DG - Depository of Funds

Code: DG
Adopted: 12/8/82
Readopted: 8/13/97

Original Code: 8800

The Board at its first regular meeting in July will designate and approve certain national and state banks and federally insured savings and loan associations as official depositories for district funds.

The following points may be considered in designating depositories:

  1. Ability to secure and pledge collateral in the amount required in Oregon Revised Statutes;
  2. Ability to provide the district with quarterly and annual financial reports;
  3. Ability to provide annually an outline of services available to the district.

Deposits in any federally insured savings and loan association shall not exceed $100,000.

The director of business services is authorized to establish accounts necessary for the operation of the district.

 

Legal Reference(s)

ORS 294.805 - 294.895
ORS 328.441
ORS 328.445