Section 295.034 – Withdrawal of inadequately collateralized funds.
(1) Within 15 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (6)(a), 295.031 (1) or 295.061 (4)(a), the public official shall withdraw from the qualified depository to which the notice applies all uninsured public funds deposits. (2) If a public official receives a notice from the […]
Section 295.035
[1967 c.451 §4; 2007 c.871 §21; renumbered 295.013 in 2007]
Section 295.037 – Distribution of collateral after loss in qualified depository.
(1) The provision of collateral, including the deposit of securities by a qualified depository with its custodian pursuant to ORS 295.001 to 295.108, constitutes consent by the depository to the disposition of the securities in accordance with this section. (2) When a loss has occurred in a qualified depository, the depository shall as soon as […]
Section 295.038 – Assessment against collateral of qualified depositories.
(1) After making the calculation described in ORS 295.037, the State Treasurer shall assess the amount of uninsured public funds against a collateral pool that consists of collateral provided by all other qualified depositories of the same type, either bank or credit union, as the closed depository as follows: (a) First, against the closed depository, […]
Section 295.039 – State Treasurer acceptance of moneys for purposes of administering ORS 295.038.
(1) The State Treasurer may accept moneys from any public or private source for the purpose of paying initial or continuing expenses related to administering the provisions of ORS 295.038. (2) The State Treasurer shall deposit moneys the State Treasurer receives under this section into the Miscellaneous Receipts Account established for the State Treasurer in […]
Section 295.041 – Subrogation rights of State Treasurer.
When the State Treasurer distributes the proceeds of assessments and liquidated collateral to a public official under ORS 295.038, the State Treasurer is subrogated to all of the public official’s right, title and interest against the closed depository, and shares in any distribution of the closed depository’s assets ratably with other depositors. Sums received from […]
Section 295.046 – Limitation on acceptance of public funds from single public official; exceptions.
(1) A qualified depository may not accept a deposit of public funds if the deposit would cause the aggregate of public funds deposits that any one public official makes in the depository to exceed at any time the depository’s net worth. If a qualified depository’s net worth is reduced, the depository may allow public funds […]
Section 295.048 – Limitations on aggregate uninsured public funds deposits; notice; exceptions.
(1) Notwithstanding ORS 295.046, a qualified depository may not permit the aggregate of uninsured public funds deposits on deposit with the depository from all public officials to exceed at any time the least of: (a) 100 percent of the value of the qualified depository’s net worth, if the depository is an undercapitalized depository; (b) 150 […]
Section 295.012 – State Treasurer rule setting maximum liability for qualified credit union depositories.
For any period of time during which fewer than 10 credit unions are qualified depositories, the State Treasurer, notwithstanding ORS 295.001 (14), by rule may set the maximum liability for a credit union that holds uninsured public funds at 20 percent of the greater of: (1) All uninsured public funds deposits the credit union holds, […]
Section 295.053 – Custodian duties when qualified depository ceases holding uninsured public funds; securities.
(1) If a qualified depository ceases holding uninsured public funds deposits, the depository’s custodian shall continue to hold the depository’s pledged securities as collateral pursuant to ORS 295.001 to 295.108 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold the […]