Bill Text: OR HB3525 | 2013 | Regular Session | Introduced
Bill Title: Relating to state investments; appropriating money; declaring an emergency.
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB3525 Detail]
Download: Oregon-2013-HB3525-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 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 3949
House Bill 3525
Sponsored by Representative BARNHART, Senators STEINER HAYWARD,
GEORGE, Representative JOHNSON; Representatives MCKEOWN,
NATHANSON, READ, UNGER
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.
Establishes Oregon Investment Council as public corporation to
be governed by board of directors and supervised by executive
director. Changes name to Oregon Investment Corporation.
Specifies duties, functions and powers of corporation. Transfers
duties of council, and State Treasurer as investment officer, to
corporation.
Establishes Oregon Investment Corporation Fund and continuously
appropriates moneys in fund to corporation for expenses of
corporation. Exempts corporation from certain laws regulating
governmental entities.
Declares emergency, effective on passage.
A BILL FOR AN ACT
Relating to state investments; creating new provisions; amending
ORS 30.260, 128.316, 173.500, 192.490, 192.502, 238A.050,
243.401, 243.421, 243.426, 243.472, 243.474, 243.476, 243.478,
243.482, 244.045, 244.047, 244.050, 244.055, 246.590, 273.413,
276.013, 276.015, 276.110, 285A.306, 285A.654, 285B.119,
286A.025, 286A.145, 293.701, 293.708, 293.711, 293.714,
293.718, 293.726, 293.728, 293.733, 293.734, 293.746, 293.751,
293.771, 293.776, 293.778, 293.790, 293.793, 293.796, 293.812,
293.814, 293.815, 293.817, 293.820, 294.035, 294.805, 294.820,
294.825, 294.840, 294.845, 294.855, 294.860, 294.865, 294.870,
294.875, 294.880, 294.882, 294.895, 295.101, 311.701, 327.425,
348.703, 351.086, 351.695, 367.015, 390.135, 391.520, 391.605,
391.800, 411.128, 426.506, 456.530, 456.535, 456.543, 468.215,
468A.490, 516.070, 541.942, 561.144, 696.030 and 757.738 and
sections 3, 4, 5, 6 and 7, chapter 72, Oregon Laws 2012;
repealing ORS 293.706, 293.713, 293.716, 293.721, 293.731,
293.736, 293.741, 293.756, 293.761, 293.766, 293.780, 293.822,
293.824, 294.831, 294.847 and 294.850; appropriating money; and
declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Sections 2 to 9 of this 2013 Act are added to
and made a part of ORS 293.701 to 293.820. + }
SECTION 2. { + Powers and duties of the Oregon Investment
Corporation. (1) The Oregon Investment Corporation is established
as a public corporation. The corporation shall exercise and carry
out statewide all the powers, rights and privileges that are
expressly conferred upon the corporation, are implied by law or
are incident to such powers. Except as provided in ORS 293.701 to
293.820, nothing in ORS 293.701 to 293.820 is intended to affect
the powers and duties of the State Treasurer otherwise provided
by law or under the Oregon Constitution.
(2) The mission of the corporation is to invest the investment
funds and any other moneys it is charged by law with investing.
(3) In addition to any other powers and duties granted by law,
the corporation may:
(a) Invest and reinvest moneys in the investment funds or any
other moneys it is charged by law with investing, except that the
moneys deposited in the Oregon Short Term Fund under ORS 293.701
(2)(n) shall be invested by the State Treasurer or, at the
request of the State Treasurer, by the corporation. In
furtherance of such investing, the corporation may acquire,
retain, manage and dispose of as investments every kind of
investment that persons of prudence, discretion and intelligence
acquire, retain, manage and dispose of for their own financial
interest.
(b) Enter into contracts and acquire, hold, own, encumber,
issue, replace, deal in and with and dispose of real and personal
property for its own proprietary interest.
(c) Employ persons as it determines necessary or desirable to
carry out the mission and powers of the corporation.
(d) Enter into contracts with advisors, service providers or
others as it determines necessary or desirable to carry out the
mission and powers of the corporation, including but not limited
to entering into contracts with one or more persons who may, in
lieu of or in addition to the corporation, perform discretionary
investment manager or other functions to the extent provided in
the contract.
(e) Collect the principal and interest or other income of
investments when due and payable, and shall pay the principal and
interest or other income, when so collected, into the appropriate
fund. Except as otherwise provided by law, interest or other
income of the funds invested for state agencies shall be paid
into the General Fund as provided in ORS 293.140 to be available
for the payment of general governmental expenses.
(f) Exercise any shareholder or other voting rights in
connection with an investment.
(g) For and on behalf of the Public Employees Retirement System
and Public Employees Retirement Board, enter into group annuity
contracts with one or more insurance companies authorized to do
business in this state. In lieu of any investment of moneys in
the Public Employees Retirement Fund, the corporation may make
payments from time to time under such annuity contracts using any
moneys in that fund available for investment purposes.
(4) In the event of a default, breach or impairment of the
payment of amounts due or other obligations related to an
investment, or if the corporation determines it is otherwise
appropriate in furtherance of its powers and duties, the
corporation may:
(a) Accept for exchange purposes refunding bonds or other
evidences of indebtedness at interest rates agreed upon by the
corporation and the obligor.
(b) Make compromises, adjustments or disposition of the matured
or future principal or interest or other income of an investment
as the corporation considers advisable for the purpose of
protecting the moneys invested.
(c) Take such other actions as the corporation considers
necessary or appropriate.
(5) The provisions of ORS 293.235, 293.240 and 293.245 do not
apply to collection of the principal or earnings of investments.
Any class action lawsuit or other legal proceeding filed with, or
on behalf of, other corporate shareholders or investors to
protect the moneys invested by the corporation or to otherwise
benefit the invested moneys must be brought in the name of the
State Treasurer as custodian of the moneys deposited in the State
Treasury.
(6) The corporation shall follow generally accepted accounting
practices, record the individual amounts and the totals of all
investments and provide to the officer or body controlling and
administering the invested moneys any information necessary for
financial reporting required by law. The corporation shall
separately identify investments held in the Oregon Growth Account
established in ORS 348.702 and the Oregon Resource and Technology
Development Subaccount established in ORS 348.706 as part of the
information provided on the Education Stability Fund. + }
SECTION 2a. { + State Treasurer investment of moneys in
Oregon Short Term Fund; manner and powers. When the State
Treasurer invests moneys in the Oregon Short Term Fund in lieu of
the Oregon Investment Corporation, as provided in section 2
(3)(a) of this 2013 Act, the State Treasurer may invest moneys in
the fund in the same manner and with the same powers as provided
for the corporation under section 2 (3), (4) and (5) of this 2013
Act. + }
SECTION 3. { + Board of directors. (1) The Governor shall
appoint four voting members, subject to Senate confirmation in
the manner provided in ORS 171.562 and 171.565, to a board of
directors for the Oregon Investment Corporation. The directors
appointed by the Governor must be qualified by training and
experience in the field of investment or finance. The term of
office of each appointed member of the board is four years, but
each appointed director serves at the pleasure of the Governor
and may be removed from office with or without cause.
(2) The Governor may appoint a director under subsection (1) of
this section who is also a member of the Public Employees
Retirement Board appointed under ORS 238.640 (4). Except as
provided in this subsection, members appointed by the Governor
may not hold any other public office or public employment.
(3) The State Treasurer shall be the fifth voting member of the
board of directors.
(4) The Director of the Public Employees Retirement System
shall be an ex officio member of the board with no voting power.
(5) Each director appointed by the Governor shall hold office
until a successor is appointed or until an earlier resignation or
removal. Before the expiration of the term of an appointed
member, the Governor shall appoint a successor.
(6) Any director appointed by the Governor may resign at any
time upon written notice to the Governor. A resignation takes
effect at the time specified in the notice. If a time is not
specified in the notice, the resignation is effective at the time
the notice is received by the Governor. Acceptance by the
Governor of a resignation is not necessary to make the
resignation effective.
(7) Any vacancy in the office of an appointed director shall be
filled by appointment by the Governor for the unexpired term. An
appointee under this subsection may serve as a temporary director
until confirmed by the Senate in the manner provided in ORS
171.562 and 171.565. If a temporary appointee is not confirmed by
the Senate, the appointee may continue to serve until another
person is appointed by the Governor and approved by the Senate.
(8) An appointed member may not be appointed to more than three
full terms in any 16-year period.
(9) Notwithstanding subsection (8) of this section, if the
terms of office of more than two appointed members of the board
expire within six months of each other, and the members are not
otherwise eligible for reappointment under subsection (8) of this
section, the Governor may appoint for one additional term as many
members as are necessary to maintain a quorum of voting members
of the board. + }
SECTION 4. { + Powers of the board of directors. (1) The
board of directors of the Oregon Investment Corporation shall
formulate policies for the investment and reinvestment of moneys
invested by the corporation and for the acquisition, retention,
management and disposition of such investments with the objective
of making the moneys as productive as possible, subject to
applicable fiduciary standards, including but not limited to ORS
238.660, 238A.025 and 293.726. The board, from time to time,
shall review the policies and make changes as it considers
necessary or desirable.
(2) The board shall adopt personnel policies, subject to ORS
236.605 to 236.640, for employees of the corporation who are
transferred from the office of the State Treasurer or from any
other state agency. The corporation shall fully reimburse the
State Treasurer or any other agency for any costs associated with
the transfer of personnel to the corporation.
(3) The board may elect to provide for participation in a
health benefit plan available to state employees pursuant to ORS
243.105 to 243.285 and may elect to participate in the state
deferred compensation plan established under ORS 243.401 to
243.507. If the board so elects, employees of the corporation
shall be considered eligible employees for purposes of ORS
243.105 to 243.285 and eligible state employees for purposes of
ORS 243.401 to 243.507.
(4) The board shall adopt a code of ethics applicable to the
corporation that is based on the best practices in the investment
industry and reflects the unique position of trust and loyalty in
which the corporation's employees are placed in the investment of
public and private moneys. At a minimum, the code shall require
the corporation's employees, in the conduct of the duties of
their employment, to:
(a) Act in a professional and ethical manner;
(b) Act for the benefit of the State of Oregon and the public
and private beneficiaries of the funds entrusted to the
corporation for investment;
(c) Act with independence and objectivity;
(d) Act with skill, competence and diligence; and
(e) Communicate with state agencies, public bodies and others
for whom moneys are invested in a timely and accurate manner,
including any disclosures required by law or best industry
practices.
(5)(a) The board shall adopt a budget on a biennial basis using
classifications of expenditures and revenues required by
generally accepted accounting principles applicable to
governmental entities. The budget is not subject to review and
approval by the Legislative Assembly or to modification by the
Emergency Board, by the Legislative Assembly or through the
allotment process. The board is not required to seek expenditure
limitation approval from the Legislative Assembly to spend any
available moneys.
(b) The budget shall be adopted at a regularly scheduled public
meeting of the board. The board may modify a budget only after a
public meeting. The board must give notice of the meeting to any
interested parties in accordance with the provisions of ORS
192.610 to 192.690.
(c) The board shall follow generally accepted accounting
principles and keep financial and statistical information as
necessary to completely and accurately disclose the financial
condition and financial operations of the board.
(d) The board shall prepare, or cause to be prepared, an annual
financial statement of board revenues and expenses and shall make
the statement available for public review. The board shall
provide a copy of the statement to the Governor and the
Legislative Assembly not later than the 180th day after the end
of the state fiscal year.
(6) In carrying out the duties, functions and powers of the
corporation, the board may contract with any state agency the
board considers appropriate, including but not limited to the
office of the State Treasurer. A state agency may charge the
corporation reasonable fees and expenses in connection with
providing personnel, equipment, facilities, space and other
support to the corporation.
(7) In addition to the services provided under ORS 293.820 and
294.805 to 294.895, the corporation may provide services to other
governmental entities for a reasonable fee intended to cover the
corporation's expenses in connection with the services.
(8) Subject to the constitutional duties and authority of the
Secretary of State to audit public accounts, the corporation may
conduct independent audits with internal auditors or outside
independent auditors, if the audits are considered advisable by
the corporation. Subject to ORS 297.250, the audits are subject
to the exclusive discretion and control of the corporation. The
audits are subject to disclosure pursuant to ORS 192.410 to
192.505. + }
SECTION 5. { + Criminal records check; fingerprints required;
persons subject to requirement. For the purpose of requesting a
state or nationwide criminal records check under ORS 181.534, the
Oregon Investment Corporation may require the fingerprints of a
person who:
(1) Is employed by or applying for employment with the
corporation; or
(2) Is, or will be, providing services to the corporation in a
position:
(a) In which the person is providing information technology
services and has control over, or access to, information
technology systems that would allow the person to harm the
information technology systems or the information contained in
the systems;
(b) In which the person has access to information that is
confidential or for which state or federal laws, rules or
regulations prohibit disclosure;
(c) That has payroll or investment functions or in which the
person has responsibility for receiving, receipting or depositing
money, negotiable instruments or securities, or other financial
transactions or for purchasing or selling property or otherwise
has access to invested moneys;
(d) That has mailroom duties as a primary duty or job function;
(e) In which the person has responsibility for auditing the
corporation;
(f) That has personnel or human resources functions as a
primary responsibility;
(g) In which the person has access to bank routing numbers,
Social Security numbers or electronic funds transfer instructions
or numbers; or
(h) In which the person has access to tax or financial
information about individuals or business entities. + }
SECTION 6. { + Executive director; appointment; functions. (1)
The Oregon Investment Corporation shall be under the supervision
of an executive director appointed by the board of directors of
the corporation. The executive director serves at the pleasure of
the board and shall be paid a salary as prescribed by the board.
(2) Before assuming the duties of the office, the executive
director shall:
(a) Give to the state a fidelity bond, with one or more
corporate sureties authorized to do business in this state, in a
penal sum prescribed by the Director of the Oregon Department of
Administrative Services, but not less than $50,000. The premium
for the bond shall be paid by the corporation.
(b) Subscribe to an oath that the executive director faithfully
and impartially will discharge the duties of the office and that
the executive director will support the Constitution of the
United States and the Constitution of the State of Oregon. The
executive director shall file a copy of the signed oath with the
Secretary of State.
(3) The executive director has the powers necessary to carry
out the duties of the corporation, subject to policy direction of
the board, including but not limited to the power to employ,
supervise and terminate the employment of staff as the executive
director considers necessary. The executive director shall
prescribe the duties and fix the compensation of the
corporation's employees, in accordance with the personnel
policies adopted by the board. + }
SECTION 7. { + Employees of the corporation. (1) Employees of
the Oregon Investment Corporation shall be considered employees
for purposes of participation in the Public Employees Retirement
System under ORS chapter 238 and eligible employees for purposes
of participation in the Oregon Public Service Retirement Plan
under ORS chapter 238A.
(2) Employees of the corporation may participate in collective
bargaining in accordance with ORS 243.650 to 243.782.
(3) Except as otherwise provided by law, employees of the
corporation are eligible to receive the same benefits as state
employees and are entitled to retain their State of Oregon hire
dates, transfer rights and job bidding rights, all without loss
of seniority, and to the direct transfer of all accumulated state
agency leaves. + }
SECTION 8. { + Oregon Investment Corporation exempt from
certain laws. (1) Except as otherwise provided by law, the
provisions of ORS 184.360 and 279.835 to 279.855 and ORS chapters
182, 240, 270, 273, 276, 279A, 279B, 279C, 282, 283, 291, 292 and
293 do not apply to the Oregon Investment Corporation.
(2) Notwithstanding subsection (1) of this section, ORS
182.100, 182.109, 240.167, 279A.100, 292.043, 292.044, 293.115,
293.117, 293.130, 293.169, 293.171, 293.205 to 293.225, 293.250,
293.265 to 293.280, 293.285, 293.295, 293.321, 293.353, 293.375,
293.406, 293.465 to 293.485, 293.490, 293.495, 293.525, 293.701
to 293.820, 293.875, 293.880 and 293.990 apply to the
corporation. + } { +
(3) For purposes of ORS 30.260 to 30.300 and ORS chapter 278,
the corporation is considered to be a state agency that is part
of state government.
(4) The corporation, as a distinct governmental entity, is not
subject to any provision of law enacted after January 1, 2013,
with respect to any state agency or other governmental entity,
that is unique to state agencies or governmental entities, unless
the provision specifically provides that it applies to the
corporation. + }
SECTION 9. { + The Oregon Investment Corporation Fund is
established in the State Treasury, separate and distinct from the
General Fund. Moneys deducted under ORS 293.718 shall be paid to
the Oregon Investment Corporation Fund. Interest earned by the
fund shall be credited to the fund. Moneys in the fund are
continuously appropriated to the Oregon Investment Corporation
for the payment of expenses of the corporation. + }
SECTION 10. { + Section 11 of this 2013 Act is added to and
made a part of ORS 192.410 to 192.505. + }
SECTION 11. { + (1) ORS 192.450 applies when a person is
denied the right to inspect or receive a copy of a public record
of the Oregon Investment Corporation.
(2) Notwithstanding subsection (1) of this section, the State
Treasurer may make a determination pursuant to ORS 192.480
denying the right of any person to inspect or receive a copy of
any public record of the corporation. Upon issuance of the
determination, any proceedings against the corporation with
respect to disclosure of records subject to the determination are
permanently stayed. A party requesting disclosure of records of
the corporation subject to a determination by the State Treasurer
pursuant to this section may seek review of the determination in
the manner allowed in ORS 192.480. + }
SECTION 12. ORS 293.701 is amended to read:
293.701. As used in ORS 293.701 to 293.820, unless the context
requires otherwise:
(1) { - ' Council' - } { + ' Corporation' + } means the
Oregon Investment { - Council - } { + Corporation + }.
(2) 'Investment funds' means:
(a) Public Employees Retirement Fund referred to in ORS
238.660;
(b) Industrial Accident Fund referred to in ORS 656.632;
(c) Consumer and Business Services Fund referred to in ORS
705.145;
(d) Employment Department Special Administrative Fund referred
to in ORS 657.822;
(e) Insurance Fund referred to in ORS 278.425;
(f) Funds under the control and administration of the
Department of State Lands;
(g) Oregon Student Assistance Fund referred to in ORS 348.570;
(h) Moneys made available to the Commission for the Blind under
ORS 346.270 and 346.540 or rules adopted thereunder;
(i) Forest Development Revenue Bond Fund referred to in ORS
530.147 and State Forestry General Obligation Bond Fund referred
to in ORS 530.280;
(j) Oregon War Veterans' Fund referred to in ORS 407.495;
(k) Oregon War Veterans' Bond Sinking Account referred to in
ORS 407.515;
(L) World War II Veterans' Compensation Fund;
(m) World War II Veterans' Bond Sinking Fund;
(n) Funds in the hands of the State Treasurer that are not
required to meet current demands and that are invested in the
Oregon Short Term Fund established under ORS 293.728 or in
another commingled investment vehicle;
(o) State funds that are not subject to the control and
administration of officers or bodies specifically designated by
law;
(p) Funds derived from the sale of state bonds;
(q) Social Security Revolving Account referred to in ORS
237.490;
(r) Oregon University System Fund established by ORS 351.506
and the Higher Education Donation Fund established by ORS
351.130;
(s) Local Government Employer Benefit Trust Fund referred to in
ORS 657.513;
(t) Elderly and Disabled Special Transportation Fund
established by ORS 391.800;
(u) Education Stability Fund established by ORS 348.696;
(v) Deferred Compensation Fund established under ORS 243.411;
and
(w) Trust for Cultural Development Account established under
ORS 359.405.
{ - (3) 'Investment officer' means the State Treasurer in the
capacity as investment officer for the council. - }
SECTION 13. ORS 293.711 is amended to read:
293.711. (1) Except as provided in subsection (2) of this
section, a member of the { - Oregon Investment Council - }
{ + board of directors of the Oregon Investment Corporation
+ }is entitled to compensation and expenses as provided in ORS
292.495.
(2) A member of the { - council - } { + board + } who is
also a member of the Public Employees Retirement Board is
entitled to compensation and expenses as provided in ORS 238.640
(7) and (8).
(3) The { - council - } { + board + } shall select one of
its members as chairperson, for a term and with powers and duties
necessary for the performance of the functions of the office as
the { - council - } { + board + } determines.
(4) A person may not serve as chairperson of the
{ - council - } { + board + } for more than { - four - }
{ + six + } years in any 12-year period.
SECTION 14. ORS 293.714 is amended to read:
293.714. (1) Notwithstanding ORS 192.650 (1) and (2), full
sound recordings shall be made of every meeting of the
{ - Oregon Investment Council - } { + board of directors of
the Oregon Investment Corporation + }. The full sound recordings
shall be produced on equipment selected by the { - Oregon
Investment Council - } { + board + } for compatibility with
equipment for reproduction by the State Archives.
(2) The { - council - } { + board + } shall maintain a
written log of each sound recording that gives a true reflection
of the matters discussed at the meeting and where those matters
are found on the sound recording.
(3) Notwithstanding ORS 192.650 (1), the { - council - }
{ + board + } shall make the full sound recording and written
log of each sound recording of each meeting available to the
public prior to the next regularly scheduled meeting of the
{ - council - } { + board + }.
SECTION 15. ORS 293.718 is amended to read:
293.718. { + (1) + } As payment for expenses of the
{ - investment officer - } { + Oregon Investment
Corporation + }, the { - State Treasurer - }
{ + corporation + } may deduct { - monthly - } { + each
month + } a maximum of 0.25 basis points of the most recent
market value of assets { - under management for each of the
investment funds - } { + invested by the corporation. The
corporation shall deposit amounts deducted under this subsection
in the Oregon Investment Corporation Fund established under
section 9 of this 2013 Act + }. { - However, - } { +
(2) + } For the funds described in ORS 293.701 (2)(n), a
maximum of 0.435 basis points may be deducted { - monthly - }
{ + each month + }. Amounts { - so - } deducted { + under
this subsection + } shall be deposited into the Miscellaneous
Receipts Account established in the General Fund for the State
Treasurer, and are continuously appropriated for payment of the
expenses of the State Treasurer { - as investment officer - }
{ + related to the investment of and accounting for the Oregon
Short Term Fund + }.
