72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
 
                            Enrolled
 
                         House Bill 2136
 
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 investment maturity; amending ORS 294.135.
 
Be It Enacted by the People of the State of Oregon:
 
  SECTION 1. ORS 294.135 is amended to read:
  294.135. (1)   { - No - }  { +  An + } investment made by a
custodial officer under ORS 294.035 (1) to (6) and (8) to (10) or
294.125   { - shall - }  { + may not + } exceed a maturity of 18
months or the date of anticipated use of the funds by the county,
municipality, school district or other political subdivision to
which the funds belong, whichever period is shorter. However:
  (a) The custodial officer may make investments having a
maturity longer than 18 months when the governing body of the
county, municipality, school district or other political
subdivision to which the funds belong has adopted a written
investment policy   { - which - }  { +  that, + } prior to
adoption { + , + } was submitted to the Oregon Short Term Fund
Board for review and comment to the governing body,
 { - which - }  { +  that + } includes guidelines concerning
maximum investment maturity dates and   { - which - }  { +
that + } provides by its terms for readoption not less than
annually; or
  (b) When the funds in question are being accumulated for
 { - any purpose for which the county, municipality, school
district or other political subdivision to which the funds belong
is permitted under the law of this state to accumulate and hold
funds for a period exceeding one year then, and in any such
case, - }   { + an anticipated use that will occur more than 18
months after the funds are invested, then, + } upon the approval
of the governing body of the county, municipality, school
district or other political subdivision, the maturity of the
investment or investments made with   { - such funds may exceed
the maturities elsewhere provided for in this section, and the
maturity of such investments may be made to coincide as nearly as
practicable with the expected use of the funds - }  { +  the
funds may occur when the funds are expected to be used + }.
  (2) The maximum term of any repurchase agreement transaction
  { - shall - }  { +  may + } not exceed 90 days.
    { - (3) Notwithstanding any other provision of law, when a
municipality or other political subdivision is required by an
agency of the state or by resolution of the municipality or
political subdivision to maintain long-term reserves for a period
 
 
Enrolled House Bill 2136 (HB 2136-INTRO)                   Page 1
 
 
 
exceeding one year for future construction projects or for uses
other than as a reserve for payment of debt service, then, upon
the approval of the governing body of the municipality or other
political subdivision, the maturity of the investments made with
such reserves may be made to coincide as nearly as practicable
with the expected use of the reserves and the maturity of such
investments may exceed one year. - }
                         ----------
 
 
Passed by House February 17, 2003
 
 
      ...........................................................
                                             Chief Clerk of House
 
      ...........................................................
                                                 Speaker of House
 
Passed by Senate March 5, 2003
 
 
      ...........................................................
                                              President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2136 (HB 2136-INTRO)                   Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2003
 
Approved:
 
......M.,............., 2003
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2003
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2136 (HB 2136-INTRO)                   Page 3