failed to exercise them timely.

      (e) All moneys received by the Department of Revenue in payment of charges made under paragraph (a) of this subsection shall be paid into the State Treasury and deposited in a miscellaneous receipts account for the Department of Revenue.

      (f) Net proceeds of collections of delinquent accounts shall be credited to the account or fund of the officer, agency or county to which the debt was originally owing.

      (4)(a) In providing assistance in the collection of any delinquent account under this section, the Department of Revenue may issue a warrant for the collection of the delinquent account. The warrant may be recorded in the County Clerk Lien Record maintained under ORS 205.130.

      (b) A warrant shall not be issued under this subsection unless the debt is in a liquidated amount.

      (c) The amount of any warrant issued under this subsection shall include the principal amount of the debt, any added penalties or interest attributable to the delinquent account and any costs associated with recording, indexing or service of the warrant and any satisfaction or release thereof.

      (d) A warrant shall not be issued under this subsection before the debtor has been notified that the department intends to issue the warrant and of the collection action that may be taken under the warrant.

      (5) Nothing in this section shall prohibit the collection of:

      (a) A child or spousal support obligation as provided in ORS 25.610; or

      (b) Criminal judgments that impose monetary obligations, including judgments requiring the payment of fines, costs, assessments, compensatory fines, attorney fees, forfeitures or restitution. [1971 c.604 §2; 1977 c.603 §1; 1979 c.442 §1; 1987 c.758 §14; 1989 c.519 §7; 1995 c.512 §1; 2001 c.641 §2]

 

      293.255 [Formerly 291.432; repealed by 1967 c.454 §119]

 

      293.260 Collection of moneys and property due to state. (1) Except as otherwise specifically provided by law, the Secretary of State shall require all persons who have received any moneys or property belonging to the state and who have not accounted therefor to settle their accounts and to return the moneys or property to the state.

      (2) An account of a person who has received any moneys or property belonging to the state, certified by the Secretary of State, shall be received in evidence in any court in this state. [Formerly 291.434; 1967 c.454 §1; 1971 c.604 §5]

 

      293.262 Requiring information regarding accounts; reference to legislature. (1) The Secretary of State may require any person to answer orally or in writing, under oath or affirmation, as to any facts relating to an account, presented to the Secretary of State for settlement, of a person who has received any moneys or property belonging to the state.

      (2) At the request of any person interested in, and dissatisfied with the decision of the Secretary of State on an account presented to the Secretary of State for settlement, of a person who has received any moneys or property belonging to the state, the Secretary of State shall refer the account, the decision of the Secretary of State thereon and the reason for the decision to the Legislative Assembly at a session thereof. [1967 c.454 §§3,4; 1971 c.604 §6]

 

      293.265 Moneys collected to be turned over to State Treasurer; return of checks or money orders; maximum amount returned set by rule; effect of indorsement “paid in full.” (1) It shall be the duty of the officer or other person or agent collecting, receiving, in possession of, or having the control of any state money or other funds, contributions or donations collected or received by, and to be expended by or on behalf of the state under the approval or supervision of any state officer, board, commission, corporation, institution, department or other state organization, recognized by the laws of this state and having the power to collect and disburse state funds, to turn over all such moneys mentioned in this section collected or received by or on account of such state officer, board, commission, corporation, institution, department or other state organization, to the State Treasurer not later than one business day after collection or receipt thereof. However, the officer, board, commission, corporation, institution, department or other state organization may comply with this requirement by using a reasonable, longer period for the transmittal of particularly identified funds or categories of funds if it documents and maintains in its official files, and submits a copy of such documentation to the Division of Audits of the Secretary of State for review, information that a valid business reason exists for using a longer transmittal period and that the period is no longer than necessary to satisfy that business reason.

      (2) The deposit by or on behalf of the state under the approval or supervision of any state officer, board, commission, corporation, public corporation, institution, department or other state organization of a check marked “paid in full,” “payment in full,” “full payment of a claim” or words of similar meaning does not establish an accord and satisfaction which binds the state or prevents the collection of the remaining amount owed upon the obligation unless an officer or employee with actual authority to settle claims has agreed in writing to accept the check as full payment of a disputed obligation.

      (3) Notwithstanding the provisions of subsection (1) of this section, subject to limits on amount adopted pursuant to subsection (4) of this section, a state agency may return any bank check or money order received by the agency, whenever such bank check or money order is incomplete or the report or record applied for is not available or releasable or the payment is not owed. The agency shall keep a record of the check or money order returned, in the form prescribed by the Oregon Department of Administrative Services.

      (4) After consultation with the State Treasurer, the department shall by rule limit the return, by an agency, of a bank check or money order under subsection (3) of this section to checks or money orders of less than the amount specified in the rule. [Formerly 291.436; 1969 c.141 §3; 1979 c.74 §1; 1989 c.205 §1; 1997 c.122 §1]

 

      293.270 Record of moneys deposited under ORS 293.265; interest. (1) The State Treasurer shall create a record of the moneys deposited with the State Treasurer pursuant to ORS 293.265 and shall place all moneys so deposited, except money which forms all or part of any private donation or contribution, to the credit of appropriate funds or accounts designated by law.

      (2) All money deposited with the State Treasurer which forms all or part of any private donation or contribution shall be placed by the State Treasurer in a separate trust fund for the use and benefit for which such donation or contribution was made.

      (3) All interest, if any, earned by the trust fund shall inure to the benefit of the trust fund. [Formerly 291.438; 1969 c.141 §4; 1999 c.412 §2]

 

      293.275 Disbursement of moneys. Disbursements of the moneys transferred or deposited pursuant to ORS 293.265 shall be made only on warrants issued in payment of authorized claims and expenses, as provided by law. Disbursements of moneys so deposited, which were placed in separate trust funds, shall be made only on warrants issued in payment of any claims or expenses authorized by the proper officers of the board, commission, corporation, institution, department, office or other state organization for whose benefit the trust fund was created. [Formerly 291.440; 1967 c.454 §5]

 

      293.280 Application of ORS 293.265 to 293.275. Except as otherwise provided by law, ORS 293.265 to 293.275 do not apply to:

      (1) State funds advanced to meet payrolls or to pay current expenses or emergency claims.

      (2) Federal funds the control of which is otherwise directed by federal law or regulation.

      (3) Funds of any state institution of higher learning. [Formerly 291.442]

 

      293.285 Transfers between funds, accounts or appropriations authorized for certain interagency and intergovernmental payments. (1) Notwithstanding the provisions of ORS 293.275 or any other statute relating to interagency payments, the Oregon Department of Administrative Services may effect interagency payments for goods and services by transfer from the funds, accounts or appropriations of the agency receiving such goods or services, to the funds and accounts of the agency supplying such goods or services.

      (2) The State Treasurer and the department may agree upon procedures whereby they may effect intergovernmental payments between the state and local units of government by transfer to the funds of the local unit of government entitled to receive them from the funds, accounts or appropriations from which the distribution is to be made. [Formerly 291.443; 1967 c.454 §6; 1983 c.104 §1]

 

      293.290 [Formerly 291.444; 1967 c.454 §7; 1987 c.158 §41; repealed by 1999 c.412 §4]

 

      293.292 [1971 c.161 §3; 1999 c.1043 §6; repealed by 2007 c.783 §234]

 

      293.293 Funds held in trust by court. (1) Whenever a court is required to hold funds in trust for the benefit of any party, all such funds shall be deposited with the State Treasurer in an account separate and distinct from the General Fund. Interest on such funds shall be credited to the General Fund.

      (2) Notwithstanding subsection (1) of this section, if the amount in trust is $10,000 or more, upon motion of a party, the court may order that the amount deposited with the State Treasurer be placed in an interest bearing account and that the interest be credited or paid to a party or parties, as the court deems appropriate. [1987 c.117 §1; 1989 c.966 §20]

 

      Note: 293.293 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

APPROVING AND PAYING CLAIMS

 

(Approval)

 

      293.295 When claim against moneys in State Treasury may be paid. A claim for payment from any moneys in the State Treasury may not be paid unless:

      (1) The claim is supported by the approval of the state agency that incurred the obligation or made the expenditure on which the claim is based;

      (2) Provision for payment of the claim is made by law and appropriation;

      (3) The obligation or expenditure on which the claim is based is authorized as provided by law; and

      (4) The claim otherwise satisfies requirements as provided by law. [1967 c.454 §9]

 

      293.300 No claim to be paid if disapproved by department; exceptions. Except for claims based on obligations incurred or expenditures made by the Legislative Assembly and its officers and committees, the courts and their officers and committees, the Secretary of State and State Treasurer in the performance of the functions of their constitutional offices and the Public Defense Services Commission, a claim for payment from any moneys in the State Treasury may not be paid if the claim is disapproved by the Oregon Department of Administrative Services. The department shall disapprove a claim if provision for payment thereof is not made by law and appropriation, the obligation or expenditure on which the claim is based is not authorized as provided by law or the claim does not otherwise satisfy requirements as provided by law. [1967 c.454 §10; 2003 c.449 §39]

 

      293.305 [Formerly 291.462; repealed by 1967 c.454 §119]

 

      293.306 Forms and procedures for claims, warrants, checks and orders; notice of two-year cancellation. (1) The Oregon Department of Administrative Services may prescribe forms and procedures consistent with law for claims subject to disapproval by the department under ORS 293.300 and for the presentment, processing, approval and disapproval by state agencies and the department and drawing of warrants, checks or orders in payment of those claims. The use of forms and compliance with procedures so prescribed is required.

      (2) The department shall require each warrant, check and order drawn in payment of claims to have printed thereon a statement in size equal to at least 8-point type that the warrant, check or order shall be canceled and declared void if not presented for payment within two years from the date of issuance. [1967 c.454 §11; 1977 c.126 §1]

 

      293.310 [Formerly 291.464; repealed by 1967 c.454 §119]

 

      293.311 Requiring information regarding claims. (1) The Oregon Department of Administrative Services may require any person to answer orally or in writing, under oath or affirmation, as to any facts relating to a claim subject to disapproval by the department under ORS 293.300.

      (2) The state agency that incurred the obligation or made the expenditure on which the claim is based may require any person to answer orally or in writing, under oath or affirmation, as to any facts relating to a claim not subject to disapproval by the department under ORS 293.300. [1967 c.454 §12]

 

      293.315 [Formerly 291.466; repealed by 1967 c.454 §119]

 

      293.316 Appeal of disputed claim. Any person aggrieved by the disallowance of a claim for payment of any moneys in the State Treasury, if the claim is subject to disapproval by the Oregon Department of Administrative Services under ORS 293.300, or by the state agency that incurred the obligation or made the expenditure on which the claim is based, if the claim is not subject to disapproval by the department under ORS 293.300, may appeal the disallowance by the department or agency under ORS 183.482. [1967 c.454 §13; 1993 c.500 §60]

 

      293.320 [Formerly 291.468; repealed by 1967 c.454 §119]

 

      293.321 Limitation on time of presentment of claims. (1) A person having a claim against the state shall present the claim, with the evidence in support thereof, to the Oregon Department of Administrative Services or the state agency that incurred the obligation or made the expenditure on which the claim is based within two years after the date on which the claim accrues. However, if any federal funding arrangement requires payment of a claim within one year, that claim, with evidence in support thereof, must be presented within one year after the date on which the claim accrues.

      (2) All claims, with evidence in support thereof, presented for health services under ORS 411.710 must be presented within one year after the date in which the claim accrues. [1967 c.454 §14; 1983 c.608 §1]

 

      293.325 [Formerly 291.470; repealed by 1967 c.454 §119]

 

      293.326 When claim allowed against state as setoff. In an action or suit brought in behalf of the state, a claim may not be allowed against the state as a setoff unless:

      (1) The claim was presented to the Oregon Department of Administrative Services or the state agency that incurred the obligation or made the expenditure on which the claim is based, and approved or disapproved as provided by law; or

      (2) It is proved to the satisfaction of the court that the defendant, at the time of trial, is in possession of evidence in support of the claim that the defendant could not present to the department or state agency because of absence from the state, sickness or unavoidable accident. [1967 c.454 §15]

 

      293.330 Designation of officer by state agency to approve disbursements. All boards, commissions, officers and heads of departments of the state authorized to approve disbursements for indebtedness or expenses may designate the secretary, or some officer of each board or commission, or some representative or deputy of such officer or head of department who is under bond to the State of Oregon to approve those disbursements, provided that the indebtedness or expense has been theretofore authorized by such board, commission, officer or head of department. Such board, commission, officer or head of department shall file with the Oregon Department of Administrative Services a statement designating such secretary, officer, representative or deputy together with a sample of the designated person’s signature. [Formerly 291.472; 1967 c.454 §16]

 

      293.335 Designation of individual by legislative committee to approve disbursements. A statutory, standing, special or interim committee of the Legislative Assembly or either house thereof may designate one or more individuals to approve disbursements for which the indebtedness or expense has been theretofore authorized by the committee. The committee shall file with the Oregon Department of Administrative Services a statement designating the individual, together with a sample of the individual’s signature. [Formerly 291.473; 1999 c.117 §8]

 

      293.340 [Formerly 291.474; repealed by 1967 c.454 §119]

 

      293.341 References to voucher claims as references to disbursements; filing designations with department. Notwithstanding any other provision of law:

      (1) Any reference in any general or specific statute to voucher claims for indebtedness or expenses authorized by any state agency and to approval of those voucher claims is intended to be and shall be considered a reference to disbursements for the indebtedness or expenses and to approval of those disbursements.

