Usa Oregon

USA Statutes : oregon
Title : TITLE 28 PUBLIC FINANCIAL ADMINISTRATION
Chapter : Chapter 293 Administration of Public Funds
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]


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.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]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] (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] 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 Fund principal and the interest accruing from
the investment thereof.

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

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

(j) 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] (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.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] 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] 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] 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](Deficiencies) (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] (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](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. (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.(1) The
State Treasurer may issue obligations under ORS 288.165 to finance
current expenses of this state. The amount of the obligations issued at
any time may not exceed the State Treasurer’s estimate of the cash flow
deficit of the state, plus amounts for reasonable reserves and costs.

(2) To estimate the amount of cash flow deficit, the State
Treasurer shall take into account the most recent cash flow forecast
developed by the Oregon Department of Administrative Services and any
other information the State Treasurer determines is reliable and relevant.

(3) When the State Treasurer issues obligations under ORS 288.165:

(a) The Oregon Department of Administrative Services shall account
for and administer the proceeds of the obligations and the repayment of
the obligations. The State Treasurer shall notify the Director of the
Oregon Department of Administrative Services, the Legislative Fiscal
Officer and the Legislative Revenue Officer before issuing obligations
under ORS 288.165.

(b) The State Treasurer may pledge the tax revenues and full faith
and credit of the State of Oregon to pay obligations issued under ORS
288.165 if the obligations are payable from the Short Term Borrowing
Account established under ORS 293.175 and if the obligations mature not
later than the end of the fiscal period in which the obligations are
issued.

(c) The proceeds of the obligations may be used for any purpose for
which the taxes and other revenues that are pledged to pay the
obligations may be used and may also be used to pay principal, interest
and any premium on the obligations, any rebate or penalty due to the
United States in connection with the obligations, the cost of credit
enhancement and the cost to the State Treasury and the Oregon Department
of Administrative Services of issuing, administering or maintaining the
obligations, including but not limited to the cost of a consultant or
adviser retained by the State Treasurer or the Oregon Department of
Administrative Services.

(d) The State Treasurer may determine maturity dates, principal
amounts, redemption provisions, interest rates or methods for determining
variable or adjustable interest rates, denominations and any other term
or condition of the obligations.

(e) The obligations shall be executed on behalf of the State of
Oregon by the facsimile signatures of the Governor and the Secretary of
State, and the manual or facsimile signature of the State Treasurer or
Deputy State Treasurer.

(4) This section and ORS 288.165 constitute complete and
independent authority for the State Treasurer to issue obligations under
ORS 288.165. Obligations issued by the State Treasurer under ORS 288.165
are bonds for purposes of ORS 286.036 (3), 286.038, 286.071, 286.078,
288.517, 288.523, 288.594 and 288.600, but may not otherwise be treated
as bonds and may not be subject to a restriction or limitation under ORS
chapter 286 or 288.

(5) In addition to or in lieu of issuing certificates of
indebtedness under ORS 293.165, the State Treasurer may borrow money by
issuing obligations under ORS 288.165. The requirements and limitations
that apply to certificates of indebtedness issued under ORS 293.165 do
not apply to obligations issued by the State Treasurer under ORS 288.165.

(6) Obligations issued by the State Treasurer under ORS 288.165 may
be issued only to pay expenses for which the Legislative Assembly has
made appropriations. The appropriations to pay those expenses shall be
treated as appropriations that authorize the expenditure of the pledged
taxes and revenues to pay the obligations, and as appropriations that
authorize the expenditure of the proceeds of the obligations to pay the
otherwise appropriated expenses.

(7) As used in this section, “fiscal period” has the meaning given
that term in ORS 288.165. [2002 s.s.1 c.1 §3] (1) The Short
Term Borrowing Account is created in the General Fund.

(2) The State Treasurer shall credit the proceeds of obligations
issued by the State Treasurer under ORS 288.165 to the Short Term
Borrowing Account. The State Treasurer shall, in addition, transfer to
the Short Term Borrowing Account any amounts that are pledged to pay
obligations issued by the State Treasurer under ORS 288.165 and that are
required to pay those obligations.

(3) Amounts in the Short Term Borrowing Account are continuously
appropriated for the purposes described in ORS 293.173 (3)(c).

