Oregon Statutes 545.307 – Investment of surplus funds in federal or state bonds
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When there are surplus funds not necessary for the payment of current obligations of the district in any construction fund, operation and maintenance fund, sinking fund, United States Contract Fund, State of Oregon Contract Fund, emergency fund or any other fund of the district, the board of directors of an irrigation district may invest the surplus funds in bonds of the United States or the State of Oregon. The district may hold and dispose of the bonds at such times as may be necessary to the conduct of the business and affairs of the district. [Formerly 545.224]
Terms Used In Oregon Statutes 545.307
- board of directors: means the governing body of a district. See Oregon Statutes 545.002
- Contract: A legal written agreement that becomes binding when signed.
- District: means an irrigation district organized or operating under this chapter. See Oregon Statutes 545.002
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
[Amended by 1995 c.42 § 164; renumbered 545.643 in 1995]
[Amended by 1989 c.182 § 22; 1995 c.42 § 165; renumbered 545.645 in 1995]
(Construction of Improvements)