SECTION 16. ORS 293.726 is amended to read:
293.726. (1) { - The investment funds shall be invested and
the investments of those funds managed as - } { + The Oregon
Investment Corporation shall invest the investment funds and any
other moneys the corporation is charged by law with investing,
except that the moneys deposited in the Oregon Short Term Fund
under ORS 293.701 (2)(n) shall be invested by the corporation
only at the request of the State Treasurer. The corporation and
the State Treasurer shall manage the investments under their
management as + }a prudent investor would do, under the
circumstances then prevailing and in light of the purposes,
terms, distribution requirements and laws governing each
investment fund { + or other moneys + }.
(2) The standard stated in subsection (1) of this section
requires the exercise of reasonable care, skill and caution, and
is to be applied to investments not in isolation but in the
context of { - each investment fund's - } { + the + }
investment portfolio { + of each investment fund or other
moneys + } and as a part of an overall investment strategy, which
should incorporate risk and return objectives reasonably suitable
to the particular investment fund { + or other moneys + }.
(3) In making and implementing investment decisions, the
{ - Oregon Investment Council and the investment officer
have - } { + corporation and the State Treasurer have + } a
duty to diversify the investments of the investment funds { + or
other moneys + } unless, under the circumstances, it is not
prudent to do so.
(4) In addition to the duties stated in subsection (3) of this
section, the { - council and the investment officer - }
{ + employees and the board of directors of the corporation, and
the State Treasurer, + } must:
(a) Conform to the fundamental fiduciary duties of loyalty and
impartiality;
(b) Act with prudence in deciding whether and how to delegate
authority and in the selection and supervision of agents; and
(c) Incur only costs that are reasonable in amount and
appropriate to the investment responsibilities imposed by law.
(5) The duties { - of the council and the investment officer
under - } { + described in + } this section are subject to
contrary provisions of privately created public trusts the assets
of which by law are made investment funds { + or are otherwise
invested by the corporation or the State Treasurer + }. Within
the limitations of the standard stated in subsection (1) of this
section and subject to subsection (6) of this section, there may
be acquired, retained, managed and disposed of as investments of
the investment funds { + or other moneys + } every kind of
investment { - which - } { + that + } persons of prudence,
discretion and intelligence acquire, retain, manage and dispose
of for their own account.
(6) Notwithstanding subsection (1) of this section, not more
than 50 percent of the moneys contributed to the Public Employees
Retirement Fund or the Industrial Accident Fund may be invested
in common stock, and not more than 65 percent of the moneys
contributed to the other trust and endowment funds managed by the
Oregon Investment { - Council or the State Treasurer - }
{ + Corporation or the State Treasurer + } may be invested in
common stock.
(7) Subject to the standards set forth in this section, moneys
held in the Deferred Compensation Fund may be invested in the
stock of any company, association or corporation, including but
not limited to shares of a mutual fund. Investment of moneys in
the Deferred Compensation Fund is not subject to the limitation
imposed by subsection (6) of this section.
SECTION 17. ORS 293.728 is amended to read:
293.728. (1) The Oregon Short Term Fund is established in the
State Treasury as a commingled investment vehicle for investment
funds and the moneys described in subsection (2) of this section.
Interest earned by the Oregon Short Term Fund shall be credited
to the participating investor funds or accounts in the fund in
proportion to the amount invested.
(2) Unless a federal law, court order, settlement or similar
agreement or business practice requires otherwise, moneys
received by the State Treasurer that may not be discretely
invested as provided in ORS 293.723 shall be deposited in the
fund. Moneys that may be discretely invested as provided in ORS
293.723 may be deposited in the fund.
{ - (3) Moneys in the fund may be transferred as provided in
ORS 293.205 to 293.225. The State Treasurer is the officer in
charge of the fund for purposes of ORS 293.220 and shall
determine the interest rate to be charged until the moneys are
retransferred to the fund. The interest rate may not be less than
the rate specified in ORS 293.220. - }
{ + (3) Moneys in the fund may be transferred as provided in
ORS 293.205 to 293.225. For any transfers to the General Fund,
the State Treasurer is the officer in charge of the borrowing
fund. The interest rate to be charged in any agreements entered
into under ORS 293.220 for a transfer from the Oregon Short Term
Fund shall be based on a rate calculated by the State Treasurer,
or by the Oregon Investment Corporation if it is investing the
fund, that approximates the return that would have been earned by
the Oregon Short Term Fund while the moneys are loaned, plus any
amounts necessary to recover the costs of the loan. The interest
rate may not be less than the rate specified in ORS 293.220. + }
SECTION 18. ORS 293.733 is amended to read:
293.733. (1) In making and implementing investment decisions
related to venture capital, the { - Oregon Investment Council
and the investment officer have a duty to - } { + Oregon
Investment Corporation must + } look first at Oregon
opportunities for diversification unless, under the
circumstances, it is not prudent to do so.
(2) At any given time, the { - council - }
{ + corporation + } shall have at least $100 million in venture
capital investments in Oregon unless, under the circumstances, it
is not prudent to do so.
(3) As used in this section:
(a) 'Emerging growth business' has the meaning given that term
in ORS 348.701.
(b) 'Venture capital' includes but is not limited to emerging
growth businesses.
SECTION 19. ORS 293.733, as amended by section 23, chapter 90,
Oregon Laws 2012, is amended to read:
293.733. (1) In making and implementing investment decisions
related to venture capital, the { - Oregon Investment Council
and the investment officer have a duty to - } { + Oregon
Investment Corporation must + } look first at Oregon
opportunities for diversification unless, under the
circumstances, it is not prudent to do so.
(2) At any given time, the { - council - }
{ + corporation + } shall have at least $100 million in venture
capital investments in Oregon unless, under the circumstances, it
is not prudent to do so.
(3) As used in this section:
(a) 'Emerging growth business' means an individual or group of
individuals or a new or small company, including but not limited
to any new or small partnership, limited liability company,
corporation, firm, association or other business entity, that has
the capacity, upon obtaining appropriate capital, to generate
significant high-skill, high-wage employment.
(b) 'Venture capital' includes but is not limited to emerging
growth businesses.
SECTION 20. ORS 293.734 is amended to read:
293.734. The Oregon Investment { - Council - }
{ + Corporation + } shall submit an annual report to the
{ + Governor, the + } Speaker of the House of Representatives
and the President of the Senate detailing the investments and
commitments made by the { - council - } { + corporation + }
in accordance with ORS 293.733.
SECTION 21. ORS 293.746 is amended to read:
293.746. { - (1) - } In the acquisition or disposition of
bonds with which approving legal opinions ordinarily are
furnished, the
{ - investment officer - } { + Oregon Investment Corporation,
or the State Treasurer when investing the Oregon Short Term
Fund, + } may require an original or certified copy of the
written opinion of a reputable bond attorney or attorneys, or the
written opinion of the Attorney General, certifying to the
legality of the bonds.
{ - (2) The Oregon Investment Council may arrange for the
furnishing to the investment officer of investment counseling
services. The furnishing and acquisition of those services are
not subject to the State Personnel Relations Law or ORS
279A.140. - }
{ - (3) The investment officer, with the approval of the
council, may arrange for services with respect to mortgages in
which moneys in the investment funds are invested. Those services
shall be paid for out of the gross interest of the mortgages with
respect to which the services are furnished, and the net interest
of the mortgages after that payment shall be considered income of
the investment funds. The furnishing and acquisition of those
services are not subject to the State Personnel Relations Law or
ORS 279A.140. - }
SECTION 22. ORS 293.751 is amended to read:
293.751. { - (1) - } Except as provided in { - ORS 293.741
and this subsection - } { + this section + }, all instruments
of title of all investments of the investment funds { + or any
other moneys the Oregon Investment Corporation is charged by law
with investing + } shall remain in the custody of the
{ - investment officer. The investment officer - }
{ + corporation. The instruments of title for investments of the
Oregon Short Term Fund shall be held by the State Treasurer when
the State Treasurer invests the fund. The corporation, or the
State Treasurer for the Oregon Short Term Fund, + } may deposit
{ + instruments of title + } with one or more custodial agents
or banks
{ - those instruments of title that the State Treasurer
considers advisable - } , to be held in safekeeping by the agents
or banks for collection of the principal and interest or other
income, or of the proceeds of sale or maturity. For purposes of
this section, instruments of title { - of investments of the
investment funds - } may include such evidence of title as the
{ - investment officer shall consider - } { + corporation or
State Treasurer considers + }secure and consistent with modern
investment, banking and commercial practices, and may include
book entry and automated recordation of such title.
{ - (2) Except as provided in ORS 293.741 and 293.746 (3) and
subsections (1) and (3) of this section, the investment officer
shall collect the principal and interest or other income of
investments of the investment funds, title of which is in the
investment officer's custody, when due and payable, and shall pay
the principal and interest or other income, when so collected,
into the appropriate fund. Except as otherwise provided by law,
interest or other income of investments of funds in the hands of
the State Treasurer that are not required to meet current demands
shall be paid into the General Fund to be available for the
payment of general governmental expenses. - }
{ - (3) In the event of default in the payment of principal
or interest or other income of any investment of the investment
funds, the investment officer, with the approval of the Oregon
Investment Council, may: - }
{ - (a) Institute the proper proceedings to collect the
matured principal or interest or other income. - }
{ - (b) Accept for exchange purposes refunding bonds or other
evidences of indebtedness at interest rates to be agreed upon by
the investment officer and obligor. - }
{ - (c) Make compromises, adjustments or disposition of the
matured principal or interest or other income as the investment
officer considers advisable for the purpose of protecting the
moneys invested. - }
{ - (d) Make compromises or adjustments as to future payments
of principal or interest or other income as the investment
officer considers advisable for the purposes of protecting the
moneys invested. - }
SECTION 23. ORS 293.771 is amended to read:
293.771. { - The Oregon Investment Council shall report to
the Governor and Legislative Assembly on the investment funds
investment program at each odd-numbered year regular session of
the Legislative Assembly and at other times as the council
considers in the public interest. - } { + The Oregon Investment
Corporation shall report to the Governor and Legislative Assembly
at each odd-numbered year regular session of the Legislative
Assembly. The report shall describe:
(1) The investment funds investment program of the corporation;
(2) The investment of any other moneys the corporation is
charged by law with investing; and
(3) The investment policies of the corporation. + }
SECTION 24. ORS 293.776 is amended to read:
293.776. { + (1) The Oregon Investment Corporation shall
establish an internal audit function.
(2) + }The { - Oregon Investment Council - }
{ + corporation + } shall provide for an examination and audit
of the investment funds investment program, and for submission to
the { - council - } { + corporation + } of a report based on
the examination and audit, at least once every four years and at
other times as the { - council - } { + corporation + } may
require. { - The examination and audit, and the report based
thereon, shall include an evaluation of current investment funds
investment policies and practices and of specific investments of
the investment funds in relation to the objective set forth in
ORS 293.721, the standard set forth in ORS 293.726 and other
criteria as may be appropriate, and recommendations relating to
the investment funds investment policies and practices and to
specific investments of the investment funds as are considered
necessary or desirable. - }
{ + (3) The examination and audit required under subsection
(2) of this section shall include:
(a) The investment funds investment program of the corporation;
(b) The investment of any other moneys the corporation is
charged by law with investing; and
(c) The investment policies of the corporation.
(4) + } The { - council - } { + corporation + } shall make
copies of the report or a summary thereof available for
distribution to interested persons.
SECTION 25. ORS 293.778 is amended to read:
293.778. (1) The { - investment officer singly, or jointly
with other public or institutional investors, - } { + board of
directors of the Oregon Investment Corporation + }may authorize
establishment of investment holding companies, which may be
corporations, partnerships or limited liability companies, and
placement of investment funds { + , other moneys the corporation
is charged by law with investing + } or investments in such
companies, when it is appropriate to do so under the investment
standard prescribed in ORS 293.726. An investment holding company
authorized by this section has the powers and authority granted
by the laws of the jurisdiction in which the company is
established.
(2) Any person qualified under the laws of the jurisdiction in
which an investment holding company is established may serve as
an officer, director, member or manager of the company. Officers
and employees of the office of the State Treasurer { + or the
corporation + } may serve as directors, officers and members of
investment holding companies authorized by this section. However,
if a conflict arises between the duties of the officer or
employee of the office of the State Treasurer { + or the
corporation + } under state law and the duties of the officer or
employee of the office of the State Treasurer { + or the
corporation + } as a director, officer or member of the
investment holding company, the officer or employee shall abstain
from acting on behalf of the company. If the conflict cannot be
avoided by abstention, the officer or employee shall immediately
resign from the company.
SECTION 26. ORS 293.790 is amended to read:
293.790. (1) Under authority of { - section 6, - } Article
XI { + , section 6, + } of the Oregon Constitution, the
{ - state - } { + Oregon Investment Corporation + }, subject
to subsection { - (2) - } { + (3) + } of this section, may
hold and dispose of the stock of any company, association or
corporation, including stock already received { + by a state
agency + }, that is donated or bequeathed { + . + } { - and the
state, - } { +
(2) + } Acting by and through the State Board of Higher
Education, subject to subsection { - (2) - } { + (3) + } of
this section, { + the corporation + } may invest and reinvest in
the stock of any company, association or corporation, any funds
or moneys of the State Board of Higher Education that:
(a) Are or have been donated or bequeathed for higher education
purposes;
(b) Are the proceeds from the disposition of stock that is
donated or bequeathed for higher education purposes, including
stock already received; or
(c) Are dividends paid with respect to stock that is donated or
bequeathed for higher education purposes, including stock already
received.
{ - (2) - } { + (3) + } { - The state, including any of
its agencies having control of, or authority to invest and
reinvest in, any stock described in subsection (1) of this
section, in holding, disposing of or investing and reinvesting in
such stock, shall be - } { + The corporation, on behalf of any
state agency in receipt of donated stock or having control of, or
authority to invest and reinvest, any stock, is + } governed by
ORS 130.750 to 130.775, notwithstanding the date of acquisition
of { - such - } { + the + } stock. Moneys received from the
disposition of { - such - } { + the + } stock, including
dividends, shall be maintained separate and distinct from the
General Fund, and those moneys, including interest earned
thereon, are appropriated continuously for the purposes of the
donation or bequest and of the investments and reinvestments
authorized by subsection (1) of this section and by ORS 351.130.
Except as specifically authorized by law, the state or any of its
agencies may not purchase stock.
(3)(a) This section does not apply to investment and
reinvestment of moneys in the Public Employees Retirement Fund,
the Industrial Accident Fund, the Deferred Compensation Fund and
the Education Stability Fund or to acquisition, retention,
management and disposition of investments of those funds as
provided in ORS 293.701 to 293.820.
(b) This section does not apply to investment or reinvestment
of moneys or stock resulting from the holding and disposing of
stock by the state as allowed under { - section 6 (2), - }
Article XI { + , section 6 (2), + } of the Oregon Constitution.
SECTION 27. ORS 293.793 is amended to read:
293.793. (1) As used in this section:
(a) 'Related agency' has the meaning given that term in ORS
286A.001.
(b) 'State government' has the meaning given that term in ORS
174.111.
(2) If the State Treasurer, { - acting as investment
officer, - } { + the Oregon Investment Corporation + } or a
trustee, investing moneys for a related agency { + or the Oregon
Short Term Fund + }, purchases or acquires bonds issued by state
government, the purchase or acquisition does not cancel or
extinguish the bonds.
SECTION 28. ORS 293.796 is amended to read:
293.796. (1) The Legislative Assembly finds that:
(a) The availability of venture capital for the start-up and
subsequent expansion of new businesses is critical to the
continued growth and development of the economy of Oregon.
(b) There exists an estimated gap of between $100 million and
$200 million between available venture capital resources and the
need of Oregon businesses for such resources.
(c) Investments in start-up and expanding businesses, in
minority or women business enterprises and in emerging growth
businesses can produce substantial positive returns for long-term
investors.
(d) Pension funds managed by the { - Oregon Investment
Council - } { + Oregon Investment Corporation + } constitute a
major financial resource of the State of Oregon, and that such
funds may be prudently invested in start-up and emerging growth
businesses in this state under policies established by the
{ - Oregon Investment Council - } { + board of directors of
the corporation + }.
(2) As used in this section:
(a) 'Emerging growth business' has the meaning given that term
in ORS 348.701.
(b) 'Minority or women business enterprise' has the meaning
given that term in ORS 200.005.
SECTION 29. ORS 293.796, as amended by section 25, chapter 90,
Oregon Laws 2012, is amended to read:
293.796. (1) The Legislative Assembly finds that:
(a) The availability of venture capital for the start-up and
subsequent expansion of new businesses is critical to the
continued growth and development of the economy of Oregon.
(b) There exists an estimated gap of between $100 million and
$200 million between available venture capital resources and the
need of Oregon businesses for such resources.
(c) Investments in start-up and expanding businesses, in
minority or women business enterprises and in emerging growth
businesses can produce substantial positive returns for long-term
investors.
(d) Pension funds managed by the { - Oregon Investment
Council - } { + Oregon Investment Corporation + } constitute a
major financial resource of the State of Oregon, and that such
funds may be prudently invested in start-up and emerging growth
businesses in this state under policies established by the
{ - Oregon Investment Council - } { + board of directors of
the corporation + }.
(2) As used in this section:
(a) 'Emerging growth business' means an individual or group of
individuals or a new or small company, including but not limited
to any new or small partnership, limited liability company,
corporation, firm, association or other business entity, that has
the capacity, upon obtaining appropriate capital, to generate
significant high-skill, high-wage employment.
(b) 'Minority or women business enterprise' has the meaning
given that term in ORS 200.005.
SECTION 30. ORS 293.812 is amended to read:
293.812. As used in ORS 293.811 to 293.817:
(1) 'Company' means any sole proprietorship, organization,
firm, association, corporation, utility, partnership, venture,
public franchise, franchisor, franchisee or its wholly owned
subsidiary that exists for profit-making purposes or otherwise to
secure economic advantage.
(2) 'Doing business' means maintaining equipment, facilities,
personnel or any other apparatus of business or commerce in
Sudan, including the ownership or possession of real or personal
property located in Sudan.
(3) 'Investment' or 'invest' means the commitment of funds or
other assets to a company, including a loan or other extension of
credit made to that company, or the ownership or control of a
share or interest in that company or of a bond or other debt
instrument issued by that company.
(4) 'Subject investment funds' means:
(a) The Public Employees Retirement Fund referred to in ORS
238.660;
(b) The Industrial Accident Fund referred to in ORS 656.632;
(c) The Common School Fund referred to in ORS 327.405;
(d) The Oregon War Veterans' Fund referred to in ORS 407.495;
and
(e) Investment funds of the State Board of Higher Education
available for investment or reinvestment by the { - Oregon
Investment Council - } { + Oregon Investment Corporation + }.
(5) 'Sudan' means the Republic of the Sudan and any territory
under the administration, legal or illegal, of Sudan, including
but not limited to the Darfur region.
SECTION 31. ORS 293.814 is amended to read:
293.814. (1) The { - Oregon Investment Council and the State
Treasurer, in the State Treasurer's role as investment officer
for the council, - } { + Oregon Investment Corporation + }
shall act reasonably and in a manner consistent with { + the
investment objective and standards set forth in section 4 of this
2013 Act and + } ORS { - 293.721 and - } 293.726 to try to
ensure that subject investment funds are not invested in any
company that the { - council - } { + corporation + } knows is
doing business in Sudan for as long as the Sudanese government's
campaign of human rights violations, atrocities or genocide
continues in Sudan.
(2) Divestment and reinvestment of subject investment funds
under the provisions of this section shall be accomplished by the
{ - Oregon Investment Council and the State Treasurer - } { +
corporation + } without monetary loss to the funds through
reasonable, prudent and productive investments in companies and
institutions generating returns that are comparable to the
returns generated by the companies subject to the divestment.
SECTION 32. ORS 293.815 is amended to read:
293.815. { + (1) + } The { - Oregon Investment Council and
the State Treasurer, in the State Treasurer's role as investment
officer for the council, - } { + Oregon Investment
Corporation + } shall make reasonable efforts to investigate all
companies in which the { - council - } { + corporation + } has
invested subject investment funds to determine whether any of
those companies are doing business in Sudan. If the
{ - State Treasurer - } { + corporation + } determines that a
company is doing business in Sudan, the { - State Treasurer - }
{ + corporation + } shall give notice to the company that the
{ - council - } { + corporation + } will withdraw subject
investment funds that are invested in the company as provided in
ORS 293.814 for as long as the company does business in Sudan and
the Sudanese government's campaign of human rights violations,
atrocities or genocide continues in Sudan.
{ + (2) This section applies only if the Legislative Assembly
appropriates sufficient moneys to the corporation, other than
moneys described in ORS 293.718, to administer the investigation,
determination and notice.
(3) Any costs incurred by the corporation in performing
activities under this section may not be paid from subject
investment funds or other moneys invested by the corporation. + }
SECTION 33. ORS 293.817 is amended to read:
293.817. On or before January 15 of each year, the { - State
Treasurer - } { + Oregon Investment Corporation + }shall
report to the Legislative Assembly in the manner provided by ORS
192.245 on actions taken by the { - State Treasurer and the
Oregon Investment Council - } { + corporation + } pursuant to
the provisions of ORS 293.811 to 293.817. { - The State
Treasurer shall consult with the council in preparing reports
under this section. - }
SECTION 34. ORS 293.820 is amended to read:
293.820. (1) When the { - investment officer - } { + Oregon
Investment Corporation or the State Treasurer + } invests the
funds of any county, municipality, school district or other
political subdivision of this state, the { - investment
officer - } { + corporation or State Treasurer + } shall keep a
separate account for each such governmental unit the funds of
which are being invested.
(2) The { - investment officer - } { + corporation or State
Treasurer + } shall report monthly to each such governmental unit
the changes made during the preceding month in the investments
for the account of that governmental unit. The monthly reports
shall be provided to the governmental units within 30 days after
the end of the month to which they pertain.
(3) All funds invested by the { - investment officer - }
{ + corporation or State Treasurer + } shall be invested in
accordance with rules adopted or readopted at least annually by
the Oregon Short Term Fund Board and approved by the { - Oregon
Investment Council - } { + board of directors of the
corporation + }. { - Such - } { + The + } rules shall be
published, shall be made available to all interested parties and
shall be distributed at least annually to all local governments
investing funds pursuant to ORS 294.805 to 294.895.
SECTION 35. ORS 30.260 is amended to read:
30.260. As used in ORS 30.260 to 30.300, unless the context
requires otherwise:
(1) 'Department' means the Oregon Department of Administrative
Services.
(2) 'Director' means the Director of the Oregon Department of
Administrative Services.