      (2) Any requirement that a statement designating an individual to approve voucher claims referred to in subsection (1) of this section be filed with the Secretary of State is intended to be and shall be considered a requirement that the statement designating an individual to approve disbursements be filed with the Oregon Department of Administrative Services, and not with the Secretary of State. [1967 c.454 §19]

 

      293.345 [Formerly 291.476; repealed by 1967 c.454 §119]

 

      293.346 Drawing warrants. Warrants shall be drawn in payment of claims for payment from any moneys in the State Treasury. All warrants shall be drawn by the Oregon Department of Administrative Services, and ORS 291.015 (2) does not apply to the drawing of warrants by the department. [1967 c.454 §20; 1971 c.80 §1; 1993 c.741 §27]

 

      293.348 Charging and billing state agencies for expense of drawing and processing warrants. The Oregon Department of Administrative Services may charge state agencies for the drawing of warrants and processing of receipts and transfers. The amount so charged shall be billed to state agencies at least quarterly, and the proceeds from such charges shall be deposited in the Oregon Department of Administrative Services Operating Fund established by ORS 283.076. [1971 c.174 §2; 1993 c.500 §45a]

 

      Note: 293.348 was added to and made a part of ORS chapter 293 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

      293.350 [Formerly 291.478; repealed by 1967 c.454 §119]

 

      293.351 [1967 c.454 §21; repealed by 1971 c.80 §8]

 

      293.353 Payment for expense of processing banking-related transactions. (1) As payment for expenses of processing banking-related transactions, the State Treasurer may charge each state agency having such transactions involving the State Treasury. The amount so charged shall be determined by the number of transactions processed by the State Treasurer and shall be paid in the manner determined by the State Treasurer to be most efficient and cost effective. The proceeds from such charges shall be deposited in the Miscellaneous Receipts Account established in the General Fund for the State Treasurer, and such proceeds are continuously appropriated for payment of expenses of the office of the State Treasurer in processing banking-related transactions.

      (2) When the State Treasurer transfers the assets of the investment pool to the Oregon Short Term Fund established under ORS 293.728 as authorized by ORS 294.882, “state agency,” as used in this section, includes local government and tribal government participants in the state investment fund. [1971 c.161 §2; 1975 c.410 §1; 1989 c.569 §3; 1999 c.1043 §1; 2009 c.541 §10; 2013 c.338 §12]

 

      293.355 [Formerly 291.480; renumbered 293.375]

 

      293.356 [1967 c.454 §22; 1983 c.740 §83; 1993 c.500 §61; repealed by 1993 c.741 §147]

 

      293.360 [1967 c.454 §23; repealed by 1971 c.80 §8]

 

      293.365 [1967 c.454 §24; repealed by 1971 c.80 §8]

 

      293.370 Use of facsimile signatures by department and state agencies. (1) The Oregon Department of Administrative Services may cause any warrant drawn by it, and any other state agency authorized by law to draw warrants may cause any warrant drawn by the state agency, to be signed by facsimile signature affixed by any mechanical equipment or device. The State Treasurer shall honor any warrant presented for payment so signed by facsimile signature as if signed manually.

      (2) Where the use of facsimile signatures is authorized under this section, the holder or drawee of any warrant bearing or purporting to bear a facsimile signature shall be under no duty to determine the authority of the person who affixed the facsimile signature to use facsimile signatures. [1967 c.454 §28; 1997 c.122 §2]

 

      293.375 Use of facsimile signatures by state officers and employees. (1) When authorized to use facsimile signatures by the administrative head of any state agency, any person authorized to sign any check, warrant or other instrument on behalf of the state agency may, in the discretion of the person, sign the check, warrant or other instrument by facsimile signature affixed by any mechanical equipment or device.

      (2) Where the use of facsimile signatures is authorized under this section, the holder or drawee of any check, warrant or other instrument bearing or purporting to bear a facsimile signature shall be under no duty to determine the authority of the person who affixed the facsimile signature to use facsimile signatures. [Formerly 291.480 and then 293.355; 1997 c.122 §3]

 

      293.405 [Formerly 291.492; repealed by 2003 c.81 §14]

 

(Payment)

 

      293.406 Payment by State Treasurer; effect of issuance of check or warrant or initiation of electronic funds transfer by state officer. (1) The State Treasurer shall pay on demand all items presented to the State Treasurer for payment if there are appropriate and sufficient funds in the State Treasury, as provided by law, to make the payments. If a law requires that an item be paid from a particular fund, the State Treasurer must make the payment from that fund only.

      (2) When a state officer authorizes issuance of, or signs, a check, warrant or electronic funds transfer on behalf of an agency, the officer is certifying that the expenditure of moneys represented by the check, warrant or request for electronic funds transfer is authorized by law. For purposes of this subsection, an expenditure is authorized by law if:

      (a) There is an appropriation, whether annual, biennial or continuous, of the moneys represented by the check, warrant or request for electronic funds transfer;

      (b) When applicable, there is an expenditure limitation for the moneys represented by the check, warrant or request for electronic funds transfer;

      (c) When applicable, there is an allotment from the Oregon Department of Administrative Services under ORS 291.232 to 291.260 for the moneys represented by the check, warrant or request for electronic funds transfer; and

      (d) The officer or agency has received any other approvals necessary to authorize issuance of the check, warrant or request for electronic funds transfer.

      (3) The State Treasurer may rely on the certification described in subsection (2) of this section and need not investigate or inquire whether a check, warrant or request for electronic funds transfer is authorized by law before paying the check, warrant or electronic funds transfer.

      (4) As used in this section, “state officer” means any person acting on behalf of a board, commission, department, institution, branch or agency the costs of which are paid in whole or in part from funds held in the State Treasury. [2003 c.81 §8]

 

      Note: 293.406 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.410 [Formerly 291.494; repealed by 1967 c.454 §119]

 

      293.411 [1967 c.454 §57; repealed by 1999 c.412 §4]

 

      293.415 [Formerly 291.496; repealed by 1967 c.454 §119]

 

      293.416 [1967 c.454 §58; repealed by 1999 c.412 §4]

 

      293.420 [Formerly 291.498; repealed by 1967 c.454 §119]

 

      293.425 [Formerly 291.500; 1967 c.454 §59; 1971 c.79 §1; 1977 c.126 §2; repealed by 1993 c.694 §39]

 

      293.430 [Formerly 291.502; 1967 c.454 §60; repealed by 1971 c.79 §3]

 

      293.435 [Formerly 291.504; 1967 c.454 §61; repealed by 1971 c.79 §3]

 

      293.440 [Formerly 291.506; 1967 c.454 §62; 1971 c.79 §2; 1977 c.126 §3; 1983 c.104 §2; repealed by 1993 c.694 §39]

 

      293.445 Definition for ORS 293.445 to 293.460; authority to make refunds; moneys held for refund or payment to claimants; deposit; rules; drawing checks. (1) As used in ORS 293.445 to 293.460, “agency” means any state officer, department, commission or institution.

      (2) When any agency determines that moneys have been received by it in excess of the amount legally due and payable to the agency or that it has received moneys to which it has no legal interest, the agency, within three years from the date the money was paid to the agency, shall refund the excess or erroneous payment to the person who made the payment or to the person’s legal representative, and such moneys hereby are continuously appropriated for such purpose.

      (3) Unless otherwise provided by law, any agency having in its possession any moneys held for refund or payment to claimants or distributees, or for determination or adjustment of license fees or of other amounts due the state, may, with the consent of the State Treasurer and in accordance with rules prescribed by the State Treasurer, deposit such funds in designated accounts with the State Treasurer and make lawful payments or adjustments therefrom to proper claimants or distributees, by checks or orders drawn on the State Treasurer signed by the officer or administrative head of the agency depositing such funds.

      (4) If the amount owed is less than a minimum sum established by rule of the agency authorized to make the refund, any agency by rule may provide that refunds shall be paid upon receipt of a written request from the person who paid the money or the legal representative thereof. [Formerly 291.508; 1983 c.246 §4]

 

      293.447 Establishment of accounts for purposes other than those in ORS 293.445 authorized; rules. (1) With the consent of and in accordance with rules prescribed by the State Treasurer, agencies may establish accounts with the State Treasurer for purposes other than those described in ORS 293.445 (3). These accounts may be established when required by federal law or regulation or when it is impractical for the agency to use funds established with the Oregon Department of Administrative Services.

      (2) Unless approved by the department, accounts established under this section shall be for deposit purposes only and the agencies shall not have authority to order disbursements from the accounts by check or order. Disbursements from these accounts for which the department has not approved check or order authority shall be made by the transfer of moneys in the account to funds for which the department may draw warrants. [1989 c.569 §2]

 

      293.450 Report of checks outstanding more than two years. (1) Before October 1 of each year, the agency that maintains an account pursuant to ORS 293.445 shall prepare a report pursuant to ORS 98.352 of all checks or orders drawn by it that have been outstanding for a period of more than two years prior to July 1, and that have not been paid by the State Treasurer.

      (2) The report shall not include checks or orders that have already been paid pursuant to indemnity bonds.

      (3) The agency shall forward the report to the Department of State Lands before November 1.

      (4) The Department of State Lands shall not require the Department of Revenue to remit funds being held by the Department of Revenue prior to January 1, 1994. [Formerly 291.510; 1967 c.454 §63; 1977 c.126 §4; 1993 c.500 §62; 1993 c.694 §30; 1997 c.86 §2]

 

      293.455 Refusal of payment of unpresented checks; duties of State Treasurer in transferring funds; report to Department of State Lands. (1) After October 1, the State Treasurer may refuse payment of the unpresented checks or orders included in the report referred to in ORS 293.450. In accordance with procedures developed by the Department of State Lands and approved by the State Treasurer, the agency shall instruct the State Treasurer to do the following:

      (a) Transfer and credit the amounts of the unpresented checks or orders dedicated for general funding to the General Fund.

      (b) Transfer all other funds to the Department of State Lands for deposit in the Unclaimed Property Revolving Fund within the Common School Fund Account.

      (c) Transfer and credit the amounts of the unpresented checks issued under ORS chapters 316 and 317 to the Department of State Lands for deposit in the Unclaimed Property Revolving Fund within the Common School Fund Account.

      (2) In each instance, the State Treasurer shall issue an official receipt for the amount so transferred or credited.

      (3) If the State Treasurer pays the owner of an unpresented check or order included in the report referred to in ORS 293.450 before the funds are transferred to the Department of State Lands, this information shall be reported to the Department of State Lands. [Formerly 291.512; 1967 c.454 §64; 1981 c.188 §1; 1993 c.694 §31; 1995 c.340 §1; 1997 c.86 §§3,4]

 

      293.460 Recourse of owners of unpaid checks. The lawful owner of any check or order included in the report referred to in ORS 293.450, not presented to the State Treasurer for payment and not paid, thereafter may file a claim with the Department of State Lands in the manner provided by ORS 98.392 and 98.396. [Formerly 291.514; 1967 c.454 §65; 1981 c.188 §2; 1993 c.500 §63; 1993 c.694 §32]

 

      293.462 Payment of overdue account charges; rules. (1) It is the policy of the State of Oregon to pay any overdue account charges incurred by state agencies which do not promptly pay for goods and services provided by private businesses.

      (2) The overdue account charges to be paid under this section shall be the same as the usual overdue account charges to the general clientele of the vendor.

      (3) Moneys appropriated from the General Fund to an agency or the establishment of maximum limits for expenditures of an agency authorized to procure goods or services from private businesses shall be used to pay overdue account charges incidental to procurement of the goods or services at the rate of two-thirds of one percent per month, but not more than eight percent per annum on overdue claims.

      (4) Overdue claims shall be those that have not been paid within 45 days from the latest of the following dates: The date of the receipt of the invoice, the date of the initial billing statement if no invoice is received, or the date the claim is made certain by agreement of the parties or by operation of law. However, overdue account charges shall not accrue on any purchases made by any state agency during time of civil emergency or in the event of a natural disaster which prevents the timely payment of accounts. In such instances accounts shall be paid in as timely a manner as possible.

      (5) Where claims have been paid, the date of the check or warrant in payment of the claims shall be used to determine if the claim has been paid in a timely manner. It shall be rebuttably presumed that the check or warrant was correctly dated.

      (6) Moneys for payment of overdue account charges shall not be provided in the biennial budget of a state agency, but agencies may make special requests to provide moneys for such charges, separately from other budget requests in accordance with rules adopted by the Oregon Department of Administrative Services.