(4) This section and ORS 293.173 constitute complete authorization
by the Legislative Assembly for the use and expenditure of the proceeds
of the obligations and the taxes and revenues pledged to pay those
obligations for the purposes described in ORS 293.173 (3)(c). No
additional appropriation or authorization is necessary. The authorization
contained in this section and ORS 293.173 to spend moneys for the
purposes described in ORS 293.173 (3)(c) does not constitute an
appropriation for purposes of ORS 291.357. The proceeds of obligations
issued by the State Treasurer under ORS 288.165 do not constitute
revenues received by the General Fund for purposes of section 14, Article
IX of the Oregon Constitution, and ORS 291.349. [2002 s.s.1 c.1 §4]Within 90 days following the end of a
biennium, the State Treasurer shall report in writing to the Legislative
Fiscal Officer and the Legislative Revenue Officer on the amount of
obligations issued by the State Treasurer under ORS 288.165, the amount
spent in repayment of those obligations, the issuance costs and interest
costs of those obligations and the interest revenues earned by the
proceeds of those obligations. [2002 s.s.1 c.1 §5](Petty Cash) (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)(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 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]TRANSFERS TO FUNDS HAVING INSUFFICIENT MONEY 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]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](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.(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.(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] 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]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 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.(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.(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 or who is on public assistance as defined in ORS
411.010;

(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]Note: See note under 293.227.(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 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] (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 such money and any interest or penalties therefor are
uncollectible, in accordance with criteria for uncollectibility
formulated by the agency and approved by the Secretary of State and the
Attorney General, which criteria shall include the right of offset, the
agency may certify to the Secretary of State the amount of the money,
interest and penalties, as accurately as can be determined. The Secretary
of State may require submission by the agency of all relevant evidence
and other information regarding the debt and may examine such records of
any other state agency which may be pertinent in determining the
uncollectibility of the debt, unless such examination is prohibited by
specific provisions of law (except for the secretary’s duty to audit the
state agency), including but not limited to ORS 314.835 and 657.665.

(2) If the Secretary of State finds that the debt is uncollectible,
in accordance with the criteria for uncollectibility of money due to that
state agency, the Secretary of State shall direct the agency to write off
the debt on its accounts in a manner approved by the Secretary of State.

(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 thereof for reasons other than
uncollectibility is by law made specially applicable to such state
agency. [1965 c.448 §2; 1971 c.604 §3; 1991 c.567 §3; 1999 c.1092 §5]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(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] (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](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] (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] (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] 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] 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](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] As payment for
the expenses of the State Treasurer in administering bond and state debt
programs, making bond sales and processing bonds and interest coupons
payable from funds on deposit in the State Treasury, the State Treasurer
is authorized to charge state agencies that issue such bonds for the
expenses of making such bond sales and processing such bonds and bond
interest coupons. Proceeds from such charges shall be deposited in the
Miscellaneous Receipts Account established in the General Fund for the
State Treasurer and are continuously appropriated for payment of the
expenses of the office of the State Treasurer. [1971 c.161 §3; 1999
c.1043 §6] (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) 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]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](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] (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] 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] (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] 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]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]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]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] 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]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.(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 local
government investment pool to the state investment fund established under
ORS 293.701 (2)(o) as authorized by ORS 294.882, “state agency,” as used
in this section, includes local government participants in the state
investment fund. [1971 c.161 §2; 1975 c.410 §1; 1989 c.569 §3; 1999
c.1043 §1](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](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](Payment)(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 291.230 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.(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](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] (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](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] 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] (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)

(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](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](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]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] 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)(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] (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]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)(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]
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](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(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.ACCOUNTS FOR TOBACCO SETTLEMENT MONEYS(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) On June 1 of each odd-numbered year, the sum of $700,000 shall
be transferred from the Tobacco Settlement Funds Account to the Tobacco
Enforcement Fund established under ORS 180.205.

(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]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. (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(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]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](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](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](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](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]Note: Sections 1 and 2, chapter 958, Oregon Laws 2001, provide:

Sec. 1. Distribution of moneys from federal Secure Rural Schools
and Community Self-Determination Act. (1) The purpose of this section is
to ensure that school districts receive a percentage of amounts received
by the state under the Secure Rural Schools and Community
Self-Determination Act of 2000 (P.L. 106-393).

(2) The Oregon Department of Administrative Services shall
distribute all sums received by the state pursuant to section 102(a)(2),
(c)(1) and (d)(1)(A), P.L. 106-393, to counties in the same manner as are
sums derived from forest reserve rentals, sales of timber and other
sources from forest reserves under ORS 293.560. The department shall
ensure that, of the total amount distributed to all counties in any
fiscal year, the percentage distributed to each county in any fiscal year
is the same as the county’s percentage share of all payments received by
the state during the eligibility period described in section 3(2), P.L.
106-393.

(3) A county that receives funds from the department pursuant to
subsection (2) of this section as the county’s share of federal funds
distributed under P.L. 106-393 shall deposit 25 percent of those funds in
the county school fund or shall deposit an amount as specified in ORS
294.060 (3) to (6).

(4) Pursuant to ORS 328.015, amounts in the county school fund
shall be distributed to the school districts in the county based on the
resident average daily membership of the school districts. [2001 c.958
§1; 2003 c.226 §19]

Sec. 2. Section 1 of this 2001 Act is repealed on July 1, 2007.