(3) 'Governing body' means the group or officer in which the
controlling authority of any public body is vested.
(4) 'Public body' means:
(a) A public body as defined in ORS 174.109;
(b) Any nonprofit corporation that is organized and existing
under ORS chapter 65 and that has only political subdivisions or
municipal, quasi-municipal or public corporations in this state
as members;
(c) A private child-caring agency, as defined in ORS 418.205,
that meets the criteria specified in ORS 278.322 (1)(a) and that
receives more than 50 percent of its funding from the state for
the purpose of providing residential treatment to children who
have been placed in the care and custody of the state or that
provides residential treatment to children more than half of whom
have been placed in the care and custody of the state; or
(d) A private, nonprofit organization that provides public
transportation services if more than 50 percent of the
organization's funding for the purpose of providing public
transportation services is received from governmental bodies.
(5) 'State' means:
(a) State government as defined in ORS 174.111;
(b) The State Accident Insurance Fund Corporation;
{ - and - }
(c) The Oregon Utility Notification Center { - . - } { + ;
and
(d) The Oregon Investment Corporation. + }
(6) 'Local public body' means any public body other than the
state.
(7) 'Nuclear incident' has the meaning given that term in 42
U.S.C. 2014(q).
(8) 'Tort' means the breach of a legal duty that is imposed by
law, other than a duty arising from contract or quasi-contract,
the breach of which results in injury to a specific person or
persons for which the law provides a civil right of action for
damages or for a protective remedy.
SECTION 36. ORS 173.500 is amended to read:
173.500. (1) There is established within the legislative
department the Oregon State Capitol Foundation. The foundation
shall be composed of not fewer than nine and not more than 25
voting members, who shall each serve a term of four years. The
President of the Senate shall appoint three voting members from
members of the Senate. The Speaker of the House of
Representatives shall appoint three voting members from members
of the House of Representatives. The Legislative Administration
Committee shall appoint the remaining voting members. A member is
eligible for reappointment. At all times there shall be appointed
to the foundation an odd number of voting members. The foundation
may appoint honorary, nonvoting members to the foundation.
(2) The Oregon State Capitol Foundation shall:
(a) Advise the Legislative Administration Committee on the
terms and conditions of contracts or agreements entered into
under ORS 276.002.
(b) Recommend to the committee renovations, repairs and
additions to the State Capitol.
(c) Recommend to the committee exhibits and events for the
State Capitol.
(d) Deposit gifts, grants, donations and moneys converted from
gifts or donations of other than money into separate trust
accounts reserved for the purposes of the gifts, grants and
donations.
(e) Develop, maintain and implement plans to:
(A) Enhance and embellish the State Capitol in keeping with the
design and purpose of the building and adjacent areas; and
(B) Preserve the history of activities of state government that
have occurred in the State Capitol and of persons who have
participated in state government in the State Capitol.
(f) Adopt rules to guide the foundation and implement the
foundation's responsibilities under this subsection and the
foundation's authority under subsections (3) to (5) of this
section.
(g) Consult with any advisory committees the Legislative
Administration Committee may designate before the foundation
makes a recommendation required by this subsection.
(3) The Oregon State Capitol Foundation may:
(a) Solicit and accept gifts, grants and donations from public
and private sources in the name of the foundation.
(b) Under guidelines adopted by the Legislative Administration
Committee, expend moneys from the Oregon State Capitol Foundation
Fund for the purposes set out in subsection (2) of this section,
including but not limited to the reasonable and necessary
operating expenses of the foundation.
(c) Convert gifts or donations other than money into moneys.
(d) Become or create an organization under section 501(c)(3) of
the Internal Revenue Code.
(4)(a) As used in this subsection, 'community foundation ' has
the meaning given that term in ORS 348.580.
(b) The Oregon State Capitol Foundation may enter into
agreements with a person, including a community foundation in
Oregon, for the person to assume the management of the moneys in
the Oregon State Capitol Foundation Fund. The Oregon State
Capitol Foundation may transfer to the person any moneys in the
fund.
(c) The Oregon State Capitol Foundation shall include in any
agreement entered into under this subsection a requirement that:
(A) The person conduct a periodic independent financial audit
of the moneys transferred to the person.
(B) The person prepare an annual financial report according to
generally accepted accounting principles.
(C) The person submit an annual financial report to the Oregon
State Capitol Foundation, the Legislative Administration
Committee and the Oregon Investment { - Council - } { +
Corporation + }.
(d) If a provision of an agreement entered into under this
subsection would cause the person to be out of compliance with a
federal law, the Oregon State Capitol Foundation may waive the
provision.
(5) The Oregon State Capitol Foundation may, through the
Legislative Administrator, enter into contracts or agreements to
implement the foundation's responsibilities and authority. ORS
279.835 to 279.855 and ORS chapters 279A, 279B and 279C do not
apply to a contract or agreement entered into by the foundation.
(6) The Oregon State Capitol Foundation may take action under
this section upon a majority vote of a quorum of members. A
majority of the voting members of the foundation constitutes a
quorum for the transaction of business.
(7) Notwithstanding ORS 171.072, members of the foundation who
are members of the Legislative Assembly are not entitled to
mileage expenses or a per diem and serve as volunteers on the
foundation.
SECTION 37. ORS 192.490 is amended to read:
192.490. (1) In any suit filed under ORS 192.450, 192.460,
192.470 or 192.480 { + or section 11 of this 2013 Act + }, the
court has jurisdiction to enjoin the public body from withholding
records and to order the production of any records improperly
withheld from the person seeking disclosure. The court shall
determine the matter de novo and the burden is on the public body
to sustain its action. The court, on its own motion, may view the
documents in controversy in camera before reaching a decision.
Any noncompliance with the order of the court may be punished as
contempt of court.
(2) Except as to causes the court considers of greater
importance, proceedings arising under ORS 192.450, 192.460,
192.470 or 192.480 { + or section 11 of this 2013 Act + } take
precedence on the docket over all other causes and shall be
assigned for hearing and trial at the earliest practicable date
and expedited in every way.
(3) If a person seeking the right to inspect or to receive a
copy of a public record prevails in the suit, the person shall be
awarded costs and disbursements and reasonable attorney fees at
trial and on appeal. If the person prevails in part, the court
may in its discretion award the person costs and disbursements
and reasonable attorney fees at trial and on appeal, or an
appropriate portion thereof. If the state agency failed to comply
with the Attorney General's order in full and did not issue a
notice of intention to institute proceedings pursuant to ORS
192.450 (2) within seven days after issuance of the order, or did
not institute the proceedings within seven days after issuance of
the notice, the petitioner shall be awarded costs of suit at the
trial level and reasonable attorney fees regardless of which
party instituted the suit and regardless of which party prevailed
therein.
SECTION 38. ORS 192.502, as amended by section 26, chapter 45,
Oregon Laws 2012, and sections 19 and 30, chapter 90, Oregon Laws
2012, is amended to read:
192.502. The following public records are exempt from
disclosure under ORS 192.410 to 192.505:
(1) Communications within a public body or between public
bodies of an advisory nature to the extent that they cover other
than purely factual materials and are preliminary to any final
agency determination of policy or action. This exemption shall
not apply unless the public body shows that in the particular
instance the public interest in encouraging frank communication
between officials and employees of public bodies clearly
outweighs the public interest in disclosure.
(2) Information of a personal nature such as but not limited to
that kept in a personal, medical or similar file, if public
disclosure would constitute an unreasonable invasion of privacy,
unless the public interest by clear and convincing evidence
requires disclosure in the particular instance. The party seeking
disclosure shall have the burden of showing that public
disclosure would not constitute an unreasonable invasion of
privacy.
(3) Public body employee or volunteer addresses, Social
Security numbers, dates of birth and telephone numbers contained
in personnel records maintained by the public body that is the
employer or the recipient of volunteer services. This exemption:
(a) Does not apply to the addresses, dates of birth and
telephone numbers of employees or volunteers who are elected
officials, except that a judge or district attorney subject to
election may seek to exempt the judge's or district attorney's
address or telephone number, or both, under the terms of ORS
192.445;
(b) Does not apply to employees or volunteers to the extent
that the party seeking disclosure shows by clear and convincing
evidence that the public interest requires disclosure in a
particular instance;
(c) Does not apply to a substitute teacher as defined in ORS
342.815 when requested by a professional education association of
which the substitute teacher may be a member; and
(d) Does not relieve a public employer of any duty under ORS
243.650 to 243.782.
(4) Information submitted to a public body in confidence and
not otherwise required by law to be submitted, where such
information should reasonably be considered confidential, the
public body has obliged itself in good faith not to disclose the
information, and when the public interest would suffer by the
disclosure.
(5) Information or records of the Department of Corrections,
including the State Board of Parole and Post-Prison Supervision,
to the extent that disclosure would interfere with the
rehabilitation of a person in custody of the department or
substantially prejudice or prevent the carrying out of the
functions of the department, if the public interest in
confidentiality clearly outweighs the public interest in
disclosure.
(6) Records, reports and other information received or compiled
by the Director of the Department of Consumer and Business
Services in the administration of ORS chapters 723 and 725 not
otherwise required by law to be made public, to the extent that
the interests of lending institutions, their officers, employees
and customers in preserving the confidentiality of such
information outweighs the public interest in disclosure.
(7) Reports made to or filed with the court under ORS 137.077
or 137.530.
(8) Any public records or information the disclosure of which
is prohibited by federal law or regulations.
(9)(a) Public records or information the disclosure of which is
prohibited or restricted or otherwise made confidential or
privileged under Oregon law.
(b) Subject to ORS 192.423, paragraph (a) of this subsection
does not apply to factual information compiled in a public record
when:
(A) The basis for the claim of exemption is ORS 40.225;
(B) The factual information is not prohibited from disclosure
under any applicable state or federal law, regulation or court
order and is not otherwise exempt from disclosure under ORS
192.410 to 192.505;
(C) The factual information was compiled by or at the direction
of an attorney as part of an investigation on behalf of the
public body in response to information of possible wrongdoing by
the public body;
(D) The factual information was not compiled in preparation for
litigation, arbitration or an administrative proceeding that was
reasonably likely to be initiated or that has been initiated by
or against the public body; and
(E) The holder of the privilege under ORS 40.225 has made or
authorized a public statement characterizing or partially
disclosing the factual information compiled by or at the
attorney's direction.
(10) Public records or information described in this section,
furnished by the public body originally compiling, preparing or
receiving them to any other public officer or public body in
connection with performance of the duties of the recipient, if
the considerations originally giving rise to the confidential or
exempt nature of the public records or information remain
applicable.
(11) Records of the Energy Facility Siting Council concerning
the review or approval of security programs pursuant to ORS
469.530.
(12) Employee and retiree address, telephone number and other
nonfinancial membership records and employee financial records
maintained by the Public Employees Retirement System pursuant to
ORS chapters 238 and 238A.
(13) Records of or submitted to the State Treasurer, the Oregon
Investment { - Council - } { + Corporation + } or the agents
of the treasurer or the { - council - } { + corporation + }
relating to active or proposed publicly traded investments under
ORS chapter 293, including but not limited to records regarding
the acquisition, exchange or liquidation of the investments. For
the purposes of this subsection:
(a) The exemption does not apply to:
(A) Information in investment records solely related to the
amount paid directly into an investment by, or returned from the
investment directly to, the treasurer or { - council - } { +
corporation + }; or
(B) The identity of the entity to which the amount was paid
directly or from which the amount was received directly.
(b) An investment in a publicly traded investment is no longer
active when acquisition, exchange or liquidation of the
investment has been concluded.
(14)(a) Records of or submitted to the State Treasurer, the
Oregon Investment { - Council - } { + Corporation + }, the
Oregon Growth Account Board or the agents of the treasurer,
{ - council - } { + corporation + } or board relating to
actual or proposed investments under ORS chapter 293 or 348 in a
privately placed investment fund or a private asset including but
not limited to records regarding the solicitation, acquisition,
deployment, exchange or liquidation of the investments including
but not limited to:
(A) Due diligence materials that are proprietary to an
investment fund, to an asset ownership or to their respective
investment vehicles.
(B) Financial statements of an investment fund, an asset
ownership or their respective investment vehicles.
(C) Meeting materials of an investment fund, an asset ownership
or their respective investment vehicles.
(D) Records containing information regarding the portfolio
positions in which an investment fund, an asset ownership or
their respective investment vehicles invest.
(E) Capital call and distribution notices of an investment
fund, an asset ownership or their respective investment vehicles.
(F) Investment agreements and related documents.
(b) The exemption under this subsection does not apply to:
(A) The name, address and vintage year of each privately placed
investment fund.
(B) The dollar amount of the commitment made to each privately
placed investment fund since inception of the fund.
(C) The dollar amount of cash contributions made to each
privately placed investment fund since inception of the fund.
(D) The dollar amount, on a fiscal year-end basis, of cash
distributions received by the State Treasurer, the Oregon
Investment { - Council - } { + Corporation + }, the Oregon
Growth Account Board or the agents of the treasurer,
{ - council - } { + corporation + } or board from each
privately placed investment fund.
(E) The dollar amount, on a fiscal year-end basis, of the
remaining value of assets in a privately placed investment fund
attributable to an investment by the State Treasurer, the Oregon
Investment { - Council - } { + Corporation + }, the Oregon
Growth Account Board or the agents of the treasurer,
{ - council - } { + corporation + } or board.
(F) The net internal rate of return of each privately placed
investment fund since inception of the fund.
(G) The investment multiple of each privately placed investment
fund since inception of the fund.
(H) The dollar amount of the total management fees and costs
paid on an annual fiscal year-end basis to each privately placed
investment fund.
(I) The dollar amount of cash profit received from each
privately placed investment fund on a fiscal year-end basis.
(15) { - The monthly reports prepared and submitted under ORS
293.761 and 293.766 - } { + The information provided by the
Oregon Investment Corporation under section 2 (6) of this 2013
Act + } concerning the Public Employees Retirement Fund and the
Industrial Accident Fund may be uniformly treated as exempt from
disclosure for a period of up to 90 days after the end of the
calendar quarter.
(16) Reports of unclaimed property filed by the holders of such
property to the extent permitted by ORS 98.352.
(17)(a) The following records, communications and information
submitted to the Oregon Business Development Commission, the
Oregon Business Development Department, the State Department of
Agriculture, the Oregon Growth Account Board, the Port of
Portland or other ports as defined in ORS 777.005, or a county or
city governing body and any board, department, commission,
council or agency thereof, by applicants for investment funds,
grants, loans, services or economic development moneys, support
or assistance including, but not limited to, those described in
ORS 285A.224:
(A) Personal financial statements.
(B) Financial statements of applicants.
(C) Customer lists.
(D) Information of an applicant pertaining to litigation to
which the applicant is a party if the complaint has been filed,
or if the complaint has not been filed, if the applicant shows
that such litigation is reasonably likely to occur; this
exemption does not apply to litigation which has been concluded,
and nothing in this subparagraph shall limit any right or
opportunity granted by discovery or deposition statutes to a
party to litigation or potential litigation.
(E) Production, sales and cost data.
(F) Marketing strategy information that relates to applicant's
plan to address specific markets and applicant's strategy
regarding specific competitors.
(b) The following records, communications and information
submitted to the State Department of Energy by applicants for tax
credits or for grants awarded under ORS 469B.256:
(A) Personal financial statements.
(B) Financial statements of applicants.
(C) Customer lists.
(D) Information of an applicant pertaining to litigation to
which the applicant is a party if the complaint has been filed,
or if the complaint has not been filed, if the applicant shows
that such litigation is reasonably likely to occur; this
exemption does not apply to litigation which has been concluded,
and nothing in this subparagraph shall limit any right or
opportunity granted by discovery or deposition statutes to a
party to litigation or potential litigation.
(E) Production, sales and cost data.
(F) Marketing strategy information that relates to applicant's
plan to address specific markets and applicant's strategy
regarding specific competitors.
(18) Records, reports or returns submitted by private concerns
or enterprises required by law to be submitted to or inspected by
a governmental body to allow it to determine the amount of any
transient lodging tax payable and the amounts of such tax payable
or paid, to the extent that such information is in a form which
would permit identification of the individual concern or
enterprise. Nothing in this subsection shall limit the use which
can be made of such information for regulatory purposes or its
admissibility in any enforcement proceedings. The public body
shall notify the taxpayer of the delinquency immediately by
certified mail. However, in the event that the payment or
delivery of transient lodging taxes otherwise due to a public
body is delinquent by over 60 days, the public body shall
disclose, upon the request of any person, the following
information:
(a) The identity of the individual concern or enterprise that
is delinquent over 60 days in the payment or delivery of the
taxes.
(b) The period for which the taxes are delinquent.
(c) The actual, or estimated, amount of the delinquency.
(19) All information supplied by a person under ORS 151.485 for
the purpose of requesting appointed counsel, and all information
supplied to the court from whatever source for the purpose of
verifying the financial eligibility of a person pursuant to ORS
151.485.
(20) Workers' compensation claim records of the Department of
Consumer and Business Services, except in accordance with rules
adopted by the Director of the Department of Consumer and
Business Services, in any of the following circumstances:
(a) When necessary for insurers, self-insured employers and
third party claim administrators to process workers' compensation
claims.
(b) When necessary for the director, other governmental
agencies of this state or the United States to carry out their
duties, functions or powers.
(c) When the disclosure is made in such a manner that the
disclosed information cannot be used to identify any worker who
is the subject of a claim.
(d) When a worker or the worker's representative requests
review of the worker's claim record.
(21) Sensitive business records or financial or commercial
information of the Oregon Health and Science University that is
not customarily provided to business competitors.
(22) Records of Oregon Health and Science University regarding
candidates for the position of president of the university.
(23) The records of a library, including:
(a) Circulation records, showing use of specific library
material by a named person;
(b) The name of a library patron together with the address or
telephone number of the patron; and
(c) The electronic mail address of a patron.
(24) The following records, communications and information
obtained by the Housing and Community Services Department in
connection with the department's monitoring or administration of
financial assistance or of housing or other developments:
(a) Personal and corporate financial statements and
information, including tax returns.
(b) Credit reports.
(c) Project appraisals.
(d) Market studies and analyses.
(e) Articles of incorporation, partnership agreements and
operating agreements.
(f) Commitment letters.
(g) Project pro forma statements.
(h) Project cost certifications and cost data.
(i) Audits.
(j) Project tenant correspondence.
(k) Personal information about a tenant.
(L) Housing assistance payments.
(25) Raster geographic information system (GIS) digital
databases, provided by private forestland owners or their
representatives, voluntarily and in confidence to the State
Forestry Department, that is not otherwise required by law to be
submitted.
(26) Sensitive business, commercial or financial information
furnished to or developed by a public body engaged in the
business of providing electricity or electricity services, if the
information is directly related to a transaction described in ORS
261.348, or if the information is directly related to a bid,
proposal or negotiations for the sale or purchase of electricity
or electricity services, and disclosure of the information would
cause a competitive disadvantage for the public body or its
retail electricity customers. This subsection does not apply to
cost-of-service studies used in the development or review of
generally applicable rate schedules.
(27) Sensitive business, commercial or financial information
furnished to or developed by the City of Klamath Falls, acting
solely in connection with the ownership and operation of the
Klamath Cogeneration Project, if the information is directly
related to a transaction described in ORS 225.085 and disclosure
of the information would cause a competitive disadvantage for the
Klamath Cogeneration Project. This subsection does not apply to
cost-of-service studies used in the development or review of
generally applicable rate schedules.
(28) Personally identifiable information about customers of a
municipal electric utility or a people's utility district or the
names, dates of birth, driver license numbers, telephone numbers,
electronic mail addresses or Social Security numbers of customers
who receive water, sewer or storm drain services from a public
body as defined in ORS 174.109. The utility or district may
release personally identifiable information about a customer, and
a public body providing water, sewer or storm drain services may
release the name, date of birth, driver license number, telephone
number, electronic mail address or Social Security number of a
customer, if the customer consents in writing or electronically,
if the disclosure is necessary for the utility, district or other
public body to render services to the customer, if the disclosure
is required pursuant to a court order or if the disclosure is
otherwise required by federal or state law. The utility, district
or other public body may charge as appropriate for the costs of
providing such information. The utility, district or other public
body may make customer records available to third party credit
agencies on a regular basis in connection with the establishment
and management of customer accounts or in the event such accounts
are delinquent.
(29) A record of the street and number of an employee's address
submitted to a special district to obtain assistance in promoting
an alternative to single occupant motor vehicle transportation.
(30) Sensitive business records, capital development plans or
financial or commercial information of Oregon Corrections
Enterprises that is not customarily provided to business
competitors.
(31) Documents, materials or other information submitted to the
Director of the Department of Consumer and Business Services in
confidence by a state, federal, foreign or international
regulatory or law enforcement agency or by the National
Association of Insurance Commissioners, its affiliates or
subsidiaries under ORS 86A.095 to 86A.198, 697.005 to 697.095,
697.602 to 697.842, 705.137, 717.200 to 717.320, 717.900 or
717.905, ORS chapter 59, 723, 725 or 726, the Bank Act or the
Insurance Code when:
(a) The document, material or other information is received
upon notice or with an understanding that it is confidential or
privileged under the laws of the jurisdiction that is the source
of the document, material or other information; and
(b) The director has obligated the Department of Consumer and
Business Services not to disclose the document, material or other
information.
(32) A county elections security plan developed and filed under
ORS 254.074.
(33) Information about review or approval of programs relating
to the security of:
(a) Generation, storage or conveyance of:
(A) Electricity;
(B) Gas in liquefied or gaseous form;
(C) Hazardous substances as defined in ORS 453.005 (7)(a), (b)
and (d);
(D) Petroleum products;
(E) Sewage; or
(F) Water.
(b) Telecommunication systems, including cellular, wireless or
radio systems.
(c) Data transmissions by whatever means provided.
(34) The information specified in ORS 25.020 (8) if the Chief
Justice of the Supreme Court designates the information as
confidential by rule under ORS 1.002.
(35)(a) Employer account records of the State Accident
Insurance Fund Corporation.
(b) As used in this subsection, 'employer account records '
means all records maintained in any form that are specifically
related to the account of any employer insured, previously
insured or under consideration to be insured by the State
Accident Insurance Fund Corporation and any information obtained
or developed by the corporation in connection with providing,
offering to provide or declining to provide insurance to a
specific employer. 'Employer account records' includes, but is
not limited to, an employer's payroll records, premium payment
history, payroll classifications, employee names and
identification information, experience modification factors, loss
experience and dividend payment history.