      (7) In the event overdue account charges cannot lawfully be paid from federal funds, then such charges shall be paid from any moneys available to the agency for payment of administrative expenses. If other moneys are not available to pay overdue account charges, the agency shall submit to the Legislative Assembly during a legislative session or to the Emergency Board during the interim between legislative sessions a request for moneys to pay these charges. [1979 c.406 §2]

 

(Duplicate Instruments)

 

      293.465 Definitions for ORS 293.465 to 293.485; presentation of instrument for payment. (1) As used in ORS 293.465 to 293.485:

      (a) “Instrument” means a warrant, check or order issued by the state, or by any board, department, commission or officer of the state, or an electronic image or record of such a warrant, check or order.

      (b) “Subdivision” means any county, municipal corporation, quasi-municipal corporation, or civil or political subdivision in this state.

      (2) Subject to ORS 293.470, an instrument may not be paid until the instrument, or the duplicate thereof issued under ORS 293.475, is presented for payment as provided by law for such instrument. [Formerly 291.516; 2005 c.110 §1]

 

      293.470 Payment on lost, stolen or destroyed instruments; indemnity bonds not required. (1) An instrument may be paid without presentment if the person claiming to be the lawful owner of the instrument satisfies the officer by whom payment is to be made that the instrument has been lost, stolen or destroyed prior to the claimant’s having received value for the instrument or having negotiated the instrument, in compliance with ORS 293.475.

      (2) Notwithstanding subsection (1) of this section, a person, including an officer or employee, is not required to furnish a bond of indemnity for the amount of the lost instrument in cases of destroyed, stolen or lost instruments, but is required to furnish a statement as provided in ORS 293.475. [Formerly 291.518; 1967 c.221 §1; 1973 c.478 §1; 1979 c.763 §1; 2005 c.110 §2]

 

      293.475 Issuance of duplicate instrument; affidavit of owner, payee or representative. (1) Upon satisfactory showing by the lawful owner of an instrument of the loss, destruction or theft of the instrument, the proper officer, board, department or commission that issued the original instrument, or the issuer’s duly authorized legal successor, may issue a duplicate in lieu thereof for the same amount as the original. The duplicate shall bear the signature of the officer charged with the duty of signing instruments as of the date of issuance of the duplicate.

      (2) Before a duplicate instrument is issued, the person making application for its issue shall furnish to the issuing officer a written statement signed by the person specifically alleging that the person is the lawful owner, payee or legal representative of the lawful owner or payee of the original instrument giving the date of issue, the number, amount, for what services or claim the original instrument was issued and that the original instrument has been lost, destroyed or stolen, and has not been paid. A certificate may be furnished in lieu of an affidavit or affirmation if the lawful owner, payee or legal representative is:

      (a) The federal government; or

      (b) This state or any board, department, commission or subdivision of this state, or any officer thereof in official capacity.

      (3) The officer, board, department or commission issuing the duplicate instrument shall search its records to determine whether the original instrument was paid. If the original instrument is found, it shall immediately be returned to the State Treasurer or, if a record of payment is found, the State Treasurer shall be notified immediately. The State Treasurer shall promptly return the instrument to the presenting or payer bank for credit or shall promptly notify the presenting or payer bank of the record of payment. The State Treasurer is not liable for inability to obtain credit from the presenting or payer bank for an instrument returned under this section or for an instrument for which the State Treasurer notifies the presenting or payer bank of a record of payment. [Formerly 291.520; 1969 c.142 §1; 1973 c.478 §2; 1979 c.763 §2; 1993 c.694 §43; 2005 c.22 §220; 2005 c.110 §3]

 

      293.480 Adoption of uniform procedure for issuing duplicate instruments. State officers, boards, departments or commissions lawfully issuing instruments upon the State Treasurer may adopt the uniform procedure of issuing and delivering to all parties entitled thereto duplicate instruments to replace those lost, stolen or destroyed, in accordance with ORS 293.475. [Formerly 291.522; 1969 c.142 §2; 1979 c.763 §3; 2005 c.110 §4]

 

      293.485 Effect of wrongful payment; liability of officer. When any instrument is paid, other than as authorized by ORS 293.465 to 293.480, such wrongful payment shall not relieve the political body issuing the instrument from liability to the true and lawful owner thereof; but the officer or person making such wrongful payment and the sureties on the official bond of the officer or person, if any, shall be responsible to the political body represented by the officer or person in making such payment, for the full amount of the loss occasioned thereby. [Formerly 291.524]

 

(Death of Payee)

 

      293.490 Payment upon death of person entitled to money from state if estate not in probate. (1) Except for property described under ORS 98.304 to 98.436, and as otherwise directed by law, upon the death of any person entitled to payment of money in the State Treasury or on deposit with a state agency or officer, if the estate is not to be administered in a court having probate jurisdiction, the State Treasurer or the state agency or officer authorized to disburse the funds may pay or cause to be paid the money due, as provided in subsection (3) of this section. Except as to payment of salary or wages due a deceased state officer or employee from the State of Oregon, no payment under this section shall be made in excess of $10,000.

      (2) Notwithstanding the provisions of subsection (1) of this section, moneys on deposit with a state agency or officer representing unpaid wages collected on behalf of a person by the Bureau of Labor and Industries shall be payable pursuant to subsection (3) of this section.

      (3) Payment authorized by subsection (1) of this section shall be made to the following groups of survivors of the decedent, their guardians or the conservators of their estates, in equal shares to all survivors in a group, and in the order listed, with no payment to survivors in any group if there is any survivor in any group preceding it as listed:

      (a) Surviving spouse.

      (b) The trustee of a revocable inter vivos trust created by the decedent, unless within six months after the decedent dies a will executed by the decedent requiring distribution of the amount to a different person is admitted to probate.

      (c) In equal shares to the children of the decedent and to the issue of any deceased child by right of representation.

      (d) Parents.

      (e) Brothers and sisters.

      (f) Nephews and nieces. [Formerly 291.526; 1965 c.401 §1; 1973 c.823 §125; 1979 c.763 §4; 1981 c.594 §2; 1989 c.171 §39; 1993 c.694 §33; 1995 c.290 §1]

 

      293.495 Procedure for payment. (1) Payment authorized by ORS 293.490 may be made only upon receipt by the State Treasurer or other state officer authorized to disburse moneys due the decedent of an affidavit from one of the survivors in a group of survivors listed in ORS 293.490 (3), that:

      (a) The decedent died testate or intestate, as the case may be.

      (b) The estate of the decedent will not be probated.

      (c) The aggregate sums due the decedent from the State of Oregon, except for salary or wages, do not exceed the principal sum of $10,000.

      (d) The relationship of the claimants to the decedent is described in ORS 293.490 (3), specifying the particular relationship of each claimant; that there is no other survivor in the group that includes the claimants; and that there is no survivor in any group preceding the group that includes the claimants as listed in ORS 293.490 (3).

      (e) The expenses of last illness and funeral of the decedent will be paid out of the moneys so paid by the State Treasurer or other disbursing officer, to the full amount thereof, if necessary.

      (2) The State Treasurer or other officer making disbursement shall be under no obligation to determine the truth of the affidavit. The payment of the amount due such decedent, made in good faith to the claimants, shall constitute a full acquittance and release of the State Treasurer or other disbursing officer for the amount so paid.

      (3) In the event that a warrant, check or order has been lost, stolen or destroyed, the proper survivors, as specified in ORS 293.490, may obtain payment of the amount thereof by filing with the State Treasurer or other disbursing officer a written statement in accordance with ORS 293.475. [Formerly 291.528; 1965 c.401 §2; 1979 c.763 §5; 1981 c.594 §8; 1999 c.59 §76]

 

      293.500 Probate proceedings unnecessary; accounting to administrator. It shall not be necessary to institute probate proceedings to establish the right of any of the surviving parties named in ORS 293.490 to collect the amounts due the decedent under ORS 293.490 and 293.495; but if, after payment of such amounts, the estate of the decedent is probated, the person receiving the moneys due the decedent shall account therefor to the administrator of the estate of the decedent. [Formerly 291.530]

 

(Auditor of Public Accounts)

 

      293.505 Secretary of State as Auditor of Public Accounts; claim disapproved in performance of constitutional functions not to be paid. (1) The performance of functions as provided by law by the Oregon Department of Administrative Services or any other state agency in the processing, approval and disapproval of claims for payment from any moneys in the State Treasury and in the drawing of warrants in payment thereof does not constitute or affect the performance of constitutional functions of the Secretary of State as Auditor of Public Accounts.

      (2) A claim for payment from any moneys in the State Treasury may not be paid, notwithstanding approval thereof or the drawing of a warrant in payment thereof as otherwise provided by law, if the claim is disapproved by the Secretary of State in the performance of constitutional functions as Auditor of Public Accounts. [1967 c.454 §29]

 

      293.510 Presentment of claims to Secretary of State not required. Notwithstanding any other provision of law, the presentment of claims for payment from any moneys in the State Treasury to the Secretary of State as Auditor of Public Accounts and the audit, allowance or other approval of those claims by the Secretary of State as Auditor of Public Accounts before the drawing of warrants in payment of those claims or otherwise before payment of those claims is not required by statute. Any reference to the audit, allowance or other approval by the Secretary of State of those claims before payment in any general or specific statute is intended to be and shall be considered a reference to the performance of constitutional functions of the Secretary of State as Auditor of Public Accounts, and is not intended to be and shall not be considered a statutory requirement that those functions be performed before payment of those claims. [1967 c.454 §30]

 

      293.515 Withholding salary of state official or employee failing to settle accounts or correct delinquencies or errors in audit reports; notice and hearing; exemptions. (1) In the discharge of the constitutional duties of Auditor of Public Accounts, the Secretary of State may certify to the Governor the failure of any state official or state employee:

      (a) To settle accounts or render such statements as may be required with respect to the custody or disposition of public funds or other state property; or

      (b) To correct any major delinquencies, deficiencies, improper procedures or errors appearing in audit reports within a reasonable time.

      (2) Within 90 days of certification to the Governor under subsection (1) of this section, the state official or employee responsible shall notify the Secretary of State and the Governor, in writing, of the measures to be taken to settle accounts or render the statements under subsection (1)(a) of this section or to correct the delinquencies, deficiencies, improper procedures or errors in the audit reports. The Governor may extend the 90-day period for good cause.

      (3) The Governor may issue an order requiring the state official or employee to correct any failure certified by the Secretary of State under subsection (1) of this section and may issue an order withholding the payment of the salary of the official or employee until the failure is corrected.

      (4) An order issued by the Governor to withhold salary shall be entered only after notice, opportunity to be heard and hearing pursuant to the provisions of ORS chapter 183 governing contested cases.

      (5) The provisions of this section do not apply to classified employees under the State Personnel Relations Law, the Legislative Assembly, members of the judiciary or any statewide elected official. [1979 c.612 §1]

 

      Note: 293.515 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

ELECTRONIC FUNDS TRANSFERS

 

      293.525 Payments to and by state agencies by electronic funds transfers; rules; penalty for failure to comply. (1) Upon consultation with the State Treasurer’s office, a state agency by rule may:

      (a) Require that payments to the agency above designated amounts be made by electronic funds transfer. All electronic funds transfer entries through an automated clearinghouse shall follow standards adopted by the State Treasurer that shall be substantially similar to those adopted by the National Automated Clearing House Association.

      (b) Notwithstanding any provision of law requiring payment by check or other means, establish a program under which electronic funds transfer is the primary method for payments made by the agency.

      (2)(a) In addition to any other penalty provided by law, a state agency may assess a penalty not to exceed five percent of the amount of the payment for failure to comply with the agency’s rules requiring payments to the agency by electronic funds transfer.

      (b) An agency that adopts rules under subsection (1)(b) of this section may not assess a penalty for failure to comply with the rules against any payee that is unable to receive payment by electronic funds transfer. Nothing in this paragraph authorizes a state agency to assess a penalty for failure to comply with rules adopted under subsection (1)(b) of this section.

      (c) An agency that adopts rules under subsection (1)(b) of this section may not require a payee to open a bank account as a condition of receipt of payment.

      (3) Notwithstanding subsection (1) of this section, the Department of Revenue may not require electronic funds transfer as the primary method for payment of:

      (a) Estimated tax, as defined in ORS 316.557;

      (b) Tax due to the department as shown on an individual income tax return filed under ORS chapter 316; or

      (c) Refunds of overpayments issued by the department under ORS 314.415.

      (4) As used in this section:

      (a) “Electronic funds transfer” is the movement of funds by nonpaper means, usually through a payment system including, but not limited to, an automated clearinghouse or the Federal Reserve’s Fedwire system.

      (b) “State agency” means an agency as defined by ORS 183.310 (1). [1991 c.369 §§1,2; 2005 c.28 §1]

 

      Note: 293.525 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.530 [1999 c.272 §1; renumbered 323.803 in 2003]

 

      293.533 [1999 c.272 §2; 2003 c.60 §1; 2003 c.804 §89; renumbered 323.800 in 2003]

 

      293.535 [1999 c.272 §3; 2003 c.801 §21; renumbered 323.806 in 2003]

 

ACCOUNTS FOR TOBACCO SETTLEMENT MONEYS

 

      293.537 Tobacco Settlement Funds Account; sources; uses; investment. (1) The Tobacco Settlement Funds Account is established as an account in the General Fund. Except as provided in section 2, chapter 11, Oregon Laws 2003, the account shall consist of all moneys paid to this state under the Master Settlement Agreement of 1998.