ACCOUNTING AND FISCAL REPORTING(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]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] (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] (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]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] 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]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] 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]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] 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 regular session of the Legislative Assembly.
[Formerly 291.572; 1967 c.454 §77](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 As used in ORS
293.701 to 293.820, 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 rehabilitation bonds sinking 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) Savings and loan association funds in the hands of the Director
of the Department of Consumer and Business Services;

(o) Funds in the hands of the State Treasurer that are not required
to meet current demands;

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

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

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

(s) Investment funds of the State Board of Higher Education
lawfully available for investment or reinvestment;

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

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

(v) Education Stability Fund established by ORS 348.696;

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

(x) 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]
(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 who must be
qualified by training and experience in the field of investment or
finance and who may not hold any other public office or employment.
Members appointed under this subsection are subject to Senate
confirmation in the manner provided in ORS 171.562 and 171.565.

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

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

(5) 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.

(6) An appointed member may not be appointed to more than two full
terms in any 12-year period. [1967 c.335 §2; 1987 c.877 §1; 2001 c.217
§1; 2003 c.69 §3; 2003 c.625 §24; 2005 c.180 §1]Note: The amendments to 293.706 by section 25, chapter 625, Oregon
Laws 2003, become operative October 1, 2007. See section 28, chapter 625,
Oregon Laws 2003. The text that is operative on and after October 1,
2007, including amendments by section 2, chapter 180, Oregon Laws 2005,
is set forth for the user’s convenience.

293.706. (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. Of
the members appointed under this subsection:

(a) One must be a person who is appointed to serve on the Public
Employees Retirement Board under ORS 238.640 (4); and

(b) Three must be qualified by training and experience in the field
of investment or finance and may not hold any other public office or
employment.

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

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

(5) 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.

(6) An appointed member may not be appointed to more than two full
terms in any 12-year period. (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 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
Chief 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
(14)(a) to (c).

(4) Nothing in this section excuses a member of the council from
compliance with ORS 244.120. [2005 c.179 §2]Note: Section 4, chapter 179, Oregon Laws 2005, provides:

Sec. 4. Section 2 of this 2005 Act [293.708] and the amendments to
ORS 244.350 by section 3 of this 2005 Act apply to conflicts of interest
of which a member of the Oregon Investment Council becomes aware on or
after the effective date of this 2005 Act [January 1, 2006]. [2005 c.179
§4]Note: 293.708 was added to and made a part of 293.701 to 293.820 by
legislative action but was not added to any smaller series therein. See
Preface to Oregon Revised Statutes for further explanation.
(1) A member of the Oregon Investment Council is entitled to compensation
and expenses as provided in ORS 292.495.

(2) 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.

(3) 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; 2005 c.180 §3]Note: The amendments to 293.711 by section 27, chapter 625, Oregon
Laws 2003, become operative October 1, 2007. See section 28, chapter 625,
Oregon Laws 2003. The text that is operative on and after October 1,
2007, including amendments by section 4, chapter 180, Oregon Laws 2005,
is set forth for the user’s convenience.

293.711. (1) A member of the Oregon Investment Council is entitled
to compensation and expenses as provided in ORS 292.495 except that the
member of the council who is also a member of the Public Employees
Retirement Board shall be compensated in the manner provided in ORS
238.640 (7).

(2) 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.

(3) A person may not serve as chairperson of the council for more
than four years in any 12-year period.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. (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.(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] 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)(o), 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] 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](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]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 Account 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] (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” has the meaning given that term in
ORS 348.701.

(b) “Venture capital” includes but is not limited to emerging
growth businesses. [2003 c.606 §3]Note: 293.733 was added to and made a part of 293.701 to 293.820 by
legislative action but was not added to any smaller series therein. See
Preface to Oregon Revised Statutes for further explanation.Note: Section 4, chapter 606, Oregon Laws 2003, provides:

Sec. 4. The Oregon Investment Council shall begin making
commitments in accordance with section 3 of this 2003 Act [293.733] as
soon as possible after the effective date of this 2003 Act [July 23,
2003] and shall complete committing the moneys by January 1, 2008. [2003
c.606 §4] 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. (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]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](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](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] 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] The
investment officer shall report quarterly to the officer or body having
control and administration of each fund included in the investment funds
the changes in investments made during the preceding month for the fund.
If requested by the officer or body, the investment officer shall furnish
to the officer or body the details on the investment transactions for any
fund. The investment officer shall separately identify investments held
in the Oregon Growth Account established in ORS 348.702, the Oregon
Resource and Technology Development Subaccount established in ORS 348.706
and the Oregon Commercialized Research Fund created in ORS 284.725 as
part of the report on the Education Stability Fund required by this
section. [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] 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] The Oregon
Investment Council shall report to the Governor and Legislative Assembly
on the investment funds investment program at each regular session of the
Legislative Assembly and at other times as the council considers in the
public interest. [1967 c.335 §16] 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](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]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 293.820, 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] (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 293.820.