(c) The exemption provided by this subsection may not serve as
the basis for opposition to the discovery documents in litigation
pursuant to applicable rules of civil procedure.
(36)(a) Claimant files of the State Accident Insurance Fund
Corporation.
(b) As used in this subsection, 'claimant files' includes, but
is not limited to, all records held by the corporation pertaining
to a person who has made a claim, as defined in ORS 656.005, and
all records pertaining to such a claim.
(c) The exemption provided by this subsection may not serve as
the basis for opposition to the discovery documents in litigation
pursuant to applicable rules of civil procedure.
(37) Except as authorized by ORS 408.425, records that certify
or verify an individual's discharge or other separation from
military service.
(38) Records of or submitted to a domestic violence service or
resource center that relate to the name or personal information
of an individual who visits a center for service, including the
date of service, the type of service received, referrals or
contact information or personal information of a family member of
the individual. As used in this subsection, 'domestic violence
service or resource center' means an entity, the primary purpose
of which is to assist persons affected by domestic or sexual
violence by providing referrals, resource information or other
assistance specifically of benefit to domestic or sexual violence
victims.
SECTION 39. ORS 238A.050 is amended to read:
238A.050. (1) The Oregon Public Service Retirement Plan is part
of the Public Employees Retirement System and is administered by
the Public Employees Retirement Board.
(2) ORS 238.008, 238.225, 238.229, 238.231, 238.285, 238.410,
238.445, 238.450, 238.455, 238.458, 238.460, 238.465, 238.470,
238.600, 238.601, 238.605, 238.610, 238.615, 238.618, 238.630,
238.635, 238.640, 238.645, 238.655, 238.660, 238.661, 238.665,
238.675, 238.692, 238.694, 238.695, 238.696, 238.698, 238.700,
238.705, 238.710 and 238.715 apply to the Oregon Public Service
Retirement Plan.
(3) The Oregon Investment { - Council - }
{ + Corporation + } shall invest the assets of the Oregon Public
Service Retirement Plan as a part of the Public Employees
Retirement Fund. Except as provided by subsection (4) of this
section, the investment of Oregon Public Service Retirement Plan
assets is subject to the provisions of ORS 293.701 to 293.820.
The Oregon Investment { - Council - } { + Corporation + } may
invest assets of the individual account program and pension
program differently than the other assets of the Public Employees
Retirement System.
(4) Investment of the assets of the Oregon Public Service
Retirement Plan is not subject to the limitations imposed by ORS
293.726 (6).
(5) The board may contract with a private provider for the
administration of the individual account program. The board is
not subject to the provisions of ORS chapter 279A or 279B in
awarding a contract under the provisions of this subsection. The
board shall establish procedures for inviting proposals and
awarding contracts under this subsection.
SECTION 40. ORS 243.401 is amended to read:
243.401. As used in ORS 243.401 to 243.507:
(1) 'Board' means the Public Employees Retirement Board
described in ORS 238.630.
(2) { - ' Council' means the Oregon Investment Council
created by ORS 293.706. - } { + 'Corporation' means the Oregon
Investment Corporation established under section 2 of this 2013
Act. + }
(3) 'Deferred compensation contract' means a written agreement
entered into by the state and an eligible state employee under
the provisions of ORS 243.440.
(4) 'Deferred compensation investment program' means the
program established by the Oregon Investment { - Council - }
{ + Corporation + } under ORS 243.421, for investment of assets
of the Deferred Compensation Fund.
(5) 'Deferred compensation plan' means a plan established by
the state or a local government for the deferral of compensation
payable to employees of the state or local government and for the
deferral of income taxation on that compensation.
(6) 'Eligible state employee' means an officer or employee of a
state board, commission, department or other instrumentality of
state government, including, but not limited to, all officers and
employees of the executive, judicial and legislative branches of
state government, but excluding:
(a) Persons engaged as independent contractors, except as
otherwise specifically allowed by statute;
(b) Persons who are employed in emergency work and whose
periods of employment are on an intermittent or irregular basis;
and
(c) Persons who are provided sheltered employment or make-work
by the state in an employment or industries program maintained
for the benefit of such individuals.
(7) 'Fund' means the Deferred Compensation Fund established
under ORS 243.411.
(8) 'Local government' means a city, county, municipal or
public corporation, any political subdivision of the state or any
instrumentality thereof, or an agency created by two or more such
political subdivisions to provide themselves governmental
services.
(9) 'Local government deferred compensation plan' means a
deferred compensation plan that is established and administered
by a local government.
(10) 'Local plan participant' means a person participating in a
local government deferred compensation plan.
(11) 'Participating local government' means a local government
that invests all or part of the assets of the deferred
compensation plan established by the local government through the
deferred compensation investment program.
(12) 'State deferred compensation plan' means the deferred
compensation plan described in ORS 243.435 for eligible state
employees.
(13) 'State plan participant' means a person participating in
the state deferred compensation plan, either through current or
past deferrals of compensation.
(14) 'System' means the Public Employees Retirement System
established in ORS 238.600.
SECTION 41. ORS 243.421 is amended to read:
243.421. (1) The Oregon Investment { - Council - }
{ + Corporation + } shall establish a program for investment of
moneys in the Deferred Compensation Fund. The program shall
include policies and procedures for the investment of moneys in
the fund. The program and all investments of moneys under the
program are subject to the provisions of ORS 293.701 to 293.820.
(2) The { - council - } { + corporation + } shall provide
to the Public Employees Retirement Board a description of the
investment options set forth in the { - council's - }
{ + corporation's + } policies and procedures for the investment
of moneys in the fund, the applicable benchmark for each option
and a description of the characteristics of each benchmark.
(3) The provisions of ORS chapter 59 that require registration
of securities do not apply to any share, participation or other
interest in the state deferred compensation plan or in the
Deferred Compensation Fund. The provisions of ORS chapter 59
requiring licensing of certain persons as broker-dealers or as
investment advisors do not apply to any of the following persons
or entities for the purposes of implementing and administering
the deferred compensation investment program established under
this section:
(a) The { - council - } { + Oregon Investment
Corporation + }.
(b) The Public Employees Retirement Board.
(c) The Public Employees Retirement System.
(d) The State Treasurer.
(e) Any officer or employee of the persons or entities
described in paragraphs (a) to (d) of this subsection.
SECTION 42. ORS 243.426 is amended to read:
243.426. { + (1) + } On request from the Public Employees
Retirement Board, the State Treasurer shall establish all
accounts in the Deferred Compensation Fund that are necessary to
administer the provisions of ORS 243.401 to 243.507.
{ + (2) + } The accounts shall be established and maintained
with the charges assessed under ORS 243.472 against the account
balances of the state plan participants and the funds invested by
participating local governments.
{ + (3) + } The moneys held in the accounts established by
the board may be used only for payment of the administrative
expenses incurred by the system, the State Treasurer and the
Oregon Investment { - Council - } { + Corporation + } in
administering the provisions of ORS 243.401 to 243.507.
SECTION 43. ORS 243.472 is amended to read:
243.472. (1) ORS 243.401 to 243.507 shall be implemented and
administered by the Public Employees Retirement Board so that no
expense is incurred by the State of Oregon or the Public
Employees Retirement Fund and so that the State of Oregon and the
Public Employees Retirement System incur no liabilities other
than those liabilities that may be imposed under ORS 243.401 to
243.507 or other law. In addition to the amounts that may be
deducted by the
{ - State Treasurer - } { + Oregon Investment Corporation or
the State Treasurer + } pursuant to ORS 293.718, the Public
Employees Retirement System may assess a charge against the
accounts of state plan participants in the Deferred Compensation
Fund. The charge may not exceed two percent of the balances of
those accounts. Funds collected pursuant to the charge are
continuously appropriated for and shall be used only to cover the
costs incurred by the system to administer the state deferred
compensation plan, to issue refunds and to pay costs incurred in
investing the plan assets.
(2) For the purpose of implementing and administering the
provisions of ORS 243.401 to 243.507, including implementation
and administration of service agreements entered into with local
governments under ORS 243.478, the Public Employees Retirement
Board may designate fiscal periods. The board may apportion
extraordinary expenses incurred during any fiscal period,
including but not limited to expenses for equipment and actuarial
studies, to subsequent fiscal periods for purposes of equitably
distributing the burden of the expenses. The board may carry
forward unexpended fees collected in one fiscal period to a later
fiscal period for the payment of future expenses.
(3) In the event the assessment provided for in subsection (1)
of this section is inadequate to meet the administrative expenses
incurred by the system for the state deferred compensation plan,
and these expenses are not carried over to another fiscal period,
the excess expenses may be paid by an additional one-time
assessment against the account balances of state plan
participants in the Deferred Compensation Fund. The additional
assessment shall be in an amount determined by the Public
Employees Retirement Board to be sufficient to pay the excess
expenses in the fiscal period in which the assessment is made.
The one-time assessment is in addition to the regular assessment
provided for in subsection (1) of this section.
(4) Deferred compensation benefit payments, and amounts payable
as refunds, shall not for any purpose be deemed expenses of the
board and shall not be included in its biennial departmental
budget.
SECTION 44. ORS 243.474 is amended to read:
243.474. (1) A local government that establishes a deferred
compensation plan may invest all or part of the plan's assets
through the deferred compensation investment program established
by the Oregon Investment { - Council - } { + Corporation + }
under ORS 243.421. Plan assets of a local government deferred
compensation plan invested through the deferred compensation
investment program are not subject to the limitations on
investment imposed by ORS 294.033 and 294.035. Local governments
that invest through the deferred compensation investment program
are subject to the policies and procedures established by the
{ - council - } { + corporation + } for the administration of
the program.
(2) A local government that wishes to become a participating
local government pursuant to this section must enter into a
written agreement with the Public Employees Retirement System.
The agreement must set forth the terms of the investment and the
record keeping and related services to be performed by the system
for the invested funds. The Public Employees Retirement Board may
require that the local government enter into a service agreement
under ORS 243.478 as a condition of an agreement under this
subsection. If the local government and the system cannot reach
an agreement under the provisions of this subsection, the local
government may not become a participating local government.
(3) All funds invested by the { - council - }
{ + corporation + } for a participating local government must be
accounted for separately. Investment of funds under this section
must be implemented and administered so that the State of Oregon
incurs no expense or liability other than those liabilities that
may be imposed under ORS 243.401 to 243.507 or other law.
(4) In addition to those amounts that may be deducted by the
{ - State Treasurer - } { + corporation or the State
Treasurer + }pursuant to ORS 293.718, the system may assess a
charge against the total account balances of all participating
local governments that is sufficient to reimburse the system for
any additional costs of investing funds for participating local
governments. The Public Employees Retirement Board shall not act
as a trustee or be considered the trustee of any trust
established by a local government deferred compensation plan.
(5) The terms of the agreement provided for in subsection (2)
of this section shall govern the nature and extent of the
information that must be provided to local government officers
and employees about the investment of deferred compensation
through the deferred compensation investment program.
SECTION 45. ORS 243.476 is amended to read:
243.476. (1) As a condition of allowing a local government to
become a participating local government, and at any time
thereafter, the Oregon Investment { - Council - } { +
Corporation + }, the Public Employees Retirement Board or the
Director of the Public Employees Retirement System may require
that the local government provide proof that the local government
deferred compensation plan complies with the provisions of
section 457 of the Internal Revenue Code, as amended, that apply
to governmental plans, including but not limited to any required
declaration of trust related to plan assets and appointment of a
trustee. The { - council - } { + corporation + }, board or
director may require an opinion of counsel or other assurance
satisfactory to the { - council - } { + corporation + },
board or director that participation of a local government
deferred compensation plan in the deferred compensation
investment program does not cause the State of Oregon, its
agencies or employees to violate any federal or state laws or
regulations related to investments and securities.
(2) Participating local governments shall take all actions that
the Oregon Investment { - Council - } { + Corporation + },
the Public Employees Retirement Board or the Director of the
Public Employees Retirement System, in their discretion, deem
necessary for compliance by the deferred compensation investment
program with all applicable federal and state laws or for
qualification of the program for any exemptions from regulation
available under those laws, including but not limited to the
federal Securities Act of 1933, as amended, the Investment
Company Act of 1940, as amended, and ORS chapter 59.
SECTION 46. ORS 243.478 is amended to read:
243.478. (1) A participating local government and the Public
Employees Retirement System may enter into a written agreement
for the system to provide consolidated billing services,
participant enrollment services, participant accounts, data
processing, record keeping and other related services that are
necessary or appropriate to the administration of the local
government deferred compensation plan. The agreement may provide
that the services be provided directly by the system or through
contracts with other providers.
(2) Agreements under this section must require that the
participating local government remain the responsible
administrator for the local government deferred compensation
plan. The agreement may provide any additional terms and
conditions that the system determines necessary for the purposes
of offering the services described in subsection (1) of this
section to local government deferred compensation plans,
including proof of compliance under ORS 243.476. The system may
require that participating local governments that enter into
agreements with the system under this section have uniform
provisions on plan administration and record keeping.
(3) The system may assess a charge, in an amount to be
determined by the system, against the total account balances in
the Deferred Compensation Fund of all local governments that have
entered into service agreements under this section. The charge
imposed under this subsection is in addition to any charges that
may be assessed against local governments by the system under ORS
243.474 or deducted by the { - State Treasurer - } { + Oregon
Investment Corporation or the State Treasurer + } under ORS
293.718.
(4) In the event the assessment provided for in subsection (3)
of this section is inadequate to meet the administrative expenses
incurred by the system for local government deferred compensation
plans during a fiscal period, and the expenses are not carried
over to another fiscal period pursuant to ORS 243.472 (2), the
excess expenses may be paid by an additional one-time assessment
against the account balances in the Deferred Compensation Fund of
participating local governments that have entered into service
agreements under this section.
SECTION 47. ORS 243.482 is amended to read:
243.482. (1) A civil action for damages may not be brought
against the state, the State Treasurer, the Oregon Investment
{ - Council - } { + Corporation + }, the Public Employees
Retirement Board, or the officers or employees of the board by
reason of:
(a) A breach of any duty in administering or investing of funds
in the Deferred Compensation Fund;
(b) A breach of any duty in administering or investing of the
funds of participating local governments; or
(c) Any losses suffered by a state plan participant or local
plan participant or the beneficiaries of those participants
because of the participant's choice of an investment option
available through the deferred compensation investment program
established under ORS 243.421.
(2) Any claim that the { - council - } { + corporation + },
the board, the State Treasurer or the system, or any of their
officers or employees, violated federal or state securities laws,
including antifraud provisions, in the implementation or
administration of ORS 243.401 to 243.507 is subject to the
provisions of ORS 30.260 to 30.300. With respect to such claims,
the state shall defend, save harmless and indemnify the State
Treasurer, the system,
{ - members of - } the { - council - } { +
corporation + }, the board, and their officers and employees, as
provided for other torts under the provisions of ORS 30.260 to
30.300.
(3) The limitations on liability established by this section do
not include an exemption from any liability that may be imposed
under the provisions of ORS chapter 59. Except to the extent that
the state deferred compensation plan and the deferred
compensation investment program are exempted from registration
and licensing requirements under ORS 243.421, ORS chapter 59
applies to the administration and investment of the Deferred
Compensation Fund, the state deferred compensation plan, local
government deferred compensation plans and the deferred
compensation investment program.
SECTION 48. ORS 244.045 is amended to read:
244.045. (1) A person who has been a Public Utility
Commissioner, the Director of the Department of Consumer and
Business Services, the Administrator of the Division of Finance
and Corporate Securities, the Administrator of the Insurance
Division, the Administrator of the Oregon Liquor Control
Commission or the Director of the Oregon State Lottery shall not:
(a) Within one year after the public official ceases to hold
the position become an employee of or receive any financial gain,
other than reimbursement of expenses, from any private employer
engaged in the activity, occupation or industry over which the
former public official had authority; or
(b) Within two years after the public official ceases to hold
the position:
(A) Be a lobbyist for or appear as a representative before the
agency over which the person exercised authority as a public
official;
(B) Influence or try to influence the actions of the agency; or
(C) Disclose any confidential information gained as a public
official.
(2) A person who has been a Deputy Attorney General or an
assistant attorney general shall not, within two years after the
person ceases to hold the position, lobby or appear before an
agency that the person represented while employed by the
Department of Justice.
(3) A person who has been the State Treasurer or the Deputy
State Treasurer shall not, within one year after ceasing to hold
office:
(a) Accept employment from or be retained by any private entity
with whom the office of the State Treasurer or the Oregon
Investment { - Council - } { + Corporation + } negotiated or
to whom either awarded a contract providing for payment by the
state of at least $25,000 in any single year during the term of
office of the treasurer;
(b) Accept employment from or be retained by any private entity
with whom the office of the State Treasurer or the Oregon
Investment { - Council - } { + Corporation + } placed at
least $50,000 of investment moneys in any single year during the
term of office of the treasurer; or
(c) Be a lobbyist for an investment institution, manager or
consultant, or appear before the office of the State Treasurer or
Oregon Investment { - Council - } { + Corporation + } as a
representative of an investment institution, manager or
consultant.
(4) { + (a) + } A public official who as part of the official's
duties invested public funds shall not within two years after the
public official ceases to hold the position:
{ - (a) - } { + (A) + } Be a lobbyist or appear as a
representative before the agency, board or commission for which
the former public official invested public funds;
{ - (b) - } { + (B) + } Influence or try to influence the
agency, board or commission; or
{ - (c) - } { + (C) + } Disclose any confidential
information gained as a public official.
{ + (b) Paragraph (a)(A) and (B) of this subsection does not
apply while an individual, who as part of the individual's duties
invested public funds, is employed by the Oregon Investment
Corporation. + }
(5)(a) A person who has been a member of the Department of
State Police, who has held a position with the department with
the responsibility for supervising, directing or administering
programs relating to gaming by a Native American tribe or the
Oregon State Lottery and who has been designated by the
Superintendent of State Police by rule shall not, within one year
after the member of the Department of State Police ceases to hold
the position:
(A) Accept employment from or be retained by or receive any
financial gain related to gaming from the Oregon State Lottery or
any Native American tribe;
(B) Accept employment from or be retained by or receive any
financial gain from any private employer selling or offering to
sell gaming products or services;
(C) Influence or try to influence the actions of the Department
of State Police; or
(D) Disclose any confidential information gained as a member of
the Department of State Police.
(b) This subsection does not apply to:
(A) Appointment or employment of a person as an Oregon State
Lottery Commissioner or as a Tribal Gaming Commissioner or
regulatory agent thereof;
(B) Contracting with the Oregon State Lottery as a lottery game
retailer;
(C) Financial gain received from personal gaming activities
conducted as a private citizen; or
(D) Subsequent employment in any capacity by the Department of
State Police.
(c) As used in this subsection, 'Native American tribe ' means
any recognized Native American tribe or band of tribes authorized
by the Indian Gaming Regulatory Act of October 17, 1988 (Public
Law 100-497), 25 U.S.C. 2701 et seq., to conduct gambling
operations on tribal land.
(6) A person who has been a member of the Legislative Assembly
may not receive money or any other consideration for lobbying as
defined in ORS 171.725 performed during the period beginning on
the date the person ceases to be a member of the Legislative
Assembly and ending on the date of adjournment sine die of the
next regular session of the Legislative Assembly that begins
after the date the person ceases to be a member of the
Legislative Assembly.
SECTION 49. ORS 244.047 is amended to read:
244.047. (1) As used in this section:
(a) 'Public body' has the meaning given that term in ORS
174.109.
(b) 'Public contract' has the meaning given that term in ORS
279A.010.
(2) Except as provided in subsection (4) of this section, a
person who ceases to hold a position as a public official may not
have a direct beneficial financial interest in a public contract
described in subsection (3) of this section for two years after
the date the contract was authorized.
(3) Subsection (2) of this section applies to a public contract
that was authorized by:
(a) The person acting in the capacity of a public official; or
(b) A board, commission, council, bureau, committee or other
governing body of a public body of which the person was a member
when the contract was authorized.
(4) Subsection (2) of this section does not apply to { + :
(a) + } A person who was a member of a board, commission,
council, bureau, committee or other governing body of a public
body when the contract was authorized, but who did not
participate in the authorization of the contract { + ; or
(b) An employee of the office of the State Treasurer who is
subsequently employed by the Oregon Investment Corporation + }.
SECTION 50. ORS 244.050, as amended by section 9, chapter 90,
Oregon Laws 2012, is amended to read:
244.050. (1) On or before April 15 of each year the following
persons shall file with the Oregon Government Ethics Commission a
verified statement of economic interest as required under this
chapter:
(a) The Governor, Secretary of State, State Treasurer, Attorney
General, Commissioner of the Bureau of Labor and Industries,
district attorneys and members of the Legislative Assembly.
(b) Any judicial officer, including justices of the peace and
municipal judges, except any pro tem judicial officer who does
not otherwise serve as a judicial officer.
(c) Any candidate for a public office designated in paragraph
(a) or (b) of this subsection.
(d) The Deputy Attorney General.
(e) The Legislative Administrator, the Legislative Counsel, the
Legislative Fiscal Officer, the Secretary of the Senate and the
Chief Clerk of the House of Representatives.
(f) The Chancellor and Vice Chancellors of the Oregon
University System and the president and vice presidents, or their
administrative equivalents, in each public university listed in
ORS 352.002.
(g) The following state officers:
(A) Adjutant General.
(B) Director of Agriculture.
(C) Manager of State Accident Insurance Fund Corporation.
(D) Water Resources Director.
(E) Director of Department of Environmental Quality.
(F) Director of Oregon Department of Administrative Services.
(G) State Fish and Wildlife Director.
(H) State Forester.
(I) State Geologist.
(J) Director of Human Services.
(K) Director of the Department of Consumer and Business
Services.
(L) Director of the Department of State Lands.
(M) State Librarian.
(N) Administrator of Oregon Liquor Control Commission.
(O) Superintendent of State Police.
(P) Director of the Public Employees Retirement System.
(Q) Director of Department of Revenue.
(R) Director of Transportation.
(S) Public Utility Commissioner.
(T) Director of Veterans' Affairs.
(U) Executive director of Oregon Government Ethics Commission.
(V) Director of the State Department of Energy.
(W) Director and each assistant director of the Oregon State
Lottery.
(X) Director of the Department of Corrections.