      (2) Before July 1 of each odd-numbered year, the Department of Justice shall submit for approval to the Oregon Department of Administrative Services the estimated costs that will be incurred by the Department of Justice in the subsequent biennium in enforcing the provisions of ORS 180.400 to 180.455, 323.106 and 323.806. On July 1 of each odd-numbered year, a sum equal to the amount approved by the Oregon Department of Administrative Services shall be transferred from the Tobacco Settlement Funds Account to the Tobacco Enforcement Fund established under ORS 180.205. If the Department of Justice determines during a biennium that it needs funds for purposes described in this subsection in addition to the amount approved by the Oregon Department of Administrative Services, the Department of Justice may request transfer of additional moneys from the Tobacco Settlement Funds Account and the additional amount approved by the Oregon Department of Administrative Services shall be transferred to the Tobacco Enforcement Fund.

      (3) Except as provided in subsection (2) of this section, all moneys in the Tobacco Settlement Funds Account are continuously appropriated to the Oregon Department of Administrative Services to be expended as directed by the Legislative Assembly.

      (4) All moneys in the Tobacco Settlement Funds Account shall be invested as provided in ORS 293.701 to 293.790. [2001 c.977 §§1,2,3; 2002 s.s.5 c.2 §17; 2003 c.11 §8; 2003 c.801 §24; 2007 c.853 §1]

 

      Note: 293.537 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.540 Health Care Trust Fund; sources; uses; investment. (1) There is established in the State Treasury, separate and distinct from the General Fund, the Health Care Trust Fund. The Health Care Trust Fund shall consist of moneys, in amounts directed by the Legislative Assembly, paid to this state by United States tobacco products manufacturers under the Master Settlement Agreement of 1998.

      (2) All earnings on moneys in the Health Care Trust Fund are continuously appropriated to the Oregon Department of Administrative Services and shall be expended only for the purpose of financing health programs.

      (3) Moneys in the Health Care Trust Fund shall be invested as provided in ORS 293.701 to 293.790 and the earnings from such investments shall be credited to the fund. Earnings shall be distributed annually or as directed by the Director of the Oregon Department of Administrative Services. [2001 c.986 §§1,2,3]

 

      Note: 293.540 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

DISTRIBUTING CERTAIN FEDERAL MONEYS

 

      293.550 Receipt and disposition generally of federal aid moneys; deposit in special fund. (1) The Governor may apply for, accept and receive, or authorize any state agency to apply for, accept and receive, financial assistance and grants from the United States or any of its agencies, subject to the terms and conditions thereof, for financing the cost of any federally sponsored program or project deemed beneficial to the State of Oregon. Applications for grants, except where precluded by federal law, shall include requests for funds adequate to accomplish the objectives of the grant proposal including moneys to pay for the audit, or audits, of the financial transactions as required by the grantor or state statutes. Moneys included in a grant award budgeted for auditing the grant or program shall not be used for any other purpose. Regulations established by the federal government relating to such grants shall be applicable to the extent they are not in conflict with state laws.

      (2) The Governor may disburse or supervise the disbursement of federal aid received under the provisions of subsection (1) of this section, or the Governor may designate a state agency to disburse or supervise the disbursement of such federal aid.

      (3) The Governor shall deposit money received pursuant to this section in a special fund with the State Treasurer as provided in ORS 293.265 to 293.275. The money shall be expended, pursuant to subsection (2) of this section, for the purposes for and in accordance with the terms by which it is received, subject to the provisions of subsection (5) of this section and ORS 291.260.

      (4) Subsections (1) to (3) of this section shall not supersede the provisions of any special statute empowering a state agency to apply for, accept and receive federal aid for any specific purpose.

      (5) Funds received under subsection (1) of this section shall be expended subject to expenditure limitations imposed on the receiving state agency by the Legislative Assembly or, in the absence of such limitations, only after approval of the Legislative Assembly or of the Emergency Board, if approval is required during the interim between sessions of the Legislative Assembly.

      (6) In any case where prior approval of the authority to expend any funds available under subsection (1) of this section is imposed as a term or condition to receipt of such funds, the Legislative Assembly or the Emergency Board may approve expenditure of such funds prior to their receipt. [1965 c.11 §1; 1967 c.57 §1; 1979 c.456 §1]

 

      293.555 Receipt and disposition of moneys received from federal government in lieu of ad valorem property taxes. The State Treasurer shall receive any moneys that may be paid to the state by the United States, or any agency thereof, in lieu of ad valorem property taxes, and shall retain or transfer to the respective county treasurers the moneys so received in compliance with the annual apportionment made by the Department of Revenue. [Formerly 291.532]

 

      293.560 Apportionment among counties of moneys received from federal government from forest reserves. (1) Except for a distribution charge that shall be deducted to meet expenses incurred by the Oregon Department of Administrative Services in administering this section, all sums received by the state from the United States Government as its distributive share of the amounts collected by the United States Government for forest reserve rentals, sales of timber, and other sources from forest reserves within the State of Oregon, shall, upon receipt, be distributed among the several counties in which such forest reserves are located. The distribution charge shall be 60 cents per county and is in addition to the transaction charge approved for the department during the budgetary process. The amount of the distribution charges is continuously appropriated to the department to meet expenses incurred in administering this section.

      (2) The department shall ascertain from the proper United States officers having the records of receipts from forest reserves, the amount of receipts from each forest reserve in this state for each year for which money is received by the state, less the share of each forest reserve of the deduction made under subsection (1) of this section. A separate account shall be kept of the sum, less the deduction, received from each forest reserve, which sum shall be paid only to the county or counties in which the forest reserve is located. Each county shall receive such proportional amount of the sum as the area of the forest reserve included within the boundaries of the county bears to the total area of the forest reserve within the state. The department shall in all cases when possible make all computations upon the net areas of such forest reserves according to the data furnished by the federal officials. [Formerly 291.534; 1985 c.787 §3]

 

      293.565 Apportionment among counties of moneys received from federal government under Mineral Lands Leasing Act; Federal Mineral Leases Fund. (1) Except for a distribution charge that shall be deducted to meet expenses incurred by the Oregon Department of Administrative Services in administering this section, all funds received from the United States Government by the State of Oregon as its distributive share of the amounts collected under the provisions of the Act of Congress of February 25, 1920, 41 Stat. 437, known as the Mineral Lands Leasing Act, and any Act amendatory thereof, shall upon receipt by the State Treasurer be credited to a special fund in the State Treasury to be known as the Federal Mineral Leases Fund and shall be distributed to the counties in which such leased public lands are located. The distribution charge shall be 60 cents per county and is in addition to the transaction charge approved for the department during the budgetary process. The amount of the distribution charges is continuously appropriated to the department to meet expenses incurred in administering this section.

      (2) The department shall ascertain from the proper United States officers having the records of receipts from the sources in this state for which money is received by the State of Oregon and shall segregate and pay over by warrant to the county in which the leased public mineral land is located the sums, less the deduction, so received. Where the leased public mineral land is located in more than one county of the state, each shall receive such proportionate amount of the sum as the area of the leased public mineral land included within the boundary of the county bears to the total area of the leased public mineral lands within the state. [Formerly 291.536; 1985 c.787 §4]

 

      293.570 Apportionment among counties of moneys received from federal government under federal Flood Control Act; Federal Flood Control Leases Fund. (1) All funds received from the United States Government by the State of Oregon as its distributive share of the amounts collected under the federal Flood Control Act and Acts amendatory thereof and supplemental thereto, shall upon receipt by the State Treasurer be credited to a special fund in the State Treasury to be known as the Federal Flood Control Leases Fund and shall be distributed to the counties in which the leased flood control lands from which such funds were derived are located.

      (2) Prior to the distribution indicated in subsection (3) of this section, a distribution charge shall be deducted to meet expenses incurred by the Oregon Department of Administrative Services in administering this section. The distribution charge shall be 60 cents per county and is in addition to the transaction charge approved for the department during the budgetary process. The amount of the distribution charges is continuously appropriated to the department to meet expenses incurred in administering this section.

      (3) The department shall ascertain from the proper United States officers having the record of receipts from such sources, the names of the counties in which the leased flood control lands from which such funds have been received are located, and shall segregate and pay over the sums, less the deduction in subsection (2) of this section, by warrant to such counties. If such lands are located in more than one county, each shall receive an amount proportionate to the area of the leased land within the county. [Formerly 291.538; 1985 c.787 §5]

 

      293.575 Distribution of funds received under the Taylor Grazing Act; Taylor Grazing Fund. (1) Except for a distribution charge that shall be deducted to meet expenses incurred by the Oregon Department of Administrative Services in administering this section, all funds received from the United States Government as a distributive share of the amounts collected by the United States Government under the provisions of the Act of Congress of June 28, 1934, public document No. 482, known as the Taylor Grazing Act, and any Act amendatory thereof shall, upon receipt by the State Treasurer be credited to a special fund in the State Treasury to be known as the Taylor Grazing Fund and shall be distributed to the several counties in which such public lands are located. The distribution charge shall be 60 cents per county and is in addition to the transaction charge approved for the department during the budgetary process. The amount of the distribution charges is continuously appropriated to the department to meet expenses incurred in administering this section. The department shall ascertain from the proper United States officers, having the records of receipts from grazing permits and leased public lands, the amount of receipts from such sources in this state for each year for which money is received by the state. A separate account shall be kept of the sum received from each grazing district and lease of public lands, which sum shall be segregated by the department and paid to the county in which the grazing district or leased public land is located, based on the number of animal unit months contained in the grazing district or leased public land within the county from which the moneys are collected. However, where the grazing district or leased public land is located in more than one county, each shall receive such proportional amount of the sum as the animal unit months of such grazing district or leased public land included within the boundary of such county shall bear to the total animal unit months of such grazing district or lease.

      (2) As used in this section, “animal unit months” means the amount of forage required to sustain a bovine animal for one month. [Formerly 606.220 and then 291.540; 1981 c.296 §1; 1985 c.787 §6]

 

ACCOUNTING AND FISCAL REPORTING

 

      293.590 Department to supervise state agency accounting; furnishing accounting services. (1) The Oregon Department of Administrative Services shall direct and control the accounting for all the fiscal affairs of the state government and agencies thereof, and shall provide for the maintenance of accounting records, including accounts stated in summary or in detail, for those fiscal affairs. The department is responsible for establishing and maintaining systems of accounting for state government and agencies thereof. The principles, standards and related requirements of those systems of accounting shall be as prescribed by the department and except as otherwise provided in this section shall be used by the state agencies thereof, unless otherwise directed by the department.

      (2) In performing its functions under subsection (1) of this section, the department shall consult with the Secretary of State, State Treasurer and, to the extent it considers necessary or desirable, any other state agency or any federal agency.

      (3) The department may, as its own facilities permit, furnish to any other state agency such accounting services (including labor), facilities and materials as are necessary, as determined by the department, for compliance by the state agency with subsection (1) of this section. The cost to the department of furnishing the services, facilities and materials, as determined by the department, shall be charged to the state agency and paid to the department in the same manner as other claims against the state agency are paid.

      (4) This section is applicable to the Legislative Assembly and its officers and committees, the courts and their officers and committees, the Secretary of State and State Treasurer in the performance of the functions of their constitutional offices and the Public Defense Services Commission only at their option. [1967 c.454 §68; 1969 c.379 §1; 2003 c.449 §40]

 

      293.595 Supervision of data processing equipment for accounting system; other uses. The Oregon Department of Administrative Services shall control and supervise the acquisition, installation and use of all electronic or automatic data processing equipment to be used primarily for the purposes of the accounting records and system referred to in ORS 293.590. The adequacy and capacity of that equipment for purposes of the performance of constitutional functions of the Secretary of State as Auditor of Public Accounts shall be as determined by and under the control of the Secretary of State. The department shall authorize use of that equipment for other purposes to the extent that use for those other purposes does not conflict with use for the primary purpose of the accounting records and system. [1967 c.454 §69]

 

      293.600 Financial and statistical reports by state agencies. (1) As used in this section, “state agency” means every state officer, board, commission, department, institution, branch or agency of state government whose costs are paid wholly or in part from funds held in the State Treasury.

      (2) The Oregon Department of Administrative Services may require periodic and special financial and statistical reports from all state agencies, upon forms which the department may prescribe, in order to assist the department in performing its fiscal functions. [1967 c.454 §70; 2001 c.71 §2]

 

      293.605 Fiscal year. (1) The fiscal year of this state shall commence on July 1 and close on June 30 of each year. All the accounts of the Oregon Department of Administrative Services, Secretary of State and State Treasurer shall be kept and all duties of the department and those officers shall be performed with reference to the beginning and end of the fiscal year.

