Oregon Statutes 294.052 – Definitions; investment by municipality of proceeds of bonds
(1) As used in this section:
Terms Used In Oregon Statutes 294.052
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(a) ‘Bond’ has the meaning given that term in ORS § 287A.001.
(b) ‘Municipality’ means a unit of local government within Oregon including, but not limited to, cities, counties, school districts, special districts, public corporations and intergovernmental corporations organized under the authority of ORS § 190.010.
(2) Notwithstanding ORS § 294.135 or 294.145 or any other law or charter provision, a municipality may invest proceeds of bonds and amounts held in a bond payment reserve or proceeds fund or account in float agreements, debt service deposit agreements, forward investment agreements, guaranteed investment contracts or other investment agreements if the agreements or contracts:
(a) Produce a guaranteed rate of return;
(b) Are fully collateralized by direct obligations of, or obligations guaranteed by, the United States; and
(c) Require that the collateral be held by the municipality, an agent of the municipality or a third-party safekeeping agent. [1999 c.559 § 21; 2001 c.537 § 7; 2007 c.783 § 117]