Oregon Statutes 295.002 – Deposit of public funds; exceptions; limitation on personal liability
(1) A public official shall deposit, or require the deposit of, all public funds in the public official’s custody or control in one or more qualified depositories, except as follows:
Terms Used In Oregon Statutes 295.002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
(a) A public official may retain undeposited such reasonable cash working fund as is fixed by the public body for which the public official acts.
(b) A public official may deposit public funds in a depository that is not a qualified depository if the amount of public funds deposited is fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration and, for any amount deposited in excess of the insured amount, the excess amount is insured or guaranteed by private deposit insurance or a deposit guaranty bond issued by an insurance company rated A- or better by a recognized insurance rating service.
(2) Compliance with ORS § 295.001 to 295.108 relieves the public official of personal liability for the loss of the public funds in the public official’s custody or control. [Formerly 295.025; 2010 c.101 § 2; 2019 c.587 § 2]