(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] (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” has the meaning given that term in
ORS 348.701.

(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]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.INVESTING IN SUDANORS 293.811 to 293.817 may be cited as the
Oregon Human Rights and Anti-Genocide Act of 2005. [2005 c.774 §2]As used in ORS 293.811 to 293.817:

(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) “Doing business” means maintaining equipment, facilities,
personnel or any other apparatus of business or commerce in Sudan,
including the ownership or possession of real or personal property
located in Sudan.

(3) “Investment” or “invest” means the commitment of funds or other
assets to a company, including a loan or other extension of credit made
to that company, or the ownership or control of a share or interest in
that company or of a bond or other debt instrument issued by that company.

(4) “Subject investment funds” means:

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

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

(c) The Common School Fund referred to in ORS 327.405;

(d) The Oregon War Veterans’ Fund referred to in ORS 407.495; and

(e) Investment funds of the State Board of Higher Education
available for investment or reinvestment by the Oregon Investment Council.

(5) “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] (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](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 ORS 293.721
and 293.726 to try to ensure that subject investment funds are not
invested in any company that the council knows is doing business in Sudan
for as long as the Sudanese government’s campaign of human rights
violations, atrocities or genocide continues in Sudan.

(2) Divestment and reinvestment of subject investment funds under
the provisions of this section shall be accomplished by the Oregon
Investment Council and the State Treasurer without monetary loss to the
funds through reasonable, prudent and productive investments in companies
and institutions generating returns that are comparable to the returns
generated by the companies subject to the divestment. [2005 c.774 §5]The Oregon Investment Council and the State Treasurer, in
the State Treasurer’s role as investment officer for the council, shall
make reasonable efforts to investigate all companies in which the council
has invested subject investment funds to determine whether any of those
companies are doing business in Sudan. If the State Treasurer determines
that a company is doing business in Sudan, the State Treasurer shall give
notice to the company that the council will withdraw subject investment
funds that are invested in the company as provided in ORS 293.814 for as
long as the company does business in Sudan and the Sudanese government’s
campaign of human rights violations, atrocities or genocide continues in
Sudan. [2005 c.774 §6]ORS 293.814 and 293.815 do not apply to:

(1) Investments in companies that are engaged solely in the
provision of goods and services intended to relieve human suffering or to
promote welfare, health, education or religious or spiritual activities;

(2) Investments in United States companies authorized by the
federal government to do business in Sudan; or

(3) Investments in companies that are engaged solely in
journalistic activities. [2005 c.774 §7] On or before January 15 of
each year, the State Treasurer shall report to the Legislative Assembly
in the manner provided by ORS 192.245 on actions taken by the State
Treasurer and the Oregon Investment Council pursuant to the provisions of
ORS 293.811 to 293.817. The State Treasurer shall consult with the
council in preparing reports under this section. [2005 c.774 §8]INVESTING LOCAL FUNDS(1) When the investment officer invests the funds of
any county, municipality, school district or other political subdivision
of this state, 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 investing funds pursuant to ORS 294.805 to 294.895.
[1981 c.880 §3]INVESTMENT POOLS 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. [1991 c.902 §107] (1)
As used in this section:

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

(b) “Governmental unit” has the meaning given the term under ORS
288.150.

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

(d) “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.

(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 293.820. 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 293.820
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, governmental units and
trustees which hold proceeds may invest proceeds through the State
Treasurer in a pool. [1991 c.902 §108; 1997 c.129 §3]CASH MANAGEMENT
(1) The State Treasurer is designated the cash management officer for the
state and may review, establish and modify procedures for the efficient
handling of cash and cash equivalents 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.

(2) The State Treasurer shall continuously review the effectiveness
of 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) State agencies shall employ the principles, standards and
related requirements for cash management, including the use of secure
disbursing and receiving documents and systems, prescribed by the State
Treasurer. [1993 c.73 §3; 1997 c.65 §1; 2003 c.449 §41]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 (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 shall,
upon conviction thereof, be punished by a fine not exceeding $1,000 or by
imprisonment in the county jail for a period not exceeding one year, or
both.

(2) In addition to civil liability, violation of ORS 293.620 is a
Class A violation. Upon conviction, the defendant is liable for all costs
of the prosecution in accordance with ORS 151.505 or 161.665. [Formerly
291.990 (2), (3); 1971 c.743 §353; 1997 c.761 §12; 1999 c.1051 §173]

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USA Statutes : oregon