      (2) Whenever it is provided by law that any action or proceeding of the state shall be taken with respect to a budget or tax levy for the calendar year, or for a fiscal year closing on any day other than June 30, each such action or proceeding shall be taken with respect to the fiscal year commencing on July 1 and closing on June 30. [Formerly 291.552; 1967 c.454 §66]

 

      293.610 [Formerly 291.554; repealed by 1967 c.454 §119]

 

      293.611 Accounts and records of Secretary of State as Auditor of Public Accounts. The Secretary of State shall cause to be maintained accounts and records the Secretary of State considers necessary in the performance of constitutional functions as Auditor of Public Accounts. [1967 c.454 §72]

 

      293.615 [Formerly 291.556; repealed by 1967 c.454 §119]

 

      293.616 Accounts and records of State Treasurer. The State Treasurer shall cause to be maintained accounts and records of all moneys received and disbursed by the State Treasurer. [1967 c.454 §73]

 

      293.620 Monthly account of and payment by custodians of state property. All persons, state institutions, commissions, commissioners, departments, boards, and state officers or agents, handling or having the custody or control of any property belonging to the state or to any state institution, board, commission, or department, shall account for and pay over to the State Treasurer monthly all moneys received from the income or rents of such property or from the sale and disposition of surplus products, useless and condemned property, with a verified itemized statement of the source from which the moneys were derived; but this section shall not be construed to include the funds belonging to educational institutions derived from tuition, matriculation or other fees charged students. [Formerly 291.564]

 

      293.625 Statements to be rendered to Secretary of State. The Secretary of State shall from time to time require all persons receiving moneys or securities, or having the disposition or management of any property of the state, of which an account is kept in the office of the Secretary of State, to render statements thereof to the Secretary of State. All such persons shall render such statement at such time and in such form as the Secretary of State requires. [Formerly 291.566]

 

      293.630 Date for closing accounts by persons who must make annual accounts. All officers and persons required to render annual accounts to the Secretary of State or State Treasurer shall close these accounts on June 30 of each year. [Formerly 291.568]

 

      293.635 [Formerly 291.570; repealed by 1967 c.454 §119]

 

      293.640 Period covered by biennial reports. The biennial report of any state officer or agency required to be submitted to the Legislative Assembly or the Governor shall cover the biennial period closing on June 30 next preceding the odd-numbered year regular session of the Legislative Assembly. [Formerly 291.572; 1967 c.454 §77; 2011 c.545 §37]

 

      293.644 [1967 c.454 §74; repealed by 1975 c.605 §33]

 

      293.645 [Formerly 291.574; repealed by 1967 c.454 §119]

 

      293.648 [1967 c.454 §75; repealed by 1975 c.605 §33]

 

      293.650 [Formerly 291.575; 1967 c.335 §31; repealed by 1967 c.454 §119]

 

      293.652 [1967 c.454 §76; 1971 c.267 §3; repealed by 1975 c.605 §33]

 

      293.655 [Formerly 291.576; 1993 c.98 §13; repealed by 1995 c.452 §17]

 

      293.660 Determining date of filing or receipt of reports, claims, tax returns or remittances. (1) Any report, tax return, remittance to cover a payment or claim for credit or refund required by law to be filed with or made to the state or to a state agency, which is:

      (a) Transmitted through the United States mail or by private express carrier, shall be deemed filed or received on the date shown by the cancellation mark or other record of transmittal, or on the date it was mailed or deposited for transmittal if proof satisfactory to the state or state agency establishes that the actual mailing or deposit occurred on an earlier date. If filed or received by check or draft through an automated payment processing system, including but not limited to commercial bank lockbox services, the date of filing or receipt shall be deemed to be the fifth day prior to the system processing date.

      (b) Lost in transmission through the United States mail or private express carrier, shall be deemed filed and received on the date it was mailed or deposited for transmittal if the sender:

      (A) Can establish by competent evidence satisfactory to the state or state agency that the report, tax return, remittance or claim for credit or refund was deposited on the date due for filing in the United States mail or with a private express carrier, and addressed correctly to the state or state agency; and

      (B) Files with the state or state agency a duplicate of the lost report, return, remittance or claim within 30 days after written notification is given by the state or state agency of its failure to receive such document or remittance.

      (2) As used in subsection (1) of this section, “private express carrier” means a common carrier that transports small parcels in an expedited manner and has one or more of the following characteristics:

      (a) Same day pickup and delivery.

      (b) Expedited pickup and delivery.

      (c) Residential door-to-door pickup and delivery.

      (d) Special or unique handling and packaging features designed to meet a special need. [Formerly 291.578; 1993 c.44 §1]

 

INVESTING STATE FUNDS

 

      293.701 Definitions for ORS 293.701 to 293.857. As used in ORS 293.701 to 293.857, unless the context requires otherwise:

      (1) “Council” means the Oregon Investment Council.

      (2) “Investment funds” means:

      (a) Public Employees Retirement Fund referred to in ORS 238.660;

      (b) Industrial Accident Fund referred to in ORS 656.632;

      (c) Consumer and Business Services Fund referred to in ORS 705.145;

      (d) Employment Department Special Administrative Fund referred to in ORS 657.822;

      (e) Insurance Fund referred to in ORS 278.425;

      (f) Funds under the control and administration of the Department of State Lands;

      (g) Oregon Student Assistance Fund referred to in ORS 348.570;

      (h) Moneys made available to the Commission for the Blind under ORS 346.270 and 346.540 or rules adopted thereunder;

      (i) Forest Development Revenue Bond Fund referred to in ORS 530.147 and State Forestry General Obligation Bond Fund referred to in ORS 530.280;

      (j) Oregon War Veterans’ Fund referred to in ORS 407.495;

      (k) Oregon War Veterans’ Bond Sinking Account referred to in ORS 407.515;

      (L) World War II Veterans’ Compensation Fund;

      (m) World War II Veterans’ Bond Sinking Fund;

      (n) Funds in the hands of the State Treasurer that are not required to meet current demands and that are invested in the Oregon Short Term Fund established under ORS 293.728 or in another commingled investment vehicle;

      (o) State funds that are not subject to the control and administration of officers or bodies specifically designated by law;

      (p) Funds derived from the sale of state bonds;

      (q) Social Security Revolving Account referred to in ORS 237.490;

      (r) Oregon University System Fund established by ORS 351.506 and the Higher Education Donation Fund established by ORS 351.130;

      (s) Local Government Employer Benefit Trust Fund referred to in ORS 657.513;

      (t) Elderly and Disabled Special Transportation Fund established by ORS 391.800;

      (u) Education Stability Fund established by ORS 348.696;

      (v) Deferred Compensation Fund established under ORS 243.411; and

      (w) Trust for Cultural Development Account established under ORS 359.405.

      (3) “Investment officer” means the State Treasurer in the capacity as investment officer for the council. [1967 c.335 §1; 1967 c.399 §5; 1971 c.408 §1; 1975 c.363 §1a; 1975 c.471 §1a; 1977 c.491 §11; 1977 c.892 §31; 1979 c.814 §3; 1980 c.19 §2; 1981 c.660 §47; 1985 c.565 §48; 1985 c.731 §25; 1985 c.759 §38; 1985 c.816 §14; 1987 c.373 §28; 1987 c.616 §6; 1987 c.652 §17; 1989 c.224 §49; 1989 c.597 §8; 1991 c.459 §378; 1993 c.18 §58; 1993 c.210 §19; 1995 c.12 §3; 1997 c.179 §21; 1999 c.274 §21; 1999 c.1078 §67; 2001 c.922 §14; 2001 c.954 §25; 2002 s.s.3 c.6 §9; 2003 c.67 §35a; 2003 c.625 §30; 2003 c.733 §82; 2009 c.541 §11; 2009 c.762 §41; 2009 c.821 §29; 2009 c.831 §17]

 

      293.705 [Formerly 291.604; 1965 c.285 §63; 1967 c.399 §1; repealed by 1967 c.335 §60 and 1967 c.399 §4]

 

      293.706 Oregon Investment Council; appointment; term; vacancies. (1) There is created the Oregon Investment Council, consisting of five voting members and one nonvoting member.

      (2) The Governor shall appoint four voting members, subject to Senate confirmation in the manner provided in ORS 171.562 and 171.565. The members appointed by the Governor must be qualified by training and experience in the field of investment or finance.

      (3) The Governor may appoint a member of the council under subsection (2) of this section who is also a member of the Public Employees Retirement Board appointed under ORS 238.640 (4). Except as provided in this subsection, members appointed by the Governor may not hold any other public office or public employment.

      (4) The State Treasurer shall be a voting member.

      (5) The Director of the Public Employees Retirement System shall be an ex officio member of the council with no voting power.

      (6) The term of office of each appointed member of the council is four years, but each appointed member serves at the pleasure of the Governor. A vacancy in the appointed membership occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only. [1967 c.335 §2; 1987 c.877 §1; 2001 c.217 §1; 2003 c.69 §3; 2003 c.625 §§24,25; 2005 c.180 §§1,2; 2007 c.623 §2; 2013 c.468 §1]

 

      293.707 [1965 c.359 §9; repealed by 1967 c.335 §60]

 

      293.708 Conflicts of interest for council members. (1) As used in this section:

      (a) “Business” has the meaning given that term in ORS 244.020.

      (b) “Business with which the person is associated” has the meaning given that term in ORS 244.020.

      (c) “Relative” has the meaning given that term in ORS 244.020.

      (2) When a person who is a member of the Oregon Investment Council becomes aware that action on a matter pending before the council might lead to private pecuniary benefit or detriment to the person, to a relative of the person or to a business with which the person or a relative of the person is associated, the member shall notify in writing the State Treasurer or the Deputy State Treasurer that any action, decision or recommendation by the member might constitute an actual or potential conflict of interest. The member shall provide the notice not later than three business days after the member becomes aware of the possibility of an actual or potential conflict.

      (3) Subsection (2) of this section does not apply if the pecuniary benefit or detriment arises out of circumstances described in ORS 244.020 (12).

      (4) Complaints of violations of this section may be made to the Oregon Government Ethics Commission for review and investigation as provided by ORS 244.260 and for possible imposition of civil penalties as provided by ORS 244.350 or 244.360.

      (5) Nothing in this section excuses a member of the council from compliance with ORS 244.120. [2005 c.179 §2; 2007 c.865 §21; 2007 c.877 §38; 2009 c.68 §19; 2011 c.68 §6]

 

      Note: 293.708 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

      293.710 [Formerly 291.606; repealed by 1967 c.335 §60]

 

      293.711 Compensation and expenses of council members; chairperson. (1) Except as provided in subsection (2) of this section, a member of the Oregon Investment Council is entitled to compensation and expenses as provided in ORS 292.495.

      (2) A member of the council who is also a member of the Public Employees Retirement Board is entitled to compensation and expenses as provided in ORS 238.640 (7) and (8).

      (3) The council shall select one of its members as chairperson, for a term and with powers and duties necessary for the performance of the functions of the office as the council determines.

      (4) A person may not serve as chairperson of the council for more than four years in any 12-year period. [1967 c.335 §§3,4; 1969 c.314 §19; 2001 c.217 §2; 2003 c.69 §4; 2003 c.625 §§26,27; 2005 c.180 §§3,4; 2007 c.623 §3]

 

      293.713 When compensation of council member as director of business prohibited. A member of the Oregon Investment Council is prohibited from accepting compensation for service, except per diem and reimbursement for travel expenses, on the board of directors of any business in which the state has an equity interest, other than publicly traded common stock. [1993 c.718 §3]

 

      Note: 293.713 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.714 Council meetings; recordings; logs. (1) Notwithstanding ORS 192.650 (1) and (2), full sound recordings shall be made of every meeting of the Oregon Investment Council. The full sound recordings shall be produced on equipment selected by the Oregon Investment Council for compatibility with equipment for reproduction by the State Archives.

      (2) The council shall maintain a written log of each sound recording that gives a true reflection of the matters discussed at the meeting and where those matters are found on the sound recording.

      (3) Notwithstanding ORS 192.650 (1), the council shall make the full sound recording and written log of each sound recording of each meeting available to the public prior to the next regularly scheduled meeting of the council. [2005 c.180 §5]

 

      Note: 293.714 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.715 [Formerly 291.607; repealed by 1967 c.335 §60]

 

      293.716 State Treasurer is investment officer for council; subordinate personnel; bonds. (1) The State Treasurer is the investment officer for the Oregon Investment Council, and shall perform functions in that capacity as authorized or required by law and, consistent with law, by the council.

      (2) The bond of the State Treasurer required from the State Treasurer by law shall be deemed to extend to the faithful performance of all functions of the office of investment officer.

      (3) The investment officer may:

      (a) Subject to any applicable provision of the State Personnel Relations Law, employ, prescribe the functions and fix the compensation of personnel necessary to facilitate and assist in carrying out the functions of the council and investment officer.