(Y) Director of the Oregon Department of Aviation.
(Z) Executive director of the Oregon Criminal Justice
Commission.
(AA) Director of the Oregon Business Development Department.
(BB) Director of the Office of Emergency Management.
(CC) Director of the Employment Department.
(DD) Chief of staff for the Governor.
(EE) Administrator of the Office for Oregon Health Policy and
Research.
(FF) Director of the Housing and Community Services Department.
(GG) State Court Administrator.
(HH) Director of the Department of Land Conservation and
Development.
(II) Board chairperson of the Land Use Board of Appeals.
(JJ) State Marine Director.
(KK) Executive director of the Oregon Racing Commission.
(LL) State Parks and Recreation Director.
(MM) Public defense services executive director.
(NN) Chairperson of the Public Employees' Benefit Board.
(OO) Director of the Department of Public Safety Standards and
Training.
(PP) Chairperson of the Oregon Student Access Commission.
(QQ) Executive director of the Oregon Watershed Enhancement
Board.
(RR) Director of the Oregon Youth Authority.
(SS) Director of the Oregon Health Authority.
(TT) Deputy Superintendent of Public Instruction.
(h) Any assistant in the Governor's office other than personal
secretaries and clerical personnel.
(i) Every elected city or county official.
(j) Every member of a city or county planning, zoning or
development commission.
(k) The chief executive officer of a city or county who
performs the duties of manager or principal administrator of the
city or county.
(L) Members of local government boundary commissions formed
under ORS 199.410 to 199.519.
(m) Every member of a governing body of a metropolitan service
district and the executive officer thereof.
(n) Each member of the board of directors of the State Accident
Insurance Fund Corporation.
(o) The chief administrative officer and the financial officer
of each common and union high school district, education service
district and community college district.
(p) Every member of the following state boards and commissions:
(A) Board of Geologic and Mineral Industries.
(B) Oregon Business Development Commission.
(C) State Board of Education.
(D) Environmental Quality Commission.
(E) Fish and Wildlife Commission of the State of Oregon.
(F) State Board of Forestry.
(G) Oregon Government Ethics Commission.
(H) Oregon Health Policy Board.
(I) State Board of Higher Education.
(J) { + Board of directors of the + } Oregon Investment
{ - Council - } { + Corporation + }.
(K) Land Conservation and Development Commission.
(L) Oregon Liquor Control Commission.
(M) Oregon Short Term Fund Board.
(N) State Marine Board.
(O) Mass transit district boards.
(P) Energy Facility Siting Council.
(Q) Board of Commissioners of the Port of Portland.
(R) Employment Relations Board.
(S) Public Employees Retirement Board.
(T) Oregon Racing Commission.
(U) Oregon Transportation Commission.
(V) Wage and Hour Commission.
(W) Water Resources Commission.
(X) Workers' Compensation Board.
(Y) Oregon Facilities Authority.
(Z) Oregon State Lottery Commission.
(AA) Pacific Northwest Electric Power and Conservation Planning
Council.
(BB) Columbia River Gorge Commission.
(CC) Oregon Health and Science University Board of Directors.
(DD) Capitol Planning Commission.
(EE) Higher Education Coordinating Commission.
(FF) Oregon Growth Board.
(q) The following officers of the State Treasurer:
(A) Deputy State Treasurer.
(B) Chief of staff for the office of the State Treasurer.
{ - (C) Director of the Investment Division. - }
(r) Every member of the board of commissioners of a port
governed by ORS 777.005 to 777.725 or 777.915 to 777.953.
(s) Every member of the board of directors of an authority
created under ORS 441.525 to 441.595.
{ + (t) The executive director of the Oregon Investment
Corporation. + }
(2) By April 15 next after the date an appointment takes
effect, every appointed public official on a board or commission
listed in subsection (1) of this section shall file with the
Oregon Government Ethics Commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
(3) By April 15 next after the filing deadline for the primary
election, each candidate described in subsection (1) of this
section shall file with the commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
(4) Within 30 days after the filing deadline for the general
election, each candidate described in subsection (1) of this
section who was not a candidate in the preceding primary
election, or who was nominated for public office described in
subsection (1) of this section at the preceding primary election
by write-in votes, shall file with the commission a statement of
economic interest as required under ORS 244.060, 244.070 and
244.090.
(5) Subsections (1) to (4) of this section apply only to
persons who are incumbent, elected or appointed public officials
as of April 15 and to persons who are candidates on April 15.
Subsections (1) to (4) of this section also apply to persons who
do not become candidates until 30 days after the filing deadline
for the statewide general election.
(6) If a statement required to be filed under this section has
not been received by the commission within five days after the
date the statement is due, the commission shall notify the public
official or candidate and give the public official or candidate
not less than 15 days to comply with the requirements of this
section. If the public official or candidate fails to comply by
the date set by the commission, the commission may impose a civil
penalty as provided in ORS 244.350.
SECTION 51. ORS 244.050, as amended by sections 9 and 29,
chapter 90, Oregon Laws 2012, is amended to read:
244.050. (1) On or before April 15 of each year the following
persons shall file with the Oregon Government Ethics Commission a
verified statement of economic interest as required under this
chapter:
(a) The Governor, Secretary of State, State Treasurer, Attorney
General, Commissioner of the Bureau of Labor and Industries,
district attorneys and members of the Legislative Assembly.
(b) Any judicial officer, including justices of the peace and
municipal judges, except any pro tem judicial officer who does
not otherwise serve as a judicial officer.
(c) Any candidate for a public office designated in paragraph
(a) or (b) of this subsection.
(d) The Deputy Attorney General.
(e) The Legislative Administrator, the Legislative Counsel, the
Legislative Fiscal Officer, the Secretary of the Senate and the
Chief Clerk of the House of Representatives.
(f) The Chancellor and Vice Chancellors of the Oregon
University System and the president and vice presidents, or their
administrative equivalents, in each public university listed in
ORS 352.002.
(g) The following state officers:
(A) Adjutant General.
(B) Director of Agriculture.
(C) Manager of State Accident Insurance Fund Corporation.
(D) Water Resources Director.
(E) Director of Department of Environmental Quality.
(F) Director of Oregon Department of Administrative Services.
(G) State Fish and Wildlife Director.
(H) State Forester.
(I) State Geologist.
(J) Director of Human Services.
(K) Director of the Department of Consumer and Business
Services.
(L) Director of the Department of State Lands.
(M) State Librarian.
(N) Administrator of Oregon Liquor Control Commission.
(O) Superintendent of State Police.
(P) Director of the Public Employees Retirement System.
(Q) Director of Department of Revenue.
(R) Director of Transportation.
(S) Public Utility Commissioner.
(T) Director of Veterans' Affairs.
(U) Executive director of Oregon Government Ethics Commission.
(V) Director of the State Department of Energy.
(W) Director and each assistant director of the Oregon State
Lottery.
(X) Director of the Department of Corrections.
(Y) Director of the Oregon Department of Aviation.
(Z) Executive director of the Oregon Criminal Justice
Commission.
(AA) Director of the Oregon Business Development Department.
(BB) Director of the Office of Emergency Management.
(CC) Director of the Employment Department.
(DD) Chief of staff for the Governor.
(EE) Administrator of the Office for Oregon Health Policy and
Research.
(FF) Director of the Housing and Community Services Department.
(GG) State Court Administrator.
(HH) Director of the Department of Land Conservation and
Development.
(II) Board chairperson of the Land Use Board of Appeals.
(JJ) State Marine Director.
(KK) Executive director of the Oregon Racing Commission.
(LL) State Parks and Recreation Director.
(MM) Public defense services executive director.
(NN) Chairperson of the Public Employees' Benefit Board.
(OO) Director of the Department of Public Safety Standards and
Training.
(PP) Chairperson of the Oregon Student Access Commission.
(QQ) Executive director of the Oregon Watershed Enhancement
Board.
(RR) Director of the Oregon Youth Authority.
(SS) Director of the Oregon Health Authority.
(TT) Deputy Superintendent of Public Instruction.
(h) Any assistant in the Governor's office other than personal
secretaries and clerical personnel.
(i) Every elected city or county official.
(j) Every member of a city or county planning, zoning or
development commission.
(k) The chief executive officer of a city or county who
performs the duties of manager or principal administrator of the
city or county.
(L) Members of local government boundary commissions formed
under ORS 199.410 to 199.519.
(m) Every member of a governing body of a metropolitan service
district and the executive officer thereof.
(n) Each member of the board of directors of the State Accident
Insurance Fund Corporation.
(o) The chief administrative officer and the financial officer
of each common and union high school district, education service
district and community college district.
(p) Every member of the following state boards and commissions:
(A) Board of Geologic and Mineral Industries.
(B) Oregon Business Development Commission.
(C) State Board of Education.
(D) Environmental Quality Commission.
(E) Fish and Wildlife Commission of the State of Oregon.
(F) State Board of Forestry.
(G) Oregon Government Ethics Commission.
(H) Oregon Health Policy Board.
(I) State Board of Higher Education.
(J) { + Board of directors of the + } Oregon Investment
{ - Council - } { + Corporation + }.
(K) Land Conservation and Development Commission.
(L) Oregon Liquor Control Commission.
(M) Oregon Short Term Fund Board.
(N) State Marine Board.
(O) Mass transit district boards.
(P) Energy Facility Siting Council.
(Q) Board of Commissioners of the Port of Portland.
(R) Employment Relations Board.
(S) Public Employees Retirement Board.
(T) Oregon Racing Commission.
(U) Oregon Transportation Commission.
(V) Wage and Hour Commission.
(W) Water Resources Commission.
(X) Workers' Compensation Board.
(Y) Oregon Facilities Authority.
(Z) Oregon State Lottery Commission.
(AA) Pacific Northwest Electric Power and Conservation Planning
Council.
(BB) Columbia River Gorge Commission.
(CC) Oregon Health and Science University Board of Directors.
(DD) Capitol Planning Commission.
(EE) Higher Education Coordinating Commission.
(q) The following officers of the State Treasurer:
(A) Deputy State Treasurer.
(B) Chief of staff for the office of the State Treasurer.
{ - (C) Director of the Investment Division. - }
(r) Every member of the board of commissioners of a port
governed by ORS 777.005 to 777.725 or 777.915 to 777.953.
(s) Every member of the board of directors of an authority
created under ORS 441.525 to 441.595.
{ + (t) The executive director of the Oregon Investment
Corporation. + }
(2) By April 15 next after the date an appointment takes
effect, every appointed public official on a board or commission
listed in subsection (1) of this section shall file with the
Oregon Government Ethics Commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
(3) By April 15 next after the filing deadline for the primary
election, each candidate described in subsection (1) of this
section shall file with the commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
(4) Within 30 days after the filing deadline for the general
election, each candidate described in subsection (1) of this
section who was not a candidate in the preceding primary
election, or who was nominated for public office described in
subsection (1) of this section at the preceding primary election
by write-in votes, shall file with the commission a statement of
economic interest as required under ORS 244.060, 244.070 and
244.090.
(5) Subsections (1) to (4) of this section apply only to
persons who are incumbent, elected or appointed public officials
as of April 15 and to persons who are candidates on April 15.
Subsections (1) to (4) of this section also apply to persons who
do not become candidates until 30 days after the filing deadline
for the statewide general election.
(6) If a statement required to be filed under this section has
not been received by the commission within five days after the
date the statement is due, the commission shall notify the public
official or candidate and give the public official or candidate
not less than 15 days to comply with the requirements of this
section. If the public official or candidate fails to comply by
the date set by the commission, the commission may impose a civil
penalty as provided in ORS 244.350.
SECTION 52. ORS 244.055 is amended to read:
244.055. (1) In addition to the statement required by ORS
244.050, the State Treasurer { + , + } { - and - } any person
listed under ORS 244.050 (1)(q) and { - this subsection - }
{ + the directors of the Finance Division and the Debt
Management Division + } shall file quarterly at a time fixed by
the State Treasurer a trading statement listing all stocks, bonds
and other types of securities purchased or sold during the
preceding quarter { - : - } { + . + }
{ - (a) Directors of the Cash Management Division and the
Debt Management Division. - }
{ - (b) Equities, fixed income, short term fund, real estate,
equities real estate and commercial and mortgage real estate
investment officers and assistant investment officers. - }
{ - (c) Fixed income and short term fund investment
analysts. - }
(2) The statement required by subsection (1) of this section
shall be filed for review with the State Treasurer, the Attorney
General and the Division of Audits of the office of the Secretary
of State. The content of the statement is confidential.
(3) If the State Treasurer or the Deputy State Treasurer
determines that a conflict of interest exists for an officer or
employee, the State Treasurer shall subject the person to
appropriate discipline, including dismissal or termination of the
contract, or both, pursuant to rule. If the State Treasurer has
cause to believe that a violation of this chapter has occurred,
the State Treasurer shall file a complaint with the Oregon
Government Ethics Commission under ORS 244.260.
(4) If the State Treasurer fails to act on an apparent conflict
of interest under subsection (3) of this section or if the
statement of the State Treasurer or the Deputy State Treasurer
appears to contain a conflict of interest, the Director of the
Division of Audits shall report the failure or apparent conflict
to the Attorney General, who may file a complaint with the
commission.
{ + (5) In addition to the statement required by ORS 244.050,
the executive director of the Oregon Investment Corporation and
any employees of the corporation who provide advice or make
decisions with respect to the acquisition, sale or other
disposition of investments of the corporation, shall file
quarterly at a time fixed by the executive director, a trading
statement listing all stocks, bonds and other types of securities
purchased or sold during the preceding quarter. The statement
shall be filed for review with the Attorney General and the
Division of Audits of the office of the Secretary of State. The
content of the statement is confidential.
(6) If the executive director of the Oregon Investment
Corporation determines that a conflict of interest exists for an
employee or a violation of the corporation's code of ethics has
occurred, the executive director shall subject the person to
appropriate discipline. If the executive director has cause to
believe that a violation of this chapter has occurred, the
executive director shall file a complaint with the Oregon
Government Ethics Commission under ORS 244.260. + }
SECTION 53. ORS 293.708 is amended to read:
293.708. (1) As used in this section:
(a) 'Business' has the meaning given that term in ORS 244.020.
(b) 'Business with which the person is associated' has the
meaning given that term in ORS 244.020.
(c) 'Relative' has the meaning given that term in ORS 244.020.
(2) When a person who is a member of the { + board of
directors of the + } Oregon Investment { - Council - }
{ + Corporation + } becomes aware that action on a matter
pending before the { - council - } { + board or
corporation + } might lead to private pecuniary benefit or
detriment to the person, to a relative of the person or to a
business with which the person or a relative of the person is
associated, the member shall notify in writing the { + executive
director of the corporation and the chairperson of the board + }
{ - State Treasurer or the Deputy State Treasurer - } that any
action, decision or recommendation by the member might constitute
an actual or potential conflict of interest. The member shall
provide the notice not later than three business days after the
member becomes aware of the possibility of an actual or potential
conflict.
(3) Subsection (2) of this section does not apply if the
pecuniary benefit or detriment arises out of circumstances
described in ORS 244.020 (12).
(4) Complaints of violations of this section may be made to the
Oregon Government Ethics Commission for review and investigation
as provided by ORS 244.260 and for possible imposition of civil
penalties as provided by ORS 244.350 or 244.360.
(5) Nothing in this section excuses a member of the
{ - council - } { + board + } from compliance with ORS 244.120.
SECTION 54. ORS 246.590 is amended to read:
246.590. (1) The State Treasurer, { + for the Oregon Short
Term Fund, + } { - in the capacity of investment officer for
the Oregon Investment Council, - } { + or the Oregon Investment
Corporation + } may lend moneys in the investment funds { + or
any other moneys the State Treasurer or the corporation is
charged by law with investing + } as provided in ORS 293.701 to
293.820 for the acquisition of:
(a) The voting machines or vote tally systems that the
Secretary of State has contracted to sell to a county.
(b) Computers or computer systems for the purpose of
maintaining and updating elector registration files or for
establishing cross-county elector registration files, including
those that the Secretary of State has contracted to sell to a
county.
(2) The Voting Machine Account is established in the General
Fund. The account consists of moneys lent to the Secretary of
State under this section and payments collected from counties
under ORS 246.600. Moneys in the account are continuously
appropriated to the secretary for:
(a) The purchase of voting machines or vote tally systems or
computers or computer systems described in subsection (1) of this
section; and
(b) Repayment of moneys lent under this section, plus interest.
(3) Moneys lent under this section shall be repaid within five
years together with interest at a rate agreed upon by the
{ - State Treasurer - } { + State Treasurer or the
corporation + } and the Secretary of State.
SECTION 55. ORS 273.413 is amended to read:
273.413. (1) The Department of State Lands may dispose of
isolated sections and fragments of sections of state lands which
are not suitable for management according to long-range policies
of the State Land Board. The proceeds of such sales shall be
applied and are continuously appropriated to the Department of
State Lands for the acquisition of lands or other suitable
investments as directed by the board in consultation with the
Oregon Investment { - Council - } { + Corporation + }.
(2) The proceeds of any sale authorized by subsection (1) of
this section shall be deposited in a revolving account in the
Common School Fund. The costs of acquisition authorized by
subsection (1) of this section shall be charged to the revolving
account.
(3) When requested in writing by the Department of State Lands,
the Oregon Department of Administrative Services shall draw a
warrant on the Common School Fund in favor of the Department of
State Lands for use as a revolving account. The State Treasurer
shall hold the revolving account in special account against which
the Department of State Lands may draw checks.
(4) The Department of State Lands may use the revolving account
for the purposes specified in subsection (1) of this section.
(5) Before disposing of lands described in subsection (1) of
this section, the Department of State Lands shall cause owners or
lessees of land adjoining the land to be disposed of to be
notified of the pending disposition. The notice shall indicate
the time and method of sale, the minimum or reserved price, if
any, and shall invite the landowners or lessees to participate as
a prospective purchaser if the landowner or lessee wishes to do
so.
(6) Before purchasing or selling land, the Department of State
Lands shall obtain approval of the governing body of the county
or counties in which such land is located.
(7) The Department of State Lands shall prepare sales
materials, including catalogs of lands available for sale, and
may charge a fee for such materials.
(8) This section does not apply to the sale or management of
state-owned submerged and submersible lands subject to ORS
chapter 274.
SECTION 56. ORS 276.013 is amended to read:
276.013. When the Director of the Oregon Department of
Administrative Services determines that an office building as
defined in ORS 276.110 would be the best means to further the
public policy of this state as declared in ORS 276.426, or
otherwise to accomplish the purposes of ORS 276.005 (1), the
Oregon Department of Administrative Services may request the
{ - State Treasurer - } { + Oregon Investment Corporation + }
and investing agency, as defined in ORS 276.110, to loan funds to
acquire the buildings necessary to carry out that policy.
SECTION 57. ORS 276.015 is amended to read:
276.015. For the purposes of ORS 276.002 to 276.007 and 276.010
to 276.137, the { - State Treasurer - } { + Oregon Investment
Corporation + }, with the approval of the investing agency, as
defined in ORS 276.110, may invest not to exceed seven percent of
the moneys in any appropriate fund included in the investment
funds, as defined in ORS 293.701, on such terms and conditions as
the
{ - State Treasurer - } { + corporation + }, the investing
agency and the Oregon Department of Administrative Services
determine.
SECTION 58. ORS 276.110 is amended to read:
276.110. As used in ORS 276.013, 276.015 and 276.110 to
276.137, unless the context requires otherwise:
(1) 'Cost of acquisition' includes the costs of sites, plans,
specifications, architects' fees, interest on investments of the
investing funds and all other costs related to the erection and
equipping of office buildings or to the purchase, alteration,
repair and equipping of buildings for office purposes.
(2) 'Investing agency' means the board, commission, department
or other agency whose funds are defined as investment funds in
ORS 293.701.
(3) 'Investing funds' means those funds enumerated in ORS
293.701 (2), when invested pursuant to ORS 276.013, 276.015 and
276.110 to 276.137.
(4) 'Office building' means any building in the State of Oregon
acquired under ORS 276.013, 276.015 and 276.110 to 276.137, by
appropriation therefor, or as otherwise provided by law, to
provide centralized office quarters for state agencies and may
include parking, storage, motor pool and service facilities.
{ - (5) 'State Treasurer' means the State Treasurer in the
capacity of investment officer for the Oregon Investment
Council. - }
SECTION 59. ORS 286A.145 is amended to read:
286A.145. (1) The State Treasurer or a related agency may enter
into covenants for the benefit of owners of bonds that are
intended to allow the bonds to bear interest that is excluded
from gross income under the federal Internal Revenue Code or that
is otherwise exempt from taxation by the United States. The State
Treasurer or a related agency may adopt rules or procedures that
are intended to facilitate compliance with those covenants, and
may take any action that is required to comply with those
covenants. Covenants authorized by this subsection include, but
are not limited to, covenants to:
(a) Pay any rebates of earnings or penalties to the United
States;
(b) Invest proceeds alone or in combination with other moneys
in investments that have different maturities, yields or credit
qualities than the state would acquire under the investment { +
objective and + } standards specified in ORS { - 293.721
and - } 293.726 { + and section 4 of this 2013 Act + } and
other similar laws, but only if those investments facilitate
compliance with covenants described in this subsection; or
(c) Restrict the expenditure of bond proceeds or restrict the
operation of, or otherwise limit the use of, facilities that are
financed with bonds.
(2) When the State of Oregon receives interest rate subsidies
from the United States in connection with bonds, the State
Treasurer or the related agency, to the extent permitted by
federal law, may:
(a) Apply the subsidies to pay bonds of the related agency and
credit the subsidies to an account that is used to pay bonds of
the related agency;
(b) Pledge the subsidies to secure bonds of the related agency;
or
(c) Use the subsidies to pay costs that would otherwise be paid
with proceeds of bonds of the related agency and credit the
subsidies to accounts that are used to pay the costs.
{ + NOTE: + } Section 60 was deleted. Subsequent sections
were not renumbered.
SECTION 61. ORS 294.035 is amended to read:
294.035. (1) Subject to ORS 294.040 and 294.135 to 294.155, the
custodial officer may invest any sinking fund, bond fund or
surplus funds in the custody of the custodial officer in the bank
accounts, classes of securities at current market prices,
insurance contracts and other investments listed in this section,
but only after obtaining from the governing body of the county,
municipality, political subdivision or school district a written
order that has been entered in the minutes or journal of the
governing body.
