74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 794
 
                         House Bill 2198
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Governor Theodore R.
  Kulongoski for Department of Higher Education)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Allows State Treasurer to invest moneys in special checking
account of Department of Higher Education. Directs that interest
earned on special checking account is retained in account.
  Declares emergency, effective July 1, 2007.
 
                        A BILL FOR AN ACT
Relating to special checking account of Department of Higher
  Education; amending ORS 351.540; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 351.540 is amended to read:
  351.540. (1) Unless otherwise provided by law, or by federal
order or regulation with respect to federal funds, the State
Board of Higher Education, with the approval of the State
Treasurer, may deposit with the State Treasurer any moneys coming
into its possession. Moneys so deposited shall be credited by the
State Treasurer to a special checking account { +  established
separate and distinct from the General Fund. Moneys in the
account may be invested by the State Treasurer. Any interest
earned by the account shall be credited to the account + }.
  (2) The moneys in the   { - special checking - }  account are
continuously appropriated to the Department of Higher Education.
The   { - special checking - }  account may be used for the
purpose of clearing items subject to subsequent debit or credit
to state funds.
  (3)  { + Disbursements from the account shall be made as
directed by the board. + } Disbursements may be made by check or
order of the board upon the State Treasurer, signed by such
officer or administrative head as the board, by motion or
resolution, nominates for that purpose. Disbursements shall be
made only in payment of claims authorized by law for the ordinary
expenditures of the   { - State - }  board   { - of Higher
Education - }  incurred in the operation of the state
institutions of higher learning.
  (4) Funds in the account   { - established under subsection (1)
of this section - }  may be held as petty cash or carried with
the State Treasurer in segregated subaccounts, to be disbursed in
accordance with subsection (3) of this section. With the approval
of the State Treasurer, petty cash funds may be deposited in
banks for safekeeping purposes and disbursed therefrom in payment
of claims authorized by law by employees of the board authorized
by the  { +  board's duly designated + } disbursing officer. The
 { - board's duly designated - }  disbursing officer from time to
time shall reimburse the petty cash funds or subaccounts upon the
presentation of satisfactory evidence of disbursements therefrom
pursuant to law.
  SECTION 2.  { + This 2007 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2007 Act takes effect July 1,
2007. + }
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