      (b) Require a fidelity bond of any person employed by the investment officer who has charge of, handles or has access to any investment funds, state money or property. The amounts of the bonds shall be fixed by the investment officer, except as otherwise provided by law, and the sureties shall be approved by the investment officer. The premiums on the bonds shall be an expense of the State Treasurer. [1967 c.335 §5]

 

      293.718 Payment of expenses of State Treasurer. As payment for expenses of the investment officer, the State Treasurer may deduct monthly a maximum of 0.25 basis points of the most recent market value of assets under management for each of the investment funds. However, for the funds described in ORS 293.701 (2)(n), a maximum of 0.435 basis points may be deducted monthly. Amounts so deducted shall be deposited into the Miscellaneous Receipts Account established in the General Fund for the State Treasurer, and are continuously appropriated for payment of the expenses of the State Treasurer as investment officer. [1969 c.466 §2; 1989 c.319 §3; 1995 c.288 §1; 1999 c.1043 §2; 2001 c.716 §24; 2009 c.541 §12]

 

      293.720 [Formerly 291.608; repealed by 1967 c.335 §60]

 

      293.721 General objective of investments. Moneys in the investment funds shall be invested and reinvested to achieve the investment objective of the investment funds, which is to make the moneys as productive as possible, subject to the standard set forth in ORS 293.726. [1967 c.335 §6]

 

      293.723 Discrete investment of moneys. (1) Moneys in a fund established by law may not be discretely invested unless the law establishing the fund specifically indicates that the moneys may be invested. A provision in a law establishing a fund that requires interest earned by the fund to be retained by the fund is not, by itself, a specific indication that the moneys in the fund may be discretely invested.

      (2) As used in this section, “discretely invested” means invested in something other than the Oregon Short Term Fund established under ORS 293.728. [2007 c.217 §2; 2009 c.541 §13; 2009 c.821 §20]

 

      Note: 293.723 was added to and made a part of 293.701 to 793.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

      293.726 Standard of judgment and care in investments; investment in corporate stock. (1) The investment funds shall be invested and the investments of those funds managed as a prudent investor would do, under the circumstances then prevailing and in light of the purposes, terms, distribution requirements and laws governing each investment fund.

      (2) The standard stated in subsection (1) of this section requires the exercise of reasonable care, skill and caution, and is to be applied to investments not in isolation but in the context of each investment fund’s investment portfolio and as a part of an overall investment strategy, which should incorporate risk and return objectives reasonably suitable to the particular investment fund.

      (3) In making and implementing investment decisions, the Oregon Investment Council and the investment officer have a duty to diversify the investments of the investment funds unless, under the circumstances, it is not prudent to do so.

      (4) In addition to the duties stated in subsection (3) of this section, the council and the investment officer must:

      (a) Conform to the fundamental fiduciary duties of loyalty and impartiality;

      (b) Act with prudence in deciding whether and how to delegate authority and in the selection and supervision of agents; and

      (c) Incur only costs that are reasonable in amount and appropriate to the investment responsibilities imposed by law.

      (5) The duties of the council and the investment officer under this section are subject to contrary provisions of privately created public trusts the assets of which by law are made investment funds. Within the limitations of the standard stated in subsection (1) of this section and subject to subsection (6) of this section, there may be acquired, retained, managed and disposed of as investments of the investment funds every kind of investment which persons of prudence, discretion and intelligence acquire, retain, manage and dispose of for their own account.

      (6) Notwithstanding subsection (1) of this section, not more than 50 percent of the moneys contributed to the Public Employees Retirement Fund or the Industrial Accident Fund may be invested in common stock, and not more than 65 percent of the moneys contributed to the other trust and endowment funds managed by the Oregon Investment Council or the State Treasurer may be invested in common stock.

      (7) Subject to the standards set forth in this section, moneys held in the Deferred Compensation Fund may be invested in the stock of any company, association or corporation, including but not limited to shares of a mutual fund. Investment of moneys in the Deferred Compensation Fund is not subject to the limitation imposed by subsection (6) of this section. [1967 c.335 §7; 1971 c.53 §1; 1973 c.385 §1; 1981 c.880 §12; 1983 c.456 §1; 1983 c.466 §1; 1987 c.759 §1; 1993 c.18 §59; 1993 c.75 §1; 1997 c.129 §2; 1997 c.179 §22; 1997 c.804 §5; 2005 c.294 §1]

 

      293.728 Oregon Short Term Fund. (1) The Oregon Short Term Fund is established in the State Treasury as a commingled investment vehicle for investment funds and the moneys described in subsection (2) of this section. Interest earned by the Oregon Short Term Fund shall be credited to the participating investor funds or accounts in the fund in proportion to the amount invested.

      (2) Unless a federal law, court order, settlement or similar agreement or business practice requires otherwise, moneys received by the State Treasurer that may not be discretely invested as provided in ORS 293.723 shall be deposited in the fund. Moneys that may be discretely invested as provided in ORS 293.723 may be deposited in the fund.

      (3) Moneys in the fund may be transferred as provided in ORS 293.205 to 293.225. The State Treasurer is the officer in charge of the fund for purposes of ORS 293.220 and shall determine the interest rate to be charged until the moneys are retransferred to the fund. The interest rate may not be less than the rate specified in ORS 293.220. [2009 c.821 §19]

 

      Note: 293.728 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

      293.731 Council to formulate and review investment policies; exception. Subject to the objective set forth in ORS 293.721 and the standards set forth in ORS 293.726, the Oregon Investment Council shall formulate policies for the investment and reinvestment of moneys in the investment funds and the acquisition, retention, management and disposition of investments of the investment funds. The council, from time to time, shall review those policies and make changes therein as it considers necessary or desirable. The council may formulate separate policies for any fund included in the investment funds. This section does not apply to the Oregon Growth Account, the Oregon Growth Fund, the Oregon Growth Board, the Oregon Commercialized Research Fund, the Oregon Innovation Fund or the Oregon Innovation Council. [1967 c.335 §8; 1993 c.210 §20; 1999 c.42 §1; 1999 c.274 §18; 2001 c.835 §9; 2001 c.922 §§15a,15b; 2005 c.748 §§15,16; 2012 c.90 §§22,32; 2013 c.732 §8]

 

      293.733 Venture capital investments; council’s duty. (1) In making and implementing investment decisions related to venture capital, the Oregon Investment Council and the investment officer have a duty to look first at Oregon opportunities for diversification unless, under the circumstances, it is not prudent to do so.

      (2) At any given time, the council shall have at least $100 million in venture capital investments in Oregon unless, under the circumstances, it is not prudent to do so.

      (3) As used in this section:

      (a) “Emerging growth business” means an individual or group of individuals or a new or small company, including but not limited to any new or small partnership, limited liability company, corporation, firm, association or other business entity, that has the capacity, upon obtaining appropriate capital, to generate significant high-skill, high-wage employment.

      (b) “Venture capital” includes but is not limited to emerging growth businesses. [2003 c.606 §3; 2012 c.90 §23]

 

      Note: 293.733 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

      293.734 Report on venture capital investments. The Oregon Investment Council shall submit an annual report to the Speaker of the House of Representatives and the President of the Senate detailing the investments and commitments made by the council in accordance with ORS 293.733. [2003 c.606 §5]

 

      Note: 293.734 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.735 [Formerly 291.610; repealed by 1967 c.335 §60]

 

      293.736 Duties of investment officer. (1) Except as provided in ORS 293.741, in amounts available for investment purposes and subject to the policies formulated by the Oregon Investment Council, the investment officer shall invest and reinvest moneys in the investment funds and acquire, retain, manage, including exercise of any voting rights, and dispose of investments of the investment funds.

      (2) Subject to the direction of the council, the investment officer shall perform the functions described in subsection (1) of this section with respect to the investment in mutual funds of moneys in the Deferred Compensation Fund. The council must approve all mutual funds in which Deferred Compensation Fund moneys are invested. [1967 c.335 §9; 1997 c.179 §23; 2005 c.295 §1]

 

      293.740 [Formerly 291.611; repealed by 1967 c.335 §60]

 

      293.741 Council may contract with others to perform investment officer functions; compensation; bond. The Oregon Investment Council may enter into contracts with one or more persons whom the council determines to be qualified, whereby the persons undertake, in lieu of or in addition to the investment officer, to perform the functions specified in ORS 293.736 to the extent provided in the contract. Performance of functions under a contract shall be paid for out of the gross interest or other income of the investments with respect to which the functions are performed, and the net interest or other income of the investments after that payment shall be considered income of the investment funds. The council may require a person contracted with to give to the state a fidelity bond in a penal sum as may be fixed by law or, if not so fixed, as may be fixed by the council, with corporate surety authorized to do business in this state. Contracts entered into under this section and functions performed under the contracts are not subject to ORS chapter 240 or ORS 279A.140. [1967 c.335 §10; 2003 c.794 §248; 2005 c.295 §2]

 

      293.745 [Formerly 291.612; repealed by 1967 c.335 §60]

 

      293.746 Opinion of bond attorney or Attorney General; investment counseling and mortgage services. (1) In the acquisition or disposition of bonds with which approving legal opinions ordinarily are furnished, the investment officer may require an original or certified copy of the written opinion of a reputable bond attorney or attorneys, or the written opinion of the Attorney General, certifying to the legality of the bonds.

      (2) The Oregon Investment Council may arrange for the furnishing to the investment officer of investment counseling services. The furnishing and acquisition of those services are not subject to the State Personnel Relations Law or ORS 279A.140.

      (3) The investment officer, with the approval of the council, may arrange for services with respect to mortgages in which moneys in the investment funds are invested. Those services shall be paid for out of the gross interest of the mortgages with respect to which the services are furnished, and the net interest of the mortgages after that payment shall be considered income of the investment funds. The furnishing and acquisition of those services are not subject to the State Personnel Relations Law or ORS 279A.140. [1967 c.335 §11; 2003 c.794 §249]

 

      293.750 [Formerly 291.613; repealed by 1967 c.335 §60]

 

      293.751 Custody of title instruments; deposit for safekeeping; form; collection and disposition of principal and interest; default proceedings. (1) Except as provided in ORS 293.741 and this subsection, all instruments of title of all investments of the investment funds shall remain in the custody of the investment officer. The investment officer may deposit with one or more custodial agents or banks those instruments of title that the State Treasurer considers advisable, to be held in safekeeping by the agents or banks for collection of the principal and interest or other income, or of the proceeds of sale or maturity. For purposes of this section, instruments of title of investments of the investment funds may include such evidence of title as the investment officer shall consider secure and consistent with modern investment, banking and commercial practices, and may include book entry and automated recordation of such title.

      (2) Except as provided in ORS 293.741 and 293.746 (3) and subsections (1) and (3) of this section, the investment officer shall collect the principal and interest or other income of investments of the investment funds, title of which is in the investment officer’s custody, when due and payable, and shall pay the principal and interest or other income, when so collected, into the appropriate fund. Except as otherwise provided by law, interest or other income of investments of funds in the hands of the State Treasurer that are not required to meet current demands shall be paid into the General Fund to be available for the payment of general governmental expenses.

      (3) In the event of default in the payment of principal or interest or other income of any investment of the investment funds, the investment officer, with the approval of the Oregon Investment Council, may:

      (a) Institute the proper proceedings to collect the matured principal or interest or other income.

      (b) Accept for exchange purposes refunding bonds or other evidences of indebtedness at interest rates to be agreed upon by the investment officer and obligor.

      (c) Make compromises, adjustments or disposition of the matured principal or interest or other income as the investment officer considers advisable for the purpose of protecting the moneys invested.

      (d) Make compromises or adjustments as to future payments of principal or interest or other income as the investment officer considers advisable for the purposes of protecting the moneys invested. [1967 c.335 §12; 1979 c.475 §1; 1981 c.194 §2; 1991 c.88 §3]

 

      293.755 [Formerly 291.614; repealed by 1967 c.335 §60]

 

      293.756 Separate accounting for funds. The investment officer shall keep, for each fund included in the investment funds for which investments are made, a separate account, which shall record the individual amounts and the totals of all investments of moneys in the fund. [1967 c.335 §13]

 

      293.760 [Formerly 291.616; repealed by 1967 c.335 §60]

 

      293.761 Duty of investment officer to provide information for financial reporting. (1) The investment officer shall follow generally accepted accounting practices and provide to the officer or body having control and administration of any investment funds any information necessary for financial reporting required by law.