(2) This section does not:
(a) Limit the authority of the custodial officer to invest
surplus funds in other investments when the investment is
specifically authorized by another statute.
(b) Apply to a sinking fund or a bond fund established in
connection with conduit revenue bonds issued by a county,
municipality, political subdivision or school district for
private business entities or nonprofit corporations.
(3) Investments authorized by this section are:
(a) Lawfully issued general obligations of the United States,
the agencies and instrumentalities of the United States or
enterprises sponsored by the United States Government and
obligations whose payment is guaranteed by the United States, the
agencies and instrumentalities of the United States or
enterprises sponsored by the United States Government.
(b) Lawfully issued debt obligations of the agencies and
instrumentalities of the State of Oregon and its political
subdivisions that have a long-term rating of A or an equivalent
rating or better or are rated on the settlement date in the
highest category for short-term municipal debt by a nationally
recognized statistical rating organization.
(c) Lawfully issued debt obligations of the States of
California, Idaho and Washington and political subdivisions of
those states if the obligations have a long-term rating of AA or
an equivalent rating or better or are rated on the settlement
date in the highest category for short-term municipal debt by a
nationally recognized statistical rating organization.
(d) Time deposit open accounts, certificates of deposit and
savings accounts in insured institutions as defined in ORS
706.008, in credit unions as defined in ORS 723.006 or in federal
credit unions, if the institution or credit union maintains a
head office or a branch in this state.
(e) Share accounts and savings accounts in credit unions in the
name of, or for the benefit of, a member of the credit union
pursuant to a plan of deferred compensation.
(f) Fixed or variable life insurance or annuity contracts as
defined by ORS 731.170 and guaranteed investment contracts issued
by life insurance companies authorized to do business in this
state.
(g) Trusts in which deferred compensation funds from other
public employers are pooled, if:
(A) The purpose is to establish a deferred compensation plan;
(B) The trust is a public instrumentality of such public
employers and described in section (2)(b) of the Investment
Company Act of 1940, 15 U.S.C. 80a-2(b), as amended, in effect on
September 20, 1985, or the trust is a common trust fund described
in ORS 709.170;
(C) Under the terms of the plan the net income from or gain or
loss due to fluctuation in value of the underlying assets of the
trust, or other change in such assets, is reflected in an equal
increase or decrease in the amount distributable to the employee
or the beneficiary thereof and, therefore, does not ultimately
result in a net increase or decrease in the worth of the public
employer or the state; and
(D) The fidelity of the trustees and others with access to such
assets, other than a trust company, as defined in ORS 706.008, is
insured by a surety bond that is satisfactory to the public
employer, issued by a company authorized to do a surety business
in this state and in an amount that is not less than 10 percent
of the value of such assets.
(h)(A) Banker's acceptances, if the banker's acceptances are:
(i) Guaranteed by, and carried on the books of, a qualified
financial institution;
(ii) Eligible for discount by the Federal Reserve System; and
(iii) Issued by a qualified financial institution whose
short-term letter of credit rating is rated in the highest
category by one or more nationally recognized statistical rating
organizations.
(B) For the purposes of this paragraph, 'qualified financial
institution' means:
(i) A financial institution that is located and licensed to do
banking business in the State of Oregon; or
(ii) A financial institution that is wholly owned by a
financial holding company or a bank holding company that owns a
financial institution that is located and licensed to do banking
business in the State of Oregon.
(C) A custodial officer shall not permit more than 25 percent
of the moneys of a local government that are available for
investment, as determined on the settlement date, to be invested
in banker's acceptances of any qualified financial institution.
(i)(A) Corporate indebtedness subject to a valid registration
statement on file with the Securities and Exchange Commission or
issued under the authority of section 3(a)(2) or 3(a)(3) of the
Securities Act of 1933, as amended. Corporate indebtedness
described in this paragraph does not include banker's
acceptances. The corporate indebtedness must be issued by a
commercial, industrial or utility business enterprise, or by or
on behalf of a financial institution, including a holding company
owning a majority interest in a qualified financial institution.
(B) Corporate indebtedness must be rated on the settlement date
P-1 or Aa or better by Moody's Investors Service or A-1 or AA or
better by Standard & Poor's Corporation or equivalent rating by
any nationally recognized statistical rating organization.
(C) Notwithstanding subparagraph (B) of this paragraph, the
corporate indebtedness must be rated on the settlement date P-2
or A or better by Moody's Investors Service or A-2 or A or better
by Standard & Poor's Corporation or equivalent rating by any
nationally recognized statistical rating organization when the
corporate indebtedness is:
(i) Issued by a business enterprise that has its headquarters
in Oregon, employs more than 50 percent of its permanent
workforce in Oregon or has more than 50 percent of its tangible
assets in Oregon; or
(ii) Issued by a holding company owning not less than a
majority interest in a qualified financial institution, as
defined in paragraph (h) of this subsection, located and licensed
to do banking business in Oregon or by a holding company owning
not less than a majority interest in a business enterprise
described in sub-subparagraph (i) of this subparagraph.
(D) A custodial officer may not permit more than 35 percent of
the moneys of a local government that are available for
investment, as determined on the settlement date, to be invested
in corporate indebtedness, and may not permit more than five
percent of the moneys of a local government that are available
for investment to be invested in corporate indebtedness of any
single corporate entity and its affiliates or subsidiaries.
(j) Repurchase agreements whereby the custodial officer
purchases securities from a financial institution or securities
dealer subject to an agreement by the seller to repurchase the
securities. The repurchase agreement must be in writing and
executed in advance of the initial purchase of the securities
that are the subject of the repurchase agreement. Only securities
described in paragraph (a) of this subsection may be used in
conjunction with a repurchase agreement and such securities shall
have a maturity of not longer than three years. The price paid by
the custodial officer for such securities may not exceed amounts
or percentages prescribed by written policy of the Oregon
Investment { - Council - } { + Corporation + } or the Oregon
Short Term Fund Board created by ORS 294.885.
(k) Shares of stock of any company, association or corporation,
including but not limited to shares of a mutual fund, but only if
the moneys being invested are funds set aside pursuant to a local
government deferred compensation plan and are held in trust for
the exclusive benefit of participants and their beneficiaries.
SECTION 62. ORS 294.805 is amended to read:
294.805. As used in ORS 294.805 to 294.895:
(1) 'Board' means the Oregon Short Term Fund Board.
{ - (2) 'Council' means the Oregon Investment Council created
under ORS 293.706. - }
{ - (3) - } { + (2) + } 'Funds' means funds under the
control or in the custody of any local government official by
virtue of office that are not required to meet current demands.
{ - (4) - } { + (3) + } 'Investment officer' means the
State Treasurer { + , or the Oregon Investment Corporation if the
State Treasurer requests the corporation to invest the Oregon
Short Term Fund or the investment pool + } { - in capacity as
investment officer for the council and the investment pool - } .
{ - (5) - } { + (4) + } 'Investment pool' means the
aggregate of all funds from local government officials that are
{ - placed in the custody of the investment officer for
investment and reinvestment - } { + invested + } as provided
under ORS 294.805 to 294.895.
{ - (6) - } { + (5) + } 'Local government official' means
each officer or employee of any agency, political subdivision or
public corporation of this state, including the Oregon State Bar,
who by law is made the custodian of or has control of any funds.
{ + NOTE: + } Sections 63 and 64 were deleted. Subsequent
sections were not renumbered.
SECTION 65. ORS 294.820 is amended to read:
294.820. { + (1) + } If the { - State Treasurer and the
Oregon Investment Council terminate - } { + Oregon Investment
Corporation terminates + } the operation of all investment pools
{ - created under ORS 293.824, - } { + for + }public bodies,
{ - as defined in ORS 287A.001, - } { + one or more public
bodies + } may establish by written agreement under ORS chapter
190 one or more pools for the investment of proceeds for the
{ - purposes identified in ORS 293.822. In establishing one or
more such pools, the participating public bodies may exercise
those powers conferred on the State Treasurer and the Oregon
Investment Council by ORS 293.824 - } { + purpose of reducing
the burdens of federal arbitrage rules on public bodies that
issue tax-exempt obligations.
(2) As used in this section:
(a) 'Proceeds' means funds obtained from the sale of tax-exempt
obligations, and other funds that secure, or are held to pay debt
service on, tax-exempt obligations.
(b) 'Public body' has the meaning given that term in ORS
287A.001.
(c) 'Tax-exempt obligations' means bonds, notes, certificates
or other obligations, the interest on which is excluded from
gross income under the Internal Revenue Code + }.
SECTION 66. ORS 294.825 is amended to read:
294.825. { - (1) The State Treasurer is the investment
officer for the Oregon Investment Council and the investment
pool, and shall perform functions in that capacity as authorized
or required by law and, consistent with law, by the council. - }
{ - (2) The bond of the State Treasurer required from the
State Treasurer by law shall be deemed to extend to the faithful
performance of all functions of the office of investment officer
under ORS 294.805 to 294.895. - }
{ - (3) The investment officer may: - }
{ - (a) Subject to any applicable provision of the State
Personnel Relations Law, employ, prescribe the functions and fix
the compensation of personnel necessary to facilitate and assist
in carrying out the functions of the council, investment officer
and investment pool. - }
{ - (b) Require a fidelity bond of any person employed by the
investment officer who has charge of, handles or has access to
any of the moneys in the investment pool. The amounts of the
bonds shall be fixed by the investment officer, except as
otherwise provided by law, and the sureties shall be approved by
the investment officer. The premiums on the bonds shall be an
expense of the State Treasurer. - }
{ - (4) - } Subject to review by the { + Oregon Short Term
Fund + }Board, the { - investment officer - } { + State
Treasurer + }may, pursuant to ORS chapter 183, make reasonable
rules necessary for the administration of ORS 294.805 to 294.895.
{ + NOTE: + } Section 67 was deleted. Subsequent sections
were not renumbered.
SECTION 68. ORS 294.840 is amended to read:
294.840. { - Subject to the objective set forth in ORS
294.831 and the standards set forth in ORS 294.835, the Oregon
Investment Council - } { + The board of directors of the Oregon
Investment Corporation + } shall formulate policies for the
investment and reinvestment of moneys in the investment pool and
the acquisition, retention, management and disposition of
investments of the investment pool. The { - council - } { +
board of directors + }, from time to time, shall review those
policies and make changes therein as it considers necessary or
desirable. The { - council - } { + board of directors + } may
formulate separate policies for any funds from any single public
body included in the investment pool.
SECTION 69. ORS 294.845 is amended to read:
294.845. { + (1) + } In amounts available for investment
purposes and subject to the policies formulated by the
{ - Oregon Investment Council - } { + board of directors of
the Oregon Investment Corporation + }, the investment officer
shall invest and reinvest moneys in the investment pool and
acquire, retain, manage, including exercise of any voting rights,
and dispose of investments of the investment pool.
{ + (2) The investment officer is subject to the standards,
and has the powers and duties, set forth in section 2 (3)(a) to
(f) and (4) of this 2013 Act when investing moneys in the
investment pool. + }
{ + NOTE: + } Sections 70 and 71 were deleted. Subsequent
sections were not renumbered.
SECTION 72. ORS 294.855 is amended to read:
294.855. { - (1) - } In the acquisition or disposition of
bonds with which approving legal opinions ordinarily are
furnished, the investment officer may require an original or
certified copy of the written opinion of a reputable bond
attorney or attorneys, or the written opinion of the Attorney
General, certifying to the legality of the bonds.
{ - (2) The Oregon Investment Council may arrange for the
furnishing to the investment officer of investment counseling
services. The furnishing and acquisition of those services are
not subject to the State Personnel Relations Law or ORS
279A.140. - }
{ - (3) The investment officer, with the approval of the
council, may arrange for services with respect to mortgages in
which moneys in the investment pool are invested. Those services
shall be paid for out of the gross interest of the mortgages with
respect to which the services are furnished, and the net interest
of the mortgages after that payment shall be considered income of
the investment pool. The furnishing and acquisition of those
services are not subject to the State Personnel Relations Law or
ORS 279A.140. - }
SECTION 73. ORS 294.860 is amended to read:
294.860. { - (1) Except as provided in ORS 294.850 and this
subsection, - } All instruments of title of all investments of
the investment pool shall remain in the custody of the investment
officer { + and be held as provided in ORS 293.751 + }.
{ - The investment officer may deposit with one or more
custodial agents or banks those instruments of title that the
State Treasurer considers advisable, to be held in safekeeping by
the agents or banks for collection of the principal and interest
or other income, or of the proceeds of sale or maturity. For
purposes of this section, instruments of title of investments of
the investment pool may include such evidence of title as the
investment officer shall consider secure and consistent with
modern investment, banking and commercial practices, and may
include book entry and automated recordation of such title. - }
{ - (2) Except as provided in ORS 294.850 and 294.855 (3) and
subsections (1) and (3) of this section, the investment officer
shall collect the principal and interest or other income of
investments of the investment pool, title of which is in the
investment officer's custody, when due and payable, and shall pay
to the appropriate local government official the principal and
interest or other income, within 30 days after the last day of
the calendar quarter in which the principal and interest or other
income accrues. Not less often than quarterly and without regard
to whether the short-term investments were made with moneys
placed by local government officials or by other sources, the
investment officer shall compute the amount by which the current
fair market value exceeds or is less than the net purchase price
of all short-term investments administered by the investment
officer that mature more than 270 days from the date computation
is made. The investment officer shall compute the fair market
value of such investments based upon the mean value of the bid
and ask price of such investments as of the date of computation,
based upon quotations from reputable dealers or financial
institutions dealing in such investments. If the amount so
computed by the investment officer totals more than one percent
of the balance of the pool, either in terms of a gain or loss,
the investment officer shall allocate the amount to all pool
participants. Any addition to or deduction from amounts to be
distributed shall be allocated among the municipalities
participating in the pool at any time during the month in
proportion to their average daily balances of funds invested
through the pool. Investments maturing 270 days or less from the
date of computation shall not be subject to the foregoing
computation, but for other purposes shall be valued at book value
or original purchase price. - }
{ - (3) In the event of default in the payment of principal
or interest or other income of any investment of the investment
pool, the investment officer, with the approval of the council,
may: - }
{ - (a) Institute the proper proceedings to collect the
matured principal or interest or other income. - }
{ - (b) Accept for exchange purposes refunding bonds or other
evidences of indebtedness at interest rates to be agreed upon by
the investment officer and obligor. - }
{ - (c) Make compromises, adjustments or disposition of the
matured principal or interest or other income as the investment
officer considers advisable for the purpose of protecting the
moneys invested. - }
{ - (d) Make compromises or adjustments as to future payments
of principal or interest or other income as the investment
officer considers advisable for the purposes of protecting the
moneys invested. - }
SECTION 74. ORS 294.865 is amended to read:
294.865. The State Treasurer { + , or the Oregon Investment
Corporation if it is investing the Oregon Short Term Fund, + }
may deduct monthly a maximum of 0.435 basis points of the most
recent market value of assets under the management of the
investment pool. Amounts so deducted shall pay the State
Treasurer { + , or the Oregon Investment Corporation if it is
investing the Oregon Short Term Fund, + } for { + accounting and
investment + } expenses of the { - State Treasurer as
investment officer and to the extent the amounts deducted are so
used - } { + investment pool. The amounts deducted + } shall be
deposited into the Miscellaneous Receipts Account established in
the General Fund for the State Treasurer, and are continuously
appropriated { + to the State Treasurer + } for payment of the
{ + accounting and investment + }expenses of the { - State
Treasurer as investment officer - } { + investment pool + }.
SECTION 75. ORS 294.870 is amended to read:
294.870. (1) The investment officer shall keep, for each public
body with funds in the investment pool, a separate account, which
shall record the individual amounts and the totals of all
investments of its moneys in the investment pool.
(2) The investment officer shall report monthly to the local
government official of a public body with funds in the investment
pool the changes in its account made during the preceding month
for the investment pool. The investment officer shall also
furnish a financial report monthly to each participating
governmental unit investor in the { - local government - }
investment pool. The financial report shall include, but not be
limited to, such comparative data for the preceding six months
operation of the investment pool { + , with respect to
participating governmental unit investors, + } as will provide a
basis for analyzing trends and comparing operating results and
financial position. A monthly statement shall be distributed
within 30 days after the end of that month.
SECTION 76. ORS 294.875 is amended to read:
294.875. { + (1) + } Not later than 15 days after the last day
of each month, the investment officer shall submit to the
{ - Oregon Investment Council - } { + board of directors of
the Oregon Investment Corporation + } and the Oregon Short Term
Fund Board a report of the investments made { + with respect to
participating governmental unit investors + } during the
preceding month. { +
(2) + } The report shall include { + :
(a) + } A detailed summary of investment, reinvestment,
purchase, sale and exchange transactions, setting forth, among
other matters, the investments bought, sold and exchanged, the
dates thereof, the prices paid and obtained, the names of the
dealers involved and a statement of the accounts referred to in
ORS 294.870 (1) { - . The reports shall include - } { + ;
(b) + } A description of every investment in the portfolio of
assets in the investment pool showing issuer, coupon, purchase
date, maturity date, yield to maturity, book value, market value
as of the end of the month for which the report is rendered and
the method used to value pool investments;
{ + (c) + } A computation of the average life of the
portfolio of assets in the investment pool weighted according to
the market value of each investment that matures more than 270
days from the report date as of the end of the month for which
the report is rendered; and
{ + (d) + } A computation of the annualized rate of return of
the investment pool portfolio, net of expense.
{ + (3) + } A copy of the { - reports - } { + report + }
shall be made available to each county, municipality, school
district and other political subdivision the funds of which are
then being invested by the investment officer. The investment
officer may send copies of the report to investment bankers and
brokers { - recommended by the council - } .
SECTION 77. ORS 294.880 is amended to read:
294.880. { + (1) + } An examination and audit of the
investment pool shall be made separately from the audit of the
treasurer for submission to the Oregon Investment
{ - Council - } { + Corporation + }, local public bodies that
are investors in the pool, the Legislative Assembly and the board
at least once a year and at other times as the { - council - }
{ + corporation + } may require.
{ + (2) + } An audit report shall be submitted to the
individuals and public bodies specified within 60 days after the
end of the fiscal year or as soon as practical. The report shall
include a statement prepared by the State Treasurer of the
investment rules governing investments authorized by the
{ - council - } { + corporation + }.
SECTION 78. ORS 294.882 is amended to read:
294.882. (1) It is recognized that a time may come when the
interest of local governments diminishes to the extent that
participation in the { - local government - } investment pool
no longer warrants its operation as a separate fund. If the
{ - local government - } investment pool decreases to a level
below $125 million, the { - State Treasurer - } { + Oregon
Investment Corporation + } may transfer the assets of the pool to
the state investment fund established under ORS 293.701 (2)(n).
In that event, the { - local government - } investment pool
participant accounts will be treated as are other state funds and
accounts in receiving a proportionate share of the earnings of
that investment fund. Notwithstanding ORS 294.805 to 294.895, but
subject to ORS 294.810, when the { - State Treasurer - }
{ + corporation + } transfers the assets of the { - local
government - } investment pool to the state investment fund, the
distributions of income to local governments, payment of related
expenses and the reporting, program examination and audit
functions with respect to the investment pool participant
accounts shall be administered in accordance with ORS 293.353 and
293.701 to 293.820.
(2) The { - State Treasurer - } { + corporation + }, at the
discretion of the { - treasurer - } { + corporation, + } may
reestablish the { - local government - } investment pool as a
separate fund { - , - } if the participant accounts increase to
over $125 million and { + , + } in the
{ - State Treasurer's - } judgment { + of the board of
directors of the corporation + }, sufficient interest by local
government exists to
{ - insure - } { + ensure + } the { - local government - }
investment pool will remain over $125 million. { - Prior to
reestablishing the pool as a separate fund, the State Treasurer
shall first present a plan for operation, including the reasons
for such action, to the Oregon Investment Council at a regularly
scheduled meeting for its review and comment. - } The
{ - State Treasurer - } { + corporation + } shall publish
notice in the Secretary of State's administrative rules bulletin
of the { - treasurer's - } { + corporation's + } intent to
reestablish the pool as a separate fund at least 30 days prior to
the meeting at which the { - Oregon Investment Council
shall - } { + corporation will + } review the proposal, and
notice of the meeting time and location { - of the Oregon
Investment Council - } at which the proposal will be discussed.
SECTION 79. ORS 294.895 is amended to read:
294.895. The Oregon Short Term Fund Board shall:
(1) Advise the { - Oregon Investment Council and the - }
investment officer in the management of the investment pool and
in the investment of moneys deposited in the Oregon Short Term
Fund established under ORS 293.728 and invested pursuant to ORS
293.701 to 293.820.
(2) Review the rules promulgated by the { - investment
officer - } { + State Treasurer + }as authorized under ORS
294.825 { - (4) - } .
(3) Consult with the { - council and the - } investment
officer on any matter relating to the investment and reinvestment
of funds in the investment pool and on any matter relating to the
investment or reinvestment of moneys deposited in the Oregon
Short Term Fund
{ - and invested by the State Treasurer - } .
SECTION 80. ORS 295.101 is amended to read:
295.101. (1) The following public funds are not subject to the
provisions of ORS 295.001 to 295.108:
(a) Funds that are deposited for the purpose of paying
principal, interest or premium, if any, on bonds, as defined in
ORS 286A.001 and 287A.001, and related costs or securing a
borrowing related to an agreement for exchange of interest rates
entered into under ORS 286A.110 or 287A.335.
(b) Funds that are invested in authorized investments under
provisions of law other than ORS 295.001 to 295.108. Funds
invested under ORS 293.701 to 293.820 are invested in authorized
investments for purposes of this subsection from the time the
funds are transferred by the State Treasurer { + or the Oregon
Investment Corporation + } to a third party under the terms of a
contract for investment or administration of the funds that
requires such a transfer until the time the funds are returned to
the { + State + } Treasurer { + or corporation + } or paid to
another party under the terms of the contract.
(c) Negotiable certificates of deposit purchased by the State
Treasurer { - under ORS 293.736 - } { + , the corporation + }
or { - by - } an investment manager under { - ORS
293.741 - } { + contract with the State Treasurer or
corporation pursuant to section 2 of this 2013 Act + }.
