72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
Enrolled
House Bill 2133
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of State Treasurer Randall
Edwards)
CHAPTER ................
AN ACT
Relating to state finance; amending ORS 184.643, 288.020, 293.214
and 293.220.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 184.643 is amended to read:
184.643. Once each year the Oregon Department of Administrative
Services, after consultation with the Oregon Transportation
Commission and the Department of Transportation, shall estimate
the amount of taxes paid for which persons are entitled to
refunds under ORS 319.280 (1)(a) and (e), 319.320 (1)(a) and
319.831 (1)(b). After deducting the amount of any refunds
actually paid, the Oregon Department of Administrative Services
shall certify the remaining amount to the Department of
Transportation { - and the State Treasurer - } . The
{ - treasurer - } { + Department of Transportation + } shall
transfer the remaining amount from the Driver and Motor Vehicle
Suspense Account to the Department of Transportation Operating
Fund established by ORS 184.642 (1) and (2).
SECTION 2. ORS 288.020 is amended to read:
288.020. (1) The State Treasurer may { - designate - } { +
appoint + }, as fiscal agency for payment of the bonds issued by
this state or by any subdivision, a reputable and responsible
bank or trust company. The appointment when so made shall
continue for a period of two years unless sooner revoked by the
State Treasurer for valid and sufficient reasons. { - The - }
{ + An + } appointment may be renewed
{ - for a period of two years. - } { + and when renewed shall
be for a period not to exceed two years. The State Treasurer may
revoke the renewal of an appointment for valid and sufficient
reasons. Nothing in this subsection limits the number of times
the appointment of a particular bank or trust company as fiscal
agency may be renewed. + }
(2) Until its successor has been appointed, the bank or trust
company named shall act as the fiscal agency of the State of
Oregon, in accordance with such terms as shall be agreed upon
between the State Treasurer and the agency. The fiscal agency
shall act as custodian of such securities owned by the State of
Oregon as the State Treasurer shall specify.
(3) If no such bank or trust company is willing to accept
appointment as fiscal agency, or if the State Treasurer considers
unsatisfactory the terms under which such a bank or trust company
Enrolled House Bill 2133 (HB 2133-INTRO) Page 1
is willing so to act, the bonds and bond interest shall thereupon
become payable at the State Treasury or at the office of the
treasurer or fiscal officer of the subdivision concerned, as the
case may be.
SECTION 3. ORS 293.214 is amended to read:
293.214. (1) Subject to the provisions of this section, a state
agency may establish with the State Treasurer lines of credit for
funds under its administration, upon a certificate by the
agency's department head and chief financial officer to the State
Treasurer representing and satisfactorily demonstrating, for the
period for which a line of credit is requested, that:
(a) There will be insufficient moneys to the credit of the
funds for which the line of credit is requested to meet expenses
as they arise; and
(b) The agency will be entitled for expenditure of agency funds
to reimbursement from federal agencies or other sources
sufficient to repay, when due, all draws against the line of
credit, plus interest charged to the agency.
(2) No line of credit, based upon anticipated reimbursements,
shall be established more than six months in advance of a draw on
the credit and draws shall be repaid to the lending fund within
six months. Reimbursements must be applied against any
outstanding advances on the line of credit established under this
section.
(3) The State Treasurer may fund lines of credit established
pursuant to this section from money to the credit of other state
funds which will not be required to meet the respective
obligations of the funds during the period for which a draw under
a line of credit is not repaid, as provided in ORS 293.210.
{ - (4) All draws under a line of credit authorized by this
section shall bear interest until repaid at the same rate that
the moneys would have earned in the fund from which they were
transferred. The interest shall be paid from the fund for which
there was a draw on the line of credit. - }
{ - (5) - } { + (4) + } A line of credit may operate as a
revolving fund, so that draws shall proportionately reduce and
repayments shall proportionately increase the credit remaining
under the line of credit, but at no time shall the total amount
of draws against the line of credit exceed the credit limit.
{ - (6) - } { + (5) + } Every state agency for which a line
of credit is established shall report promptly in writing to the
State Treasurer any change in information furnished in support of
the request for a line of credit.
{ - (7) - } { + (6) + } The State Treasurer may grant or
deny, modify or terminate a line of credit when in the judgment
of the State Treasurer it is in the best interest of the state.
SECTION 4. ORS 293.220 is amended to read:
293.220. All moneys or credits transferred under ORS 293.210
{ + or 293.214 + } shall bear interest, until retransferred, at
such rate not less than two percent per annum as shall be agreed
upon between the State Treasurer and the officer, state
department, commission, or board in charge of the borrowing fund.
The interest shall be payable from the borrowing fund and shall
be credited to and become part of the lending fund.
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Enrolled House Bill 2133 (HB 2133-INTRO) Page 2
Passed by House February 17, 2003
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate March 3, 2003
...........................................................
President of Senate
Enrolled House Bill 2133 (HB 2133-INTRO) Page 3
Received by Governor:
......M.,............., 2003
Approved:
......M.,............., 2003
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2003
...........................................................
Secretary of State
Enrolled House Bill 2133 (HB 2133-INTRO) Page 4