Oregon Statutes 341.703 – Custodian of funds; depositories; signature on checks; warrants as checks
(1) The board of a community college district shall designate a custodian of funds of the district. Funds shall be disbursed only in the manner provided by subsection (3) of this section.
Terms Used In Oregon Statutes 341.703
- Board: means the board of education of a community college district. See Oregon Statutes 341.005
- community college: means a public institution operated by a community college district for the purposes of providing courses of study limited to not more than two years' full-time attendance and designed to meet the needs of a geographical area by providing educational services, including but not limited to career and technical education programs or lower division collegiate programs. See Oregon Statutes 341.005
- Community college district: includes a community college service district. See Oregon Statutes 341.005
- district: means a district formed under this chapter to operate one or more community colleges or to secure educational services available at a community college. See Oregon Statutes 341.005
- Statute: A law passed by a legislature.
(2) For the purpose of receiving deposits of community college funds, the board of the district shall designate such bank or banks, as the board deems safe and proper depositories for district funds. The custodian designated under subsection (1) of this section shall not be liable personally or upon the official bond of the custodian for moneys lost by reason of failure or insolvency of any bank which becomes a depository under this subsection.
(3) When funds are available for payment, district obligations shall be paid by check bearing the original signature of the custodian of the district funds; or if authorized by the board of the district, the custodian’s facsimile signature.
(4) Where a statute specifies a warrant as the means by which district obligations shall be paid, warrant means ‘check’ if funds are available for payment. [1971 c.513 § 50; 1995 c.67 § 36]