(d) Funds that are held by a public official and are required
by federal law or contractual provisions to be collateralized at
100 percent, if the funds are deposited in an account that is
separate from other accounts of the public official in a
depository, and the public official and the depository have
entered into a written agreement that provides a perfected
security interest to the public official in collateral valued at
an amount at least equal to the amount of funds in the account in
a manner substantially similar to a pledge agreement described in
ORS 295.001 (15).
(2) Notwithstanding subsection (1) of this section, funds
deposited by a custodial officer under ORS 294.035 (3)(d) are
subject to the provisions of ORS 295.001 to 295.108.
SECTION 81. ORS 311.701 is amended to read:
311.701. (1) There is established in the State Treasury the
Senior Property Tax Deferral Revolving Account to be used by the
Department of Revenue for the purpose of making the payments to:
(a) County tax collectors of property taxes deferred for tax
years beginning on or after January 1, 1983, as required by ORS
311.676.
(b) The appropriate local officer of special assessment
improvement amounts deferred on or after October 15, 1983, as
required by ORS 311.730.
(c) The department for its expenses in administering the
property tax and special assessment senior deferral programs.
(2) The Senior Property Tax Deferral Revolving Account may
include a reserve for payment of department administrative
expenses.
(3) All sums of money received by the Department of Revenue
under ORS 311.666 to 311.701 as repayments of deferred property
taxes or under ORS 311.702 to 311.735 as repayments of deferred
special assessment improvement amounts, including the interest
accrued under ORS 311.674 (3) or 311.711 (3) shall, upon receipt,
be credited to the revolving account and are continuously
appropriated to the department for the purposes of subsection (1)
of this section.
(4)(a) If there are not sufficient moneys in the revolving
account to make the payments required by subsection (1) of this
section, and the amount appropriated from the General Fund is not
sufficient when added together with the moneys in the revolving
account to provide an amount sufficient to make the required
payments, the { - State Treasurer, in the capacity of
investment officer for the Oregon Investment Council, - } { +
Oregon Investment Corporation + } may lend to the Department of
Revenue such amounts as may be necessary to make the payments.
(b) The { - State Treasurer - } { + corporation + } may
lend moneys that may be invested as provided in ORS 293.701 to
293.820.
(c) Any moneys lent under this subsection shall be repaid
within five years together with interest at a rate determined by
the { - State Treasurer - } { + corporation + } and
consistent with the investment { + objective and + } standards
{ - of ORS 293.721 and - } { + set forth in section 4 of this
2013 Act and ORS + } 293.726.
SECTION 82. ORS 327.425 is amended to read:
327.425. (1) All moneys belonging to the Common School Fund and
not required to meet current expenses shall be loaned by the
Department of State Lands at a rate of interest fixed by the
department except as otherwise specified in ORS 348.050 (3). The
department may consult with and obtain the recommendation of the
Oregon Investment { - Council - } { + Corporation + } in
fixing the interest rate.
(2) Common School Fund moneys may be loaned in accordance with
the repayment plan contained in ORS 327.440 and in ORS 348.050
(4), except that loans on property within the corporate limits of
towns or cities shall be payable in not more than 15 years on the
amortization plan.
(3) If at any time there is a Common School Fund surplus over
and above all loans applied for, such portion of the surplus as
the department deems proper may be invested as provided in ORS
293.701 to 293.820. The department may require the State
Treasurer to deposit any such surplus, until it is able to loan
same, in qualified state depositories, upon the same terms and
conditions as other public funds are deposited therein, in which
event any interest received from any such state depository shall
be credited to the fund on which such interest was earned.
(4) Except as provided in ORS 348.050 (3), the department may
reduce the rate of interest to be paid upon outstanding loans
from the Common School Fund and any trust fund placed in its
charge, to correspond with the rate of interest to be paid upon
new loans, but no reduction in rate of interest shall be made
upon any of the loans until interest at the old rate has been
paid in full to date of receipt of remittance at the office of
the department.
SECTION 83. ORS 348.703 is amended to read:
348.703. (1) The Oregon Growth Account Board shall contract
with one or more management companies to manage and invest the
moneys in the Oregon Growth Account. For purposes of this
subsection, a contract with a management company may consist of:
(a) A partnership agreement under which the Oregon Growth
Account Board is the limited partner and the management company
is the general partner; or
(b) Another form of payment or profit-sharing arrangement under
which the Oregon Growth Account Board may receive payment or
another form of return in exchange for its investment in an
emerging growth business.
(2) The provisions of ORS 293.726 do not apply to those assets
of the Education Stability Fund that are held in the Oregon
Growth Account. The limitations of ORS 293.726 (6) shall be
calculated based only on the balance of the Education Stability
Fund that does not include the Oregon Growth Account.
(3) A management company selected to manage the Oregon Growth
Account shall manage the moneys in the account, subject to
investment policies established by the State Treasurer and the
investment directives or strategies of the Oregon Growth Account
Board, with the care, skill and diligence that a prudent investor
acting in a similar capacity and familiar with such investments
would use in managing and investing a similar account. The
management company shall invest in Oregon an amount that is at
least equal to the amount of the principal transferred from the
Oregon Growth Account to the management company for investment.
(4) The contract between the board and a management company to
manage the Oregon Growth Account and the functions performed
under the contract are not subject to the State Personnel
Relations Law or ORS 279.835 to 279.855 or ORS chapter 279A or
279B.
(5) Notwithstanding ORS 348.702 (5), a management company
selected to manage the Oregon Growth Account may maintain a
portion of the moneys allocated to the account under ORS 348.702
(1) in short-term securities in investments other than those
specified in ORS 348.702 (5) during such times as a management
company is seeking investments that meet the requirements of ORS
348.702 (5).
(6) The { - State Treasurer - } { + Oregon Investment
Corporation + } shall annually submit a report to the Governor
and to the Legislative Assembly on the investment of moneys in
the Oregon Growth Account. The report required by this
subsection shall include a summary of the amount of money
invested by industrial sector or business classification, by
region of this state, by size of investment and by type of
investment.
(7) The { - State Treasurer - } { + corporation + } shall
provide to
{ - other - } state agencies any reports on the investment of
moneys in the Oregon Growth Account that are necessary to fulfill
audit, financial, investment or other reporting requirements to
which the Education Stability Fund is subject by law or standard
accounting principles.
(8) The { - office of the State Treasurer - }
{ + corporation + } shall provide staff to the board.
(9) There is continuously appropriated to the board from the
Oregon Growth Account those amounts necessary to meet the
expenses of the board and the { - State Treasurer - }
{ + corporation + } in carrying out the operations of the Oregon
Growth Account and the duties of the board and the { - State
Treasurer - } { + corporation + }. The cost to the
{ - office of the State Treasurer - } { + corporation + } of
providing staff to the board shall be { - deducted - }
{ + subtracted + } from those amounts { - paid to the State
Treasurer - } { + deducted by the corporation as payment for
expenses + } pursuant to ORS 293.718 { + . + } { - as
reimbursement for expenses incurred as investment officer for the
Education Stability Fund. - }
(10) The board may enter into contracts for the provision of
investment advice or other services that the board
{ - deems - } { + considers + } reasonable and necessary to
fulfill the duties of the board. The { - State Treasurer - }
{ + corporation + } may enter into contracts for the provision
of investment advice or other services that the
{ - State Treasurer deems - } { + corporation considers + }
reasonable and necessary to fulfill the duties of the { - State
Treasurer - } { + corporation + } with respect to the Oregon
Growth Account. Such contracts are not subject to the State
Personnel Relations Law or ORS 279.835 to 279.855 or ORS chapter
279A or 279B.
SECTION 84. ORS 351.695 is amended to read:
351.695. (1) A university within the Oregon University System
may deposit moneys received for its university venture
development fund in the Higher Education Donation Fund
established under ORS 351.130.
(2) Notwithstanding ORS 351.697 (5), the { - State
Treasurer - } { + Oregon Investment Corporation + }, as payment
for expenses, may deduct a fee pursuant to ORS 293.718 from a
university venture development fund administered by a university
within the Oregon University System or the Oregon Health and
Science University.
(3) A university within the Oregon University System or the
Oregon Health and Science University may direct that moneys
credited to its university venture development fund be held and
invested by the university's affiliated foundation. Any moneys
held by an affiliated foundation under this section or ORS
351.697 are not subject to the provisions of ORS chapter 293 or
295 and may not be considered public or state funds for any
purpose. Moneys transferred to an affiliated foundation under
this section or ORS 351.697 may be used only as provided under
ORS 351.692, 351.695, 351.697 and 353.445.
(4) At the request of a university within the Oregon University
System, moneys in the Higher Education Donation Fund that were
deposited by the university under this section may be transferred
to the university's affiliated foundation.
(5) A university within the Oregon University System or the
Oregon Health and Science University may retain or may elect to
have its affiliated foundation retain some or all of the
principal contributed to a university venture development fund
for investment to perpetuate and increase the moneys available
for expenditure. The balance of the fund and the earnings on that
balance may be used as provided under ORS 351.692, 351.695,
351.697 and 353.445.
SECTION 85. ORS 391.520 is amended to read:
391.520. The Oregon Mass Transportation Financing Authority is
hereby created as a public instrumentality of the State of Oregon
and the exercise by the authority of the powers conferred by ORS
267.227 and 391.500 to 391.660 is the performance of an essential
public function. The authority shall consist of the chairperson
of the Oregon Transportation Commission, the State Treasurer, or
designee, the { - chairperson - } { + executive director + }
of the Oregon Investment { - Council - } { + Corporation + },
or designee, and a representative designated by the board of
directors of each district.
SECTION 86. ORS 391.605 is amended to read:
391.605. (1) { - No - } { + A + } transfer authorized by
ORS 267.020 of a mass transit district system to a metropolitan
service district
{ - shall - } { + may not + } take effect while bonds issued
by the Oregon Mass Transportation Financing Authority to finance
mass transit facilities for the district are outstanding until a
plan designed to repay any outstanding bonds when due is prepared
by the governing body of the metropolitan service district and
approved by:
(a) The chairperson of the Oregon Transportation Commission or
the chairperson's designee;
(b) The State Treasurer or State Treasurer's designee; and
(c) The { - chairperson - } { + executive director + } of
the Oregon Investment { - Council - } { + Corporation + } or
the { - chairperson's - } { + executive director's + }
designee.
(2) Persons given authority to approve a transfer under
subsection (1) of this section may only refuse to approve a
transfer for reasons relating to the financial effect of the
transfer.
SECTION 87. ORS 411.128 is amended to read:
411.128. (1) In addition to other funds made available for
education and training of public assistance recipients, the
Department of Human Services may accept gifts and grants from
private sources for the purpose of providing the scholarships or
grants authorized under ORS 411.580.
(2) { + The Department of Human Services Scholarship Account
is established, separate and distinct from the General Fund. + }
The moneys received under subsection (1) of this section shall be
deposited in { + the account. + } { - a special account,
separate and distinct from the General Fund, to be named the
Department of Human Services Scholarship Account, which account
is established. - } All moneys in the account and all earnings
thereon are continuously appropriated to the Department of Human
Services to be used together with any federal funds that may be
available to provide scholarships or grants under ORS 411.580.
(3) The amount in the Department of Human Services Scholarship
Account that is available after scholarships and grants under ORS
411.580 have been awarded for any period shall be reported to the
Oregon Investment { - Council - } { + Corporation + } by the
Department of Human Services and shall be considered investment
funds within the meaning of ORS 293.701 to 293.820 and shall be
invested in accordance with the standards of ORS 293.726. All
earnings on such investments shall be credited to the Department
of Human Services Scholarship Account.
SECTION 88. ORS 456.530 is amended to read:
456.530. Notwithstanding { - ORS 293.721 and - } { + the
investment objective and standards set forth in section 4 of this
2013 Act and ORS + } 293.726 and subject to the provisions of any
agreement with holders of bonds issued pursuant to ORS 456.519 or
456.524 (1979 Replacement Part), the Housing and Community
Services Department may consider the willingness or commitment of
a lending institution as defined in ORS 456.548 to make loans for
residential housing as a factor in selecting depositaries and
otherwise investing funds held under ORS 456.515 to 456.725 in or
through such lending institutions.
SECTION 89. ORS 696.030 is amended to read:
696.030. (1) ORS 696.010 to 696.375, 696.392, 696.395 to
696.430, 696.490, 696.600 to 696.785, 696.990 and 696.995 do not
apply to:
(a) A nonlicensed individual who is a full-time employee of a
single owner of real estate whose real estate activity involves
the real estate of the employer and:
(A) Is incidental to the employee's normal, nonreal estate
activities; or
(B) Is the employee's principal activity, but the employer's
principal activity or business is not the sale, exchange, lease
option or acquisition of real estate.
(b) A nonlicensed individual who acts as attorney in fact under
a duly executed power of attorney from the owner or purchaser
authorizing the supervision of the closing of or supervision of
the performance of a contract for the sale, leasing or exchanging
of real estate if the power of attorney was executed prior to
July 1, 2002, in compliance with the requirements of law at the
time of execution or if:
(A) The power of attorney is recorded in the office of the
recording officer for the county in which the real estate is
located;
(B) The power of attorney specifically describes the real
estate; and
(C) The individual does not use the power of attorney as a
device to engage in professional real estate activity without
obtaining the necessary real estate license.
(c) A nonlicensed individual who acts as attorney in fact under
a duly executed power of attorney in which the authorized agent
is the spouse of the principal, or the child, grandchild, parent,
grandparent, sibling, aunt, uncle, niece or nephew of the
principal or of the spouse of the principal, authorizing real
estate activity if the power of attorney is recorded in the
office of the recording officer for the county in which the real
estate to be sold, leased or exchanged is located.
(d) A nonlicensed individual who is an attorney at law
rendering services in the performance of duties as an attorney at
law.
(e) A nonlicensed individual who acts in the individual's
official capacity as a receiver, a conservator, a trustee in
bankruptcy, a personal representative or a trustee, or a regular
salaried employee of the trustee, acting under a trust agreement,
deed of trust or will.
(f) A nonlicensed individual who performs an act of
professional real estate activity under order of a court.
(g) A nonlicensed individual who is a regular full-time
employee of a single corporation, partnership, association,
limited liability company or nonlicensed individual owner of real
property acting for the corporation, partnership, association,
limited liability company or nonlicensed individual owner in the
rental or management of the real property, but not in the sale,
exchange, lease option or purchase of the real property.
(h) An individual who is a registered professional engineer or
architect rendering services in performance of duties as a
professional engineer or architect.
(i) A nonlicensed individual who is employed by a real estate
broker or principal real estate broker and who acts as a manager
for real estate if the real estate activity of the nonlicensed
individual is limited to negotiating rental or lease agreements,
checking tenant and credit references, physically maintaining the
real estate, conducting tenant relations, collecting the rent,
supervising the premises' managers and discussing financial
matters relating to management of the real estate with the owner.
(j) An individual who sells or leases cemetery lots, parcels or
units while engaged in the disposition of human bodies under ORS
97.010 to 97.040, 97.110 to 97.450, 97.510 to 97.730, 97.810 to
97.920 and 97.990 or an employee of the nonlicensed individual
performing similar activities.
(k) An individual who is a salaried employee of the State of
Oregon, or any of its political subdivisions, engaging in
professional real estate activity as a part of such employment.
(L) A nonlicensed individual who analyzes or provides advice
regarding permissible land use alternatives, environmental
impact, building and use permit procedures or demographic market
studies, or a regular full-time employee of the nonlicensed
individual performing similar activities. This exclusion does not
apply to the handling of transactional negotiations for transfer
of an interest in real estate.
(m) An individual who is a hotelkeeper or innkeeper as defined
by ORS 699.005 arranging the rental of transient lodging at a
hotel or inn in the course of business as a hotelkeeper or
innkeeper.
(n) An individual who is a travel agent arranging the rental of
transient lodging at a hotel or inn as defined in ORS 699.005 in
the course of business as a travel agent for compensation. For
the purpose of this paragraph, 'travel agent' means a person, and
employees of the person, regularly representing and selling
travel services to the public directly or indirectly through
other travel agents.
(o) An individual who is a common carrier arranging the rental
of transient lodging at a hotel or inn as defined in ORS 699.005
in the course of business as a common carrier. For the purpose of
this paragraph, 'common carrier' means a person that transports
or purports to be willing to transport individuals from place to
place by rail, motor vehicle, boat or aircraft for hire,
compensation or consideration.
(p) An individual who is a hotel representative arranging the
rental of transient lodging at a hotel or inn as defined in ORS
699.005 in the course of business as a hotel representative. For
the purpose of this paragraph, 'hotel representative' means a
person that provides reservations or sale services to independent
hotels, airlines, steamship companies and government tourist
agencies.
(q) A nonlicensed individual transferring or acquiring an
interest in real estate owned or to be owned by the individual.
(r) An individual who is a general partner for a domestic or
foreign limited partnership duly registered and operating within
this state under ORS chapter 70 engaging in the sale of limited
partnership interests and the acquisition, sale, exchange, lease,
transfer or management of the real estate of the limited
partnership.
(s) An individual who is a membership camping contract broker
or salesperson registered with the Real Estate Agency selling
membership camping contracts.
(t) An individual who is a professional forester or farm
manager engaging in property management activity on forestland or
farmland when the activity is incidental to the nonreal estate
duties involving overall management of forest or farm resources.
(u) An individual who is a registered investment adviser under
the Investment Advisers Act of 1940, 15 U.S.C. s80b-1 et seq.,
rendering real estate investment services for the office of the
State Treasurer or the Oregon Investment { - Council - } { +
Corporation + }.
(v) A nonlicensed individual who refers a new tenant for
compensation to a real estate licensee acting as the property
manager for a residential building or facility while the
individual resides in the building or facility or within six
months after termination of the individual's tenancy.
(w) A nonlicensed individual who gives an opinion in an
administrative or judicial proceeding regarding the value of real
estate for taxation or representing a taxpayer under ORS 305.230
or 309.100.
(x) A nonlicensed individual acting as a paid fiduciary whose
real estate activity is limited to negotiating or closing a
transaction to obtain the services of a real estate licensee.
(y) A nonlicensed individual who is a fiduciary under a court
order, without regard to whether the court order specifically
authorizes real estate activity.
(z) An individual who is a representative of a financial
institution or trust company, as those terms are defined in ORS
706.008, that is attorney in fact under a duly executed power of
attorney from the owner or purchaser authorizing real estate
activity, if the power of attorney is recorded in the office of
the county clerk for the county in which the real estate to be
sold, leased or exchanged is located.
(aa) An individual who is the sole member or a managing member
of a domestic or foreign limited liability company duly
registered and operating within this state under ORS chapter 63
and who is engaging in the acquisition, sale, exchange, lease,
transfer or management of the real estate of the limited
liability company.
(bb) An individual who is a partner in a partnership as defined
in ORS 67.005 and who is engaging in the acquisition, sale,
exchange, lease, transfer or management of the real estate of the
partnership.
(cc) An individual who is an officer or director of a domestic
or foreign corporation duly registered and operating within this
state under ORS chapter 60 and who is engaging in the
acquisition, sale, exchange, lease, transfer or management of the
real estate of the corporation.
(2) The vesting of title to real estate in more than one person
by tenancy by the entirety, tenancy in common or by survivorship
shall be construed as that of a single owner for the purposes of
this section.
SECTION 90. Section 3, chapter 72, Oregon Laws 2012, is amended
to read:
{ + Sec. 3. + } (1) The Oregon Investment { - Council and
the State Treasurer, in the State Treasurer's role as investment
officer for the council, - } { + Corporation + } shall act
reasonably and in a manner consistent with fiduciary standards,
including the provisions of ORS { - 293.721 and - }
293.726 { + and section 4 of this 2013 Act + }, to try to ensure
that managers who are engaged by the { - council or the State
Treasurer - } { + corporation + } for the active management of
investment funds consisting of the Public Employees Retirement
Fund referred to in ORS 238.660, through the purchase and sale of
publicly traded equities, are not investing in publicly traded
equities of any scrutinized company.
(2) Subsection (1) of this section does not apply to
investments indirectly made through index funds, fund of funds or
privately placed investments.
SECTION 91. Section 4, chapter 72, Oregon Laws 2012, is amended
to read:
{ + Sec. 4. + } (1) Consistent with fiduciary standards,
including the provisions of ORS { - 293.721 and - } 293.726
{ + and section 4 of this 2013 Act + }, the { - State
Treasurer - } { + board of directors of the Oregon Investment
Corporation + } shall adopt a statement of policy that describes
a process of engagement with managers who:
(a) Are engaged by the { - Oregon Investment Council or the
State Treasurer - } { + corporation + } for the active
management of investment funds consisting of the Public Employees
Retirement Fund referred to in ORS 238.660 through the purchase
and sale of publicly traded equities; and
(b) Have invested such funds in scrutinized companies.
(2) The policy required under subsection (1) of this section
must require the { - State Treasurer - } { + corporation + },
to the extent practicable, to identify and send a written notice
to the managers described in subsection (1) of this section. The
notice shall encourage the managers, consistent with fiduciary
standards, including the provisions of ORS { - 293.721 and - }
293.726 { + and section 4 of this 2013 Act + }, to:
(a) Notify scrutinized companies with which the managers have
made investments of the { - State Treasurer's - }
{ + corporation's + } policy adopted pursuant to subsection (1)
of this section; and
(b) Not later than 90 days { + after + } giving the notice,
end investments in the scrutinized companies and avoid future
investments in the scrutinized companies, as long as the managers
may do so without monetary loss through reasonable, prudent and
productive investments in companies generating returns that are
comparable to the returns generated by the scrutinized companies.
(3) A notice given by a manager to a scrutinized company under
subsection (2) of this section shall advise the scrutinized
company that the scrutinized company may comment in writing to
the
{ - State Treasurer - } { + corporation + } to dispute the
identification of the company as a scrutinized company.
(4) If the { - State Treasurer - } { + corporation + }
determines that a company given notice under subsection (3) of
this section is not a scrutinized company, the { - State
Treasurer - } { + corporation + } shall notify the relevant
manager of the determination.
{ - (5) The State Treasurer shall advise the Oregon
Investment Council if a manager to whom the notice was given
under subsection (2) of this section has not informed the State
Treasurer within 180 days after the date the notice was given
that the manager has ended the manager's investment in
scrutinized companies or plans to divest from the manager's
investment in scrutinized companies. - }
SECTION 92. Section 5, chapter 72, Oregon Laws 2012, is amended
to read:
{ + Sec. 5. + }On or before March 15 of each year, the
{ - State Treasurer - } { + Oregon Investment Corporation + }
shall make available on the { + corporation's or the + } State
Treasurer's website a summary of actions taken during the
previous year in accordance with sections 2 to 6 { + , chapter
72, Oregon Laws 2012 + } { - of this 2012 Act - } . The summary
shall include a list of identified scrutinized companies.