      (2) The investment officer shall separately identify investments held in the Oregon Growth Account established in ORS 348.702 as part of the information provided under this section on the Education Stability Fund. [1967 c.335 §14; 1993 c.210 §21; 1999 c.42 §2; 1999 c.274 §19; 2001 c.835 §11; 2001 c.922 §§16a,16b; 2002 s.s.3 c.6 §§10,11; 2005 c.748 §§17,18; 2009 c.805 §5; 2009 c.821 §21; 2012 c.90 §§24,33; 2013 c.732 §9]

 

      293.765 [Formerly 291.618; repealed by 1967 c.335 §60]

 

      293.766 Monthly reports by investment officer to council. Not later than 15 days after the last day of each month, the investment officer shall submit to the Oregon Investment Council a report of the investments made during the preceding month. The report shall include a detailed summary of investment, reinvestment, purchase, sale and exchange transactions, setting forth, among other matters, the investments bought, sold and exchanged, the dates thereof, the prices paid and obtained, the names of the dealers involved and a statement of the accounts referred to in ORS 293.756. The investment officer may send copies of the report to investment bankers and brokers recommended by the council. [1967 c.335 §15]

 

      293.770 [Formerly 291.620; repealed by 1967 c.335 §60]

 

      293.771 Reports by council to Governor and legislature. The Oregon Investment Council shall report to the Governor and Legislative Assembly on the investment funds investment program at each odd-numbered year regular session of the Legislative Assembly and at other times as the council considers in the public interest. [1967 c.335 §16; 2011 c.545 §38]

 

      293.775 [1963 c.520 §3; repealed by 1967 c.335 §60]

 

      293.776 Examination and audit of investment program; report. The Oregon Investment Council shall provide for an examination and audit of the investment funds investment program, and for submission to the council of a report based on the examination and audit, at least once every four years and at other times as the council may require. The examination and audit, and the report based thereon, shall include an evaluation of current investment funds investment policies and practices and of specific investments of the investment funds in relation to the objective set forth in ORS 293.721, the standard set forth in ORS 293.726 and other criteria as may be appropriate, and recommendations relating to the investment funds investment policies and practices and to specific investments of the investment funds as are considered necessary or desirable. The council shall make copies of the report or a summary thereof available for distribution to interested persons. [1967 c.335 §17]

 

      293.778 Investment holding companies; use; directors and officers; effect of conflict of interests. (1) The investment officer singly, or jointly with other public or institutional investors, may authorize establishment of investment holding companies, which may be corporations, partnerships or limited liability companies, and placement of investment funds or investments in such companies, when it is appropriate to do so under the investment standard prescribed in ORS 293.726. An investment holding company authorized by this section has the powers and authority granted by the laws of the jurisdiction in which the company is established.

      (2) Any person qualified under the laws of the jurisdiction in which an investment holding company is established may serve as an officer, director, member or manager of the company. Officers and employees of the office of the State Treasurer may serve as directors, officers and members of investment holding companies authorized by this section. However, if a conflict arises between the duties of the officer or employee of the office of the State Treasurer under state law and the duties of the officer or employee of the office of the State Treasurer as a director, officer or member of the investment holding company, the officer or employee shall abstain from acting on behalf of the company. If the conflict cannot be avoided by abstention, the officer or employee shall immediately resign from the company. [1993 c.76 §2; 1999 c.481 §1]

 

      293.780 Group annuity contracts with insurers on behalf of Public Employees Retirement System and Board. The Oregon Investment Council, for and on behalf of the Public Employees Retirement System and Public Employees Retirement Board, may enter into group annuity contracts with one or more insurance companies authorized to do business in this state. In lieu of any investment of moneys in the Public Employees Retirement Fund as provided in ORS 293.701 to 293.857, the council may pay, from time to time under contracts so entered into, any moneys in that fund available for investment purposes. Contracts so entered into are not subject to ORS 279A.140. [1967 c.335 §18; 2003 c.794 §250]

 

      293.790 Holding, investing and disposing of corporate stock. (1) Under authority of section 6, Article XI of the Oregon Constitution, the state, subject to subsection (2) of this section, may hold and dispose of the stock of any company, association or corporation, including stock already received, that is donated or bequeathed and the state, acting by and through the State Board of Higher Education, subject to subsection (2) of this section, may invest and reinvest in the stock of any company, association or corporation, any funds or moneys of the State Board of Higher Education that:

      (a) Are or have been donated or bequeathed for higher education purposes;

      (b) Are the proceeds from the disposition of stock that is donated or bequeathed for higher education purposes, including stock already received; or

      (c) Are dividends paid with respect to stock that is donated or bequeathed for higher education purposes, including stock already received.

      (2) The state, including any of its agencies having control of, or authority to invest and reinvest in, any stock described in subsection (1) of this section, in holding, disposing of or investing and reinvesting in such stock, shall be governed by ORS 130.750 to 130.775, notwithstanding the date of acquisition of such stock. Moneys received from the disposition of such stock, including dividends, shall be maintained separate and distinct from the General Fund, and those moneys, including interest earned thereon, are appropriated continuously for the purposes of the donation or bequest and of the investments and reinvestments authorized by subsection (1) of this section and by ORS 351.130. Except as specifically authorized by law, the state or any of its agencies may not purchase stock.

      (3)(a) This section does not apply to investment and reinvestment of moneys in the Public Employees Retirement Fund, the Industrial Accident Fund, the Deferred Compensation Fund and the Education Stability Fund or to acquisition, retention, management and disposition of investments of those funds as provided in ORS 293.701 to 293.857.

      (b) This section does not apply to investment or reinvestment of moneys or stock resulting from the holding and disposing of stock by the state as allowed under section 6 (2), Article XI of the Oregon Constitution. [Formerly 291.630; 1967 c.335 §32; 1971 c.339 §1; 1989 c.966 §21; 1995 c.12 §4; 1995 c.157 §25; 1997 c.179 §24; 2001 c.835 §13; 2002 s.s.3 c.6 §12; 2005 c.348 §122]

 

      293.793 Purchase or acquisition of state government bonds. (1) As used in this section:

      (a) “Related agency” has the meaning given that term in ORS 286A.001.

      (b) “State government” has the meaning given that term in ORS 174.111.

      (2) If the State Treasurer, acting as investment officer, or a trustee, investing moneys for a related agency, purchases or acquires bonds issued by state government, the purchase or acquisition does not cancel or extinguish the bonds. [2009 c.537 §6]

 

      293.796 Findings regarding venture capital for new businesses. (1) The Legislative Assembly finds that:

      (a) The availability of venture capital for the start-up and subsequent expansion of new businesses is critical to the continued growth and development of the economy of Oregon.

      (b) There exists an estimated gap of between $100 million and $200 million between available venture capital resources and the need of Oregon businesses for such resources.

      (c) Investments in start-up and expanding businesses, in minority or women business enterprises and in emerging growth businesses can produce substantial positive returns for long-term investors.

      (d) Pension funds managed by the Oregon Investment Council constitute a major financial resource of the State of Oregon, and that such funds may be prudently invested in start-up and emerging growth businesses in this state under policies established by the Oregon Investment Council.

      (2) As used in this section:

      (a) “Emerging growth business” means an individual or group of individuals or a new or small company, including but not limited to any new or small partnership, limited liability company, corporation, firm, association or other business entity, that has the capacity, upon obtaining appropriate capital, to generate significant high-skill, high-wage employment.

      (b) “Minority or women business enterprise” has the meaning given that term in ORS 200.005. [1995 c.811 §1; 2003 c.606 §1; 2005 c.22 §221; 2012 c.90 §25]

 

      Note: 293.796 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

      293.802 [1995 c.811 §2; repealed by 1999 c.54 §2]

 

      293.805 [1971 c.339 §2; repealed by 1975 c.363 §2]

 

      293.810 [1981 c.880 §2; 1991 c.88 §4; 1993 c.18 §60; repealed by 1997 c.129 §4]

 

INVESTING IN SUDAN

 

      293.811 Short title. ORS 293.811 to 293.832 may be cited as the Oregon Human Rights and Anti-Genocide Act of 2005. [2005 c.774 §2]

 

      293.812 Definitions for ORS 293.811 to 293.832. As used in ORS 293.811 to 293.832:

      (1) “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor, franchisee or its wholly owned subsidiary that exists for profit-making purposes or otherwise to secure economic advantage.

      (2) “Fund of funds” means investment funds that function by secondary investment in a portfolio of other investments, including investment funds.

      (3) “Index funds” means pooled investments that are passively managed with an intent to match or track the performance of a market index.

      (4) “Invest” means to commit funds or other assets to a company. “Invest” includes making a loan or other extension of credit to a company, or owning or controlling a share or interest in a company or a bond or other debt instrument issued by a company.

      (5) “Investment” means the commitment of funds or other assets to a company for an interest in the company. “Investment” includes the ownership or control of a share or interest in a company or of a bond or other debt instrument issued by a company.

      (6) “Scrutinized company” means any company that currently has an investment, in the Sudan, from which federal law specifically allows public pension plans to divest.

      (7) “Sudan” means the Republic of the Sudan and any territory under the administration, legal or illegal, of Sudan, including but not limited to the Darfur region. [2005 c.774 §3; 2013 c.722 §67]

 

      293.813 Findings. (1) The people of Oregon condemn the human rights abuses, enslavement and genocide in Sudan and declare these atrocities to be absolutely contrary to the fundamental principles of human rights and standards of justice and individual freedom.

      (2) The Legislative Assembly finds:

      (a) The Congress of the United States has declared that genocide is occurring in the Darfur region of Sudan;

      (b) The National Black Caucus of State Legislators Resolution 05-144 declares that the atrocities unfolding in Darfur are genocide under Articles 1 to 3 of the 1948 United Nations Convention;

      (c) The United Nations International Commission of Inquiry on Darfur found that government forces and militias of Sudan have conducted indiscriminate attacks, including the killing of civilians, torture, enforced disappearances, the destruction of villages, rape and other forms of sexual violence, pillaging and forced displacement throughout Darfur;

      (d) Sudanese government forces and government-supported militia forces have implemented a coordinated policy of ethnic cleansing;

      (e) More than 2.2 million people are affected by the crisis in Sudan, with 1.2 million displaced inside Sudan, 200,000 living as refugees and more than 50,000 people having died, according to the Catholic Relief Services;

      (f) Sixty percent of the villages in Northern Darfur have been destroyed or abandoned according to the Intermediate Technology Development Group;

      (g) Sudanese government forces have pursued a scorched earth policy aimed at removing populations from around a newly constructed oil pipeline and other oil production facilities, according to the United States Department of State Report on Human Rights Practices in Sudan;

      (h) Fourteen thousand Dinka women and children have been abducted in Sudan according to the United States Department of State 2005 Trafficking in Persons Report;

      (i) Christian Solidarity International reports that the government of Sudan is responsible for the revival of the evil institution of slavery;

      (j) The Methodist Church of Southern Africa reports mass rapes of girls and women, the displacement of millions of people and genocide and ethnic cleansing in Darfur;

      (k) The Committee on Conscience of the United States Holocaust Memorial Museum has declared a genocide emergency in Sudan;

      (L) Genocide, enslavement and such atrocities are repugnant to the basic principles of liberty and justice in the Bill of Rights, Article I of the Oregon Constitution, which are fundamental to the character of a free society; and

      (m) The investment of subject investment funds in business firms and financial institutions with ties to the repressive regime in Sudan is inconsistent with the moral and political values of the people of Oregon. [2005 c.774 §4]

 

      293.814 [2005 c.774 §5; repealed by 2013 c.722 §75]

 

      293.815 [2005 c.774 §6; repealed by 2013 c.722 §75]

 

      293.816 [2005 c.774 §7; repealed by 2013 c.722 §75]

 

      293.817 [2005 c.774 §8; repealed by 2013 c.722 §75]

 

      293.819 Investment in scrutinized companies. (1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that managers who are engaged by the council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660, through the purchase and sale of publicly traded equities, are not investing in publicly traded equities of any scrutinized company.

      (2) Subsection (1) of this section does not apply to investment indirectly made through index funds, fund of funds or privately placed investments. [2013 c.722 §69]

 

      293.820 [1981 c.880 §3; 2013 c.338 §13; renumbered 293.857 in 2013]

 

      293.822 [1991 c.902 §107; renumbered 293.861 in 2013]

 

      293.824 [1991 c.902 §108; 1997 c.129 §3; 2007 c.783 §116; renumbered 293.863 in 2013]

 

      293.825 Policy for engagement with investment managers with investments in scrutinized companies. (1) Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, the State Treasurer shall adopt a statement of policy that describes a process of engagement with managers who:

      (a) Are engaged by the Oregon Investment Council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660 through the purchase and sale of publicly traded equities; and

      (b) Have invested such funds in scrutinized companies.

      (2) The policy required under subsection (1) of this section must require the State Treasurer, to the extent practicable, to identify and send a written notice to the managers described in subsection (1) of this section. The notice shall encourage the managers, consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to:

      (a) Notify scrutinized companies with which the managers have made investments of the State Treasurer’s policy adopted pursuant to subsection (1) of this section; and

      (b) Not later than 90 days after giving the notice, end investments in the scrutinized companies and avoid future investments in the scrutinized companies, as long as the managers may do so without monetary loss through reasonable, prudent and productive investments in companies generating returns that are comparable to the returns generated by the scrutinized companies.

      (3) A notice provided by a manager to a scrutinized company under subsection (2) of this section shall advise the scrutinized company that the company may comment in writing to the State Treasurer to dispute the identification of the company as a scrutinized company.

      (4) If the State Treasurer determines under subsection (3) of this section that a company is not a scrutinized company, the State Treasurer shall notify the relevant manager of the State Treasurer’s determination.

