(1) Moneys in a fund established by law may not be discretely invested unless the law establishing the fund specifically indicates that the moneys may be invested. A provision in a law establishing a fund that requires interest earned by the fund to be retained by the fund is not, by itself, a specific indication that the moneys in the fund may be discretely invested.

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(2) As used in this section, ‘discretely invested’ means invested in something other than the Oregon Short Term Fund established under ORS § 293.728. [2007 c.217 § 2; 2009 c.541 § 13; 2009 c.821 § 20]

293.723 was added to and made a part of 293.701 to 293.857 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.