SECTION 93. Section 6, chapter 72, Oregon Laws 2012, is amended
to read:
{ + Sec. 6. + }(1) Sections 4 (2) to { - (5) - } { +
(4) + } and 5 { + , chapter 72, Oregon Laws 2012, + } { - of
this 2012 Act - } apply only if the Legislative Assembly
appropriates sufficient moneys to the { - State Treasurer - }
{ + Oregon Investment Corporation + }, other than moneys
described in ORS 293.718, to administer sections 4 (2) to
{ - (5) - } { + (4) + } and 5 { + , chapter 72, Oregon Laws
2012 + } { - of this 2012 Act - } .
(2) Any costs incurred by the { - State Treasurer - } { +
corporation + } in administering sections 2 to 6 { + , chapter
72, Oregon Laws 2012, + }
{ - of this 2012 Act - } may not be paid from investment
funds.
SECTION 94. Section 7, chapter 72, Oregon Laws 2012, is amended
to read:
{ + Sec. 7. + }The { - State Treasurer - } { + Oregon
Investment Corporation + } shall first make available on the
{ + corporation's or the + } State Treasurer's website the
information required under section 5 { + , chapter 72, Oregon
Laws 2012, + } { - of this 2012 Act - } not later than
September 1, 2013.
SECTION 95. ORS 128.316 is amended to read:
128.316. As used in ORS 128.305 to 128.336:
(1) 'Charitable purpose' means the relief of poverty, the
advancement of education or religion, the promotion of health,
the promotion of a governmental purpose or any other purpose the
achievement of which is beneficial to the community.
(2) 'Endowment fund' means an institutional fund or part of an
institutional fund that, under the terms of a gift instrument, is
not wholly expendable by the institution on a current basis. '
Endowment fund' does not include assets that an institution
designates as an endowment fund for the institution's own use.
(3) 'Gift instrument' means a record or records, including an
institutional solicitation, under which property is granted to,
transferred to or held by an institution as an institutional
fund.
(4) 'Institution' means:
(a) A person, other than an individual, organized and operated
exclusively for charitable purposes;
(b) A government or governmental subdivision, agency or
instrumentality, to the extent that it holds funds exclusively
for a charitable purpose; and
(c) A trust that had both charitable and noncharitable
interests, after all noncharitable interests have terminated.
(5) 'Institutional fund' means a fund held by an institution
exclusively for charitable purposes. 'Institutional fund' does
not include:
(a) Program-related assets;
(b) A fund held for an institution by a trustee that is not an
institution;
(c) A fund in which a beneficiary that is not an institution
has an interest, other than an interest that could arise upon
violation or failure of the purposes of the fund; or
(d) A fund managed by the State Treasurer { + or the Oregon
Investment Corporation + }, moneys held by the State
Treasurer { + or the corporation + } for investment or moneys
managed or held for investment by or on behalf of the State
Treasurer { + or the corporation + } under ORS chapter 293 or
348.
(6) 'Person' means an individual, corporation, business trust,
estate, trust, partnership, limited liability company,
association, joint venture, public corporation, government or
governmental subdivision, agency or instrumentality, or any other
legal or commercial entity.
(7) 'Program-related asset' means an asset held by an
institution primarily to accomplish a charitable purpose of the
institution and not primarily for investment.
(8) 'Record' means information that is inscribed on a tangible
medium or that is stored in an electronic or other medium and is
retrievable in perceivable form.
SECTION 96. ORS 285A.306 is amended to read:
285A.306. (1) There is established in the State Treasury,
separate and distinct from the General Fund, the Title I Bank
Fund. All moneys in the fund are continuously appropriated to the
Oregon Business Development Department for the Oregon
Infrastructure Finance Authority to provide financing for
community development projects. Interest earned by the Title I
Bank Fund shall be credited to the fund.
(2) Moneys in the Title I Bank Fund { - , with the approval of
the State Treasurer, - } may be invested as provided by ORS
293.701 to 293.820, and the earnings from such investments and
other program income shall be credited to the Title I Bank Fund.
(3) The Title I Bank Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative
Assembly.
(b) Repayment of loans made by cities and counties with grants
from the Oregon Community Development Block Grant Program,
including interest earnings.
(4) The Oregon Infrastructure Finance Authority shall
administer the fund.
(5) The department shall adopt rules and policies for the
administration of the fund.
(6) The authority may charge program administrative costs to
the fund to pay for administrative expenses incurred to the
authority for processing applications and investigating community
development projects.
SECTION 97. ORS 285A.654 is amended to read:
285A.654. (1) There is created within the State Treasury,
separate and distinct from the General Fund, the Port Planning
and Marketing Fund. All moneys in the Port Planning and Marketing
Fund are appropriated continuously to the Oregon Business
Development Department for the Oregon Infrastructure Finance
Authority and shall be used by the authority for:
(a) Administrative expenses of the authority in processing
grant applications and investigating proposed planning or
marketing projects related to ports.
(b) Payment of grants under ORS 285A.654 to 285A.660 to ports
formed under ORS 777.010 and 777.050.
(c) Direct purchase by the authority of goods or services to
assist ports in implementing planning or marketing projects
approved for grant financing under ORS 285A.654 to 285A.660.
(2) The Port Planning and Marketing Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative
Assembly.
(b) Moneys obtained from gifts or grants received under ORS
285A.200.
(c) Moneys obtained from interest earned on the investment of
such moneys.
(3) Moneys in the Port Planning and Marketing Fund { - , with
the approval of the State Treasurer, - } may be invested as
provided by ORS 293.701 to 293.820, and the earnings from such
investments shall be credited to the Port Planning and Marketing
Fund.
SECTION 98. ORS 285B.119 is amended to read:
285B.119. (1) There is established in the State Treasury,
separate and distinct from the General Fund, the Capital Access
Fund. All moneys in the fund are continuously appropriated to the
Oregon Business Development Department for the purpose of making
payments to loss reserve accounts established under ORS 285B.109
to 285B.119.
(2) Moneys in the Capital Access Fund { - , with the approval
of the State Treasurer, - } may be invested as provided by ORS
293.701 to 293.820, and the earnings from such investment shall
be credited to the Capital Access Fund.
(3) The Capital Access Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative
Assembly.
(b) Interest earned on moneys in the fund.
(c) Moneys returned to the fund from loss reserve accounts or
other sources.
(4) If the department deems retrieval of interest earned on
loss reserve accounts appropriate, the department may transfer
into the fund up to 50 percent of the interest earned on moneys
in loss reserve accounts.
(5) The department may charge administrative costs to the fund
to pay for actual and necessary administrative expenses incurred
by the department in administering the fund and establishing and
maintaining loss reserve accounts under ORS 285B.109 to 285B.119.
SECTION 99. ORS 286A.025 is amended to read:
286A.025. (1) The State Treasurer may, at the request of a
related agency:
(a) Issue bonds when a law of the State of Oregon authorizes
bonds to be issued; and
(b) Issue refunding bonds without additional authorization.
(2) In consultation with the related agency, the State
Treasurer may:
(a) Sell bonds at a competitive sale or a negotiated sale or in
any other manner determined by the State Treasurer;
(b) Issue bonds the interest of which is exempt from federal
income taxation or is not exempt from federal income taxation;
(c) Establish the principal amounts, redemption provisions,
optional or mandatory tender provisions, interest rates or
methods for determining variable or adjustable interest rates,
denominations and other terms and conditions of the bonds;
(d) Establish maturity dates for bonds to provide for
short-term, interim or long-term borrowing;
(e) Determine the form and content of a bond offering or
disclosure document;
(f) Structure, market and issue bonds in the manner that the
State Treasurer determines is in the best interest of the people
of the State of Oregon; and
(g) Invest moneys held in connection with or derived from
obligations, as defined in ORS 286A.100, without regard to the
fund or account to which the moneys are credited under other
provisions of law, alone or with other invested moneys. In
addition, the State Treasurer may:
(A) Establish funds and accounts separate and distinct from the
General Fund in order { - to invest - } { + that + } the
moneys { + may be invested + } as provided in ORS 293.701 to
293.820 and to arrange for redemption or purchase of bonds; and
(B) Segregate or pool moneys in order to promote financial and
administrative efficiency and prudence in the management of
moneys derived from obligations, as defined in ORS 286A.100,
moneys available for bond repayment and other moneys, and in the
administration of bond programs.
(3) Subject to the approval of the State Treasurer, moneys
described in subsection (2)(g) of this section may be held by a
trustee under a trust agreement, indenture, bond declaration or
similar instrument and may be invested by the trustee at the
direction of the related agency for which the moneys are held by
the trustee. If consistent with the trust agreement, indenture,
bond declaration or similar instrument, a related agency may
authorize a trustee to invest on behalf of the agency in the
investment funds or with other moneys invested { - by the State
Treasurer - } under ORS 293.701 to 293.820 and may authorize a
transfer of the moneys from the State Treasurer to the trustee.
(4) In addition to authority conferred by law other than this
section, the State Treasurer or, with the approval of the State
Treasurer, a related agency may:
(a) Execute and deliver indentures, trust agreements, auction
agent agreements, broker-dealer agreements, tender agent
agreements, bond declarations or similar instruments and other
contracts related to the sale, issuance or security of the bonds;
(b) Deposit funds with trustees for the benefit of bond owners
and the providers of credit enhancement devices; and
(c) Enter into covenants for the benefit of bond owners or the
providers of credit enhancement devices.
(5) The covenants authorized by subsection (4)(c) of this
section:
(a) May include, but are not limited to, covenants regarding
the issuance of additional bonds, the priority of payment of
bonds and, if authorized by law other than this section, the
imposition and collection of rates, fees or other charges; and
(b) Are intended to:
(A) Improve the security of bond owners or providers of credit
enhancement devices; or
(B) Maintain the tax-exempt status of interest payable on
bonds.
(6) In addition to authority conferred by law other than this
section, in consultation with the related agency, the State
Treasurer may establish a debt service reserve for the purpose of
paying when due the amounts owing on the bonds for which the debt
service reserve is established. The debt service reserve may be
funded out of the proceeds derived from the issuance and sale of
the bonds for which the debt service reserve is being established
or from other lawfully available funds.
(7) In consultation with the related agency, the State
Treasurer shall select the underwriters for the sale of the bonds
requested by the related agency. An agreement with the
underwriters may be executed by the State Treasurer alone or with
the related agency. An agreement with underwriters is not subject
to the Public Contracting Code.
{ + NOTE: + } Section 100 was deleted. Subsequent sections
were not renumbered.
SECTION 101. ORS 351.086, as amended by section 48, chapter
104, Oregon Laws 2012, is amended to read:
351.086. (1) Except as otherwise provided in this chapter and
ORS chapter 352, the provisions of ORS chapters 182, 240, 270,
273, 276, 278, 279A, 279B, 279C, 282, 283, 291 and 292 and ORS
180.060, 180.160, 180.210, 180.220, 180.225 and 180.230 do not
apply to the Oregon University System.
(2) Notwithstanding subsection (1) of this section, the
provisions of ORS 182.100, 182.109, 240.167, 276.073 to 276.090,
279A.065 (2), 279B.055 (3), 279C.380 (1)(a) and (3), 279C.600 to
279C.625, 279C.800, 279C.810, 279C.825, 279C.830, 279C.835,
279C.840, 279C.845, 279C.850, 279C.855, 279C.860, 279C.865,
279C.870, 283.085 to 283.092, 291.200, 291.201 to 291.222,
291.223, 291.224 (2) and (6), 291.226, 291.272 to 291.278,
291.322 to 291.334, 291.405, 291.407, 291.445, 292.043 and
292.044 apply to the Oregon University System.
(3) Notwithstanding subsection (1) of this section, ORS 273.413
to 273.456 apply to any structure, equipment or asset owned by
the Oregon University System that is encumbered by a certificate
of participation.
(4) Notwithstanding subsection (6) of this section:
(a) The provisions of ORS chapters 35, 190, 192, 244 and 297
and ORS 30.260 to 30.460, 184.480, 184.483, 184.486, 184.488,
200.005 to 200.025, 200.045 to 200.090, 200.100 to 200.120,
200.160 to 200.200, 236.605 to 236.640, 243.650 to 243.782,
243.800, 243.820, 243.830, 243.850, 243.910 to 243.945, 307.090
and 307.112 apply to the Oregon University System under the same
terms as they apply to other public bodies other than the State
of Oregon.
(b) The provisions of ORS chapter 286A and ORS 293.115,
293.117, 293.130, 293.169, 293.171, 293.205 to 293.225, 293.250,
293.265 to 293.280, 293.285, 293.295, 293.321, 293.353, 293.375,
293.406, 293.465 to 293.485, 293.490, 293.495, 293.525, 293.701
to 293.820, 293.875, 293.880 and 293.990 apply to the Oregon
University System under the same terms as they apply to state
agencies with moneys held by the State Treasurer { + or the
Oregon Investment Corporation + }, to the Oregon University
System Fund established in ORS 351.506 and to any other moneys
deposited with or held by the State Treasurer { + or the
corporation + } for the Oregon University System.
(5) Notwithstanding subsections (1) and (6) of this section,
the Oregon University System and its agents and employees remain
subject to all statutes and administrative rules of this state
that create rights, benefits or protections in favor of military
veterans, service members and families of service members to the
same extent as an agency of this state would be subject to such
statutes and administrative rules.
(6)(a) Except as provided by paragraph (b) of this subsection,
the Oregon University System, as a distinct governmental entity,
is not subject to any provision of law enacted after January 1,
2011, with respect to any governmental entity, that is unique to
governmental entities, unless the provision specifically provides
that it applies to the Oregon University System.
(b) To the same extent as state agencies that borrow through
the State Treasurer or that have moneys held in the State
Treasury, the Oregon University System is subject to any
provision of law enacted after January 1, 2011, that relates to
or affects the borrowings of the Oregon University System through
the State Treasurer or the deposit, payment or investment of
moneys held in the Oregon University System Fund or any other
moneys held for the Oregon University System in the State
Treasury.
(7) In carrying out the duties, functions and powers imposed by
law upon the Oregon University System, the State Board of Higher
Education or the Chancellor of the Oregon University System may
contract with any public agency for the performance of such
duties, functions and powers as the board or chancellor considers
appropriate.
SECTION 102. ORS 367.015 is amended to read:
367.015. (1) There is established in the State Treasury,
separate and distinct from the General Fund, the Oregon
Transportation Infrastructure Fund. All moneys in the
infrastructure fund are continuously appropriated to the
Department of Transportation for the purposes of ORS 367.010 to
367.067.
(2) The infrastructure fund consists of:
(a) Moneys appropriated to the infrastructure fund by the
Legislative Assembly.
(b) Moneys transferred to the infrastructure fund by the
department from the State Highway Fund or from other funds
available to the Oregon Transportation Commission.
(c) Moneys from any federal grant, state grant or other grant
that are deposited in the infrastructure fund.
(d) Proceeds of infrastructure bonds.
(e) Proceeds of Highway User Tax Bonds issued under ORS 367.615
for the purpose of providing infrastructure assistance or an
infrastructure loan.
(f) Moneys due to a municipality that are withheld pursuant to
ORS 367.035 (3) or (5) and, for a loan made with proceeds of
Highway User Tax Bonds, moneys due to a municipality that are
withheld pursuant to ORS 367.655 (2)(c).
(g) Earnings on the infrastructure fund.
(h) Moneys paid to the department in connection with
infrastructure loans or infrastructure assistance.
(i) Any grants or donations made to the State of Oregon for
deposit in the infrastructure fund.
(3) A pledge by the department of its revenues or other moneys
in the infrastructure fund is valid and binding from the time the
pledge is made as provided in ORS 286A.102.
(4) The department shall use moneys in the infrastructure fund
solely to:
(a) Provide infrastructure loans and infrastructure assistance;
(b) Pay the bond debt service for infrastructure bonds and pay
the costs of issuance and other costs related to infrastructure
bonds;
(c) Pay the department's costs of administering the
infrastructure fund and providing infrastructure loans and
infrastructure assistance, including any costs of monitoring
transportation projects and obtaining repayment of infrastructure
loans and infrastructure assistance;
(d) Pay the department's or another public entity's costs for
transportation projects including, but not limited to, projects
funded with the proceeds of Highway User Tax Bonds; and
(e) Ensure repayment of loan guarantees or extensions of credit
as provided in ORS 367.816.
(5) The department may establish separate accounts in the
infrastructure fund for infrastructure loans, infrastructure
assistance, the funding of infrastructure bond reserves, bond
debt service payments for infrastructure bonds and related costs,
administrative and operating expenses or any other purpose
necessary or desirable for carrying out the purposes of ORS
367.010 to 367.067. The commission may adopt rules that govern
how the infrastructure fund and its accounts are used. The
infrastructure fund or any of its accounts may be held by an
escrow agent or bond trustee.
(6) The department shall administer the infrastructure fund.
Moneys in the infrastructure fund { - , with the approval of the
State Treasurer, - } may be invested as provided by ORS 293.701
to 293.820 and the earnings from such investments must be
credited to the account in the infrastructure fund designated by
the department.
SECTION 103. ORS 390.135 is amended to read:
390.135. (1) Of the moneys deposited into the Parks and Natural
Resources Fund created under ORS 541.940 from the Oregon State
Lottery, 50 percent shall be deposited into a Parks Subaccount.
{ - The State Treasurer may invest and reinvest the - } Moneys
in the Parks Subaccount { + may be invested + } as provided in
ORS 293.701 to 293.820. Interest from the moneys deposited in the
Parks Subaccount and earnings from investment of the moneys in
the subaccount shall be credited to the subaccount.
(2) Moneys deposited from the Oregon State Lottery to the Parks
Subaccount may be used only for:
(a) Maintaining, constructing, improving, developing, managing
and operating state parks, ocean shores, public beach access
areas, historic sites, natural areas and outdoor and recreation
areas;
(b) Acquiring real property, or interests in real property,
that has significant natural, scenic, cultural, historic or
recreational value for the creation or operation of state parks,
ocean shores, public beach access areas, outdoor recreation areas
and historic sites; and
(c) Providing grants to regional or local government entities
to acquire property for public parks, natural areas or outdoor
recreation areas or to develop or improve public parks, natural
areas or outdoor recreation areas.
(3) All moneys in the Parks Subaccount shall be transferred to
the State Parks and Recreation Department Fund and used to carry
out the purposes described in subsection (2) of this section by
achieving each of the following:
(a) Providing additional public parks, natural areas or outdoor
recreation areas to meet the needs of current and future
residents of this state.
(b) Protecting natural, cultural, historic and outdoor
recreational resources of statewide or regional significance.
(c) Managing public parks, natural areas and outdoor recreation
areas to ensure the long-term ecological health of those parks
and areas and to provide for the enjoyment of those parks and
areas by current and future residents of this state.
(d) Providing diverse and equitable opportunities for residents
of this state to experience nature and to participate in outdoor
recreational activities in state, regional, local or neighborhood
public parks and recreation areas.
SECTION 104. ORS 391.800 is amended to read:
391.800. (1) There is established in the State Treasury,
separate and distinct from the General Fund, the Elderly and
Disabled Special Transportation Fund. All moneys in the Elderly
and Disabled Special Transportation Fund are appropriated
continuously to the Department of Transportation for payment of
the department's administrative costs of the program and payment
to mass transit districts, transportation districts, Indian
tribes and counties as provided in ORS 391.810.
(2) The Elderly and Disabled Special Transportation Fund shall
consist of:
(a) Moneys transferred to the fund under ORS 184.642 and
323.455 (3);
(b) Other moneys appropriated to the fund by the Legislative
Assembly; and
(c) Moneys obtained from interest earned on the investment of
moneys in the fund.
(3) Moneys in the Elderly and Disabled Special Transportation
Fund { - , with the approval of the State Treasurer, - } may be
invested as provided by ORS 293.701 to 293.820, and the earnings
from the investments shall be credited to the Elderly and
Disabled Special Transportation Fund.
SECTION 105. ORS 426.506 is amended to read:
426.506. (1) There is created in the State Treasury, separate
and distinct from the General Fund, the Community Mental Health
Housing Fund. All earnings on investments of moneys in the
Community Mental Health Housing Fund shall accrue to the fund.
Interest earned on moneys in the fund shall be credited to the
fund. All moneys in the fund are continuously appropriated to the
Oregon Health Authority to carry out the provisions of ORS
426.504.
(2) The Community Mental Health Housing Fund shall be
administered by the authority to provide housing for persons with
chronic mental illness. As used in this subsection, 'housing '
may include acquisition, maintenance, repair, furnishings and
equipment.
(3)(a) There is established within the Community Mental Health
Housing Fund a Community Housing Trust Account. { - With
approval of the State Treasurer and - } Upon request of the
Director of the Oregon Health Authority, moneys in the account
may be invested as provided in ORS 293.701 to 293.820.
(b) Notwithstanding the provisions of ORS 270.150, the
authority shall deposit into the Community Housing Trust Account
the proceeds, less costs to the state, received by the authority
from the sale of F. H. Dammasch State Hospital property under ORS
426.508. The authority may expend, for the purposes set forth in
ORS 426.504, any earnings credited to the account, including any
interest earned on moneys deposited in the account, and up to
five percent of the sale proceeds initially credited to the
account by the Oregon Department of Administrative Services. At
least 95 percent of the sale proceeds shall remain in the account
in perpetuity. Proceeds deposited in the account may not be
commingled with proceeds from the sale of any surplus real
property owned, operated or controlled by the authority and used
as a state training center.
(c) Interest earned on moneys in the Community Housing Trust
Account may be expended in the following manner:
(A) Seventy percent of interest earned on deposits in the
account shall be expended for community housing purposes; and
(B) Thirty percent of interest earned on deposits in the
account shall be expended for institutional housing purposes.
(d) Interest earned on deposits in the Community Housing Trust
Account shall not be used to support operating expenses of the
authority.
(4) The Community Mental Health Housing Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative
Assembly;
(b) Sale proceeds and earnings from the account under
subsection (3) of this section;
(c) Proceeds from the sale, transfer or lease of any surplus
real property owned, operated or controlled by the authority and
used as community housing;
(d) Moneys reallocated from other areas of