      (5) The State Treasurer shall advise the Oregon Investment Council of a notice the State Treasurer provides under subsection (2) of this section if the manager to whom the notice was given has not informed the State Treasurer within 180 days after the date the notice was given that the manager has ended the manager’s investment in scrutinized companies or plans to divest from its investment in scrutinized companies. [2013 c.722 §70]

 

      293.828 Notice on State Treasurer’s website. On or before March 15 of each year, the State Treasurer shall make available on the State Treasurer’s website a summary of actions taken during the previous year in accordance with ORS 293.811 to 293.832. The summary shall include a list of identified scrutinized companies. [2013 c.722 §71]

 

      293.830 [1987 c.193 §1; repealed by 1999 c.295 §1]

 

      293.832 Applicability of ORS 293.825 and 293.828; sufficient appropriation. ORS 293.825 (2) to (5) and 293.828 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described by ORS 293.718 or moneys in the Public Employees’ Retirement Fund, to administer ORS 293.825 (2) to (5) and 293.828. [2013 c.722 §72]

 

      293.835 [1987 c.193 §3; 1991 c.135 §1; 1999 c.59 §77; repealed by 1999 c.295 §1]

 

INVESTING IN IRAN

 

      293.837 Definitions for ORS 293.837 to 293.847. As used in ORS 293.837 to 293.847:

      (1) “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor or franchisee, or its wholly owned subsidiary, that exists for profit-making purposes or otherwise to secure economic advantage.

      (2) “Fund of funds” means investment funds that function by secondary investment in a portfolio of other investments, including investment funds.

      (3) “Index funds” means pooled investments that are passively managed with an intent to match or track the performance of a market index.

      (4)(a) “Invest” means to commit funds or other assets to a company. “Invest” includes making a loan or other extension of credit to a company, or owning or controlling a share or interest in a company or a bond or other debt instrument issued by a company.

      (b) “Investment” means the commitment of funds or other assets to a company for an interest in the company. “Investment” includes the ownership or control of a share or interest in a company or of a bond or other debt instrument issued by a company.

      (5) “Iran” means the Islamic Republic of Iran.

      (6) “Scrutinized company” means any company that currently has made an investment in the energy sector of Iran as described in section 202(c)(1) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (P.L. 111-195), as further determined by the United States Department of State. [2012 c.72 §2]

 

      293.839 Investment in scrutinized companies. (1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that managers who are engaged by the council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660, through the purchase and sale of publicly traded equities, are not investing in publicly traded equities of any scrutinized company.

      (2) Subsection (1) of this section does not apply to investments indirectly made through index funds, fund of funds or privately placed investments. [2012 c.72 §3]

 

      293.840 [1987 c.193 §2; 1991 c.135 §2; repealed by 1999 c.295 §1]

 

      293.841 Policy for engagement with investment managers with investments in scrutinized companies. (1) Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, the State Treasurer shall adopt a statement of policy that describes a process of engagement with managers who:

      (a) Are engaged by the Oregon Investment Council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660 through the purchase and sale of publicly traded equities; and

      (b) Have invested such funds in scrutinized companies.

      (2) The policy required under subsection (1) of this section must require the State Treasurer, to the extent practicable, to identify and send a written notice to the managers described in subsection (1) of this section. The notice shall encourage the managers, consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to:

      (a) Notify scrutinized companies with which the managers have made investments of the State Treasurer’s policy adopted pursuant to subsection (1) of this section; and

      (b) Not later than 90 days giving the notice, end investments in the scrutinized companies and avoid future investments in the scrutinized companies, as long as the managers may do so without monetary loss through reasonable, prudent and productive investments in companies generating returns that are comparable to the returns generated by the scrutinized companies.

      (3) A notice given by a manager to a scrutinized company under subsection (2) of this section shall advise the scrutinized company that the scrutinized company may comment in writing to the State Treasurer to dispute the identification of the company as a scrutinized company.

      (4) If the State Treasurer determines that a company given notice under subsection (3) of this section is not a scrutinized company, the State Treasurer shall notify the relevant manager of the determination.

      (5) The State Treasurer shall advise the Oregon Investment Council if a manager to whom the notice was given under subsection (2) of this section has not informed the State Treasurer within 180 days after the date the notice was given that the manager has ended the manager’s investment in scrutinized companies or plans to divest from the manager’s investment in scrutinized companies. [2012 c.72 §4]

 

      293.843 Notice on State Treasurer’s website. On or before March 15 of each year, the State Treasurer shall make available on the State Treasurer’s website a summary of actions taken during the previous year in accordance with ORS 293.837 to 293.847. The summary shall include a list of identified scrutinized companies. [2012 c.72 §5]

 

      293.845 [1987 c.193 §4; 1991 c.135 §3; repealed by 1999 c.295 §1]

 

      293.847 Applicability of ORS 293.841 and 293.843; sufficient appropriation. (1) ORS 293.841 (2) to (5) and 293.843 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described in ORS 293.718, to administer ORS 293.841 (2) to (5) and 293.843.

      (2) Any costs incurred by the State Treasurer in administering ORS 293.837 to 293.847 may not be paid from investment funds. [2012 c.72 §6]

 

      293.850 [1987 c.193 §5; 1991 c.135 §4; repealed by 1999 c.295 §1]

 

      293.855 [1987 c.193 §6; 1991 c.135 §5; repealed by 1999 c.295 §1]

 

INVESTING LOCAL FUNDS

 

      293.857 Separate accounts for each local government; report; investment rules. (1) When the investment officer invests the funds of any county, municipality, school district or other political subdivision of this state or of a tribal government, the investment officer shall keep a separate account for each such governmental unit the funds of which are being invested.

      (2) The investment officer shall report monthly to each such governmental unit the changes made during the preceding month in the investments for the account of that governmental unit. The monthly reports shall be provided to the governmental units within 30 days after the end of the month to which they pertain.

      (3) All funds invested by the investment officer shall be invested in accordance with rules adopted or readopted at least annually by the Oregon Short Term Fund Board and approved by the Oregon Investment Council. Such rules shall be published, shall be made available to all interested parties and shall be distributed at least annually to all local governments and tribal governments investing funds pursuant to ORS 294.805 to 294.895. [Formerly 293.820]

 

      293.860 [1987 c.193 §7; 1991 c.135 §6; repealed by 1999 c.295 §1]

 

INVESTMENT POOLS

 

      293.861 Investment pools authorized. The Legislative Assembly recognizes that changes in federal arbitrage regulations have imposed substantial additional financial and administrative burdens on state agencies and local governments which issue tax-exempt obligations. The impact of these burdens is exacerbated by the fiscal restrictions placed on these agencies and governments by section 11b, Article XI of the Oregon Constitution. The Legislative Assembly finds that it will benefit the citizens of the state to authorize the State Treasurer to create one or more investment pools which are designed to reduce these burdens of compliance with federal arbitrage rules. [Formerly 293.822]

 

      293.863 Investment pool procedures; duties of State Treasurer. (1) As used in this section:

      (a) “Council” means the Oregon Investment Council.

      (b) “Investor” means an entity which deposits proceeds with the State Treasurer for investment in a pool.

      (c) “Pool” means a fund or account established by the State Treasurer for the investment of proceeds for one or more investors, pursuant to this section.

      (d) “Public body” has the meaning given that term in ORS 287A.001.

      (e) “Proceeds” means funds obtained from the sale of tax-exempt obligations, and other funds which secure, or are held to pay debt service on, tax-exempt obligations.

      (f) “Tax-exempt obligations” means bonds, notes, certificates or other obligations, the interest on which is excluded from gross income under the United States Internal Revenue Code.

      (2) In addition to the other powers granted to the State Treasurer, the State Treasurer may create one or more pools for the investment of proceeds. The pools shall be separate and distinct from the General Fund. Amounts in a pool shall be invested under the standards for investment of state funds which are provided in ORS 293.701 to 293.857. However, the investment objective for the pools shall be to make the amounts therein as productive to the investor as is administratively reasonable, taking into account restrictions imposed by the United States on the investment of the proceeds and the ability of the investor to retain investment earnings for its benefit. Amounts in a pool shall be invested according to policies established by the Oregon Investment Council. ORS 293.857 shall not apply to investments of amounts in a pool. The State Treasurer or the council may enter into agreements with investors regarding the investment of proceeds in a pool authorized by this section and may take other action reasonably required to establish and operate pools for the investment of proceeds in a manner which reduces the burden on investors of complying with federal arbitrage laws.

      (3) The State Treasurer or the council may contract for trust, investment management, legal, accounting, financial advisory and other services with respect to the funds invested in a pool. Costs of the services may be paid from earnings on proceeds invested in a pool, from fees charged to investors or from any other legally available funds. The State Treasurer may charge investors fees for deposit or withdrawal of amounts from a pool. The fees shall not exceed the State Treasurer’s reasonable estimate of the costs of creating and operating the pool.

      (4) The State Treasurer shall establish policies and procedures for the allocation of pool expenses, earnings and losses among investors in a pool, and for the deposit and withdrawal of amounts in a pool. Net earnings on amounts in pools shall be distributed among investors in accordance with the policies and procedures established by the State Treasurer.

      (5) The State of Oregon, its agencies, public bodies and trustees which hold proceeds may invest proceeds through the State Treasurer in a pool. [Formerly 293.824]

 

      293.865 [1987 c.193 §8; 1991 c.135 §7; repealed by 1999 c.295 §1]

 

      293.867 [1991 c.135 §9; repealed by 1999 c.295 §1]

 

      293.870 [1987 c.193 §10; repealed by 1999 c.295 §1]

 

CASH MANAGEMENT

 

      293.875 State Treasurer as state banking and cash management officer; duties; preemption of conflicting laws. (1) The State Treasurer is designated the sole banking and cash management officer for the state and may review, establish and modify procedures for the efficient handling of moneys under the control of the State Treasury, the Secretary of State, the Judicial Department, the Legislative Assembly, the Public Defense Services Commission and state agencies as defined in ORS 291.002. The State Treasurer shall perform all activities necessary or desirable to fulfill the duties of the treasurer as the banking and cash management officer. The activities may include, but are not limited to, entering into contracts for the provision of services related to the management, deposit and transfer of, or payment from, moneys deposited with the State Treasurer through banks and other financial institutions. The deposit, transfer or payment may be through physical presentation or drafting of an instrument or document by electronic or other means.

      (2) The State Treasurer shall continuously review the effectiveness of the cash management of state agencies, the Secretary of State, the Judicial Department and the Legislative Assembly, and when the State Treasurer considers it appropriate shall report in writing to the subject agency the findings of this review, along with any recommendations. A copy of the report shall be provided to the Legislative Fiscal Officer and to the Secretary of State.

      (3) This section controls over any other law that gives another state agency general responsibility for, or control over, the accounting, fiscal or electronic commerce affairs of the State Treasury, the Secretary of State, the Judicial Department, the Legislative Assembly, the Public Defense Services Commission and state agencies as defined in ORS 291.002. State agencies shall employ the principles, standards and related requirements for cash management prescribed by the State Treasurer, including:

      (a) Practices related to the use of credit, debit or similar cards or devices;

      (b) The use of secure disbursing and receiving instruments, documents and systems; and

      (c) The use of secure information resources, information technology and networks that meet the requirements of the State Treasurer for the electronic management, deposit or transfer of, or payment from, moneys deposited with the State Treasurer.

      (4) As used in this section, “information resources” and “information technology” have the meanings given those terms in ORS 291.038. [1993 c.73 §3; 1997 c.65 §1; 2003 c.449 §41; 2009 c.821 §22]

 

      293.880 Accounts and funds established to comply with federal legislation relating to state and federal cash management reform. The State Treasurer may establish accounts, and the Oregon Department of Administrative Services may establish funds, as needed to comply with the requirements of federal legislation relating to the state and federal cash management reform. These accounts and funds shall be separate and distinct from the General Fund. Interest earned, if any, shall inure to the benefit of the account or fund. Moneys in these accounts and funds are continuously appropriated for the following purposes:

      (1) To the extent authorized by federal legislation, administrative expenses of the department, the State Treasurer and the Division of Audits of the Secretary of State in the performance of their duties relating to the program known as the state and federal cash management reform. Payment of such expenses by the department shall be based on properly documented claims and shall be paid the same as other claims against the State of Oregon.

      (2) The transfer of interest earnings to the federal government in accordance with signed agreements between the United States Treasury and this state.

      (3) The transfer of interest earnings to the General Fund or other separate funds if documentation shows that state funds have been used in anticipation of the receipt of federal funds. The use of state funds in lieu of federal funds must be in accordance with signed agreements between the United States Treasury and this state. [1989 c.552 §2]

 

PENALTIES

 

      293.990 Penalties. (1) Any person, official or state agent violating ORS 293.265 to 293.280 or failing to comply with any of the requirements of those sections within the time provided shall be liable on the official bond of the person, officer or state agent and commits a Class A misdemeanor.

      (2) In addition to civil liability, violation of ORS 293.620 is a Class A violation. [Formerly 291.990 (2), (3); 1971 c.743 §353; 1997 c.761 §12; 1999 c.1051 §173; 2011 c.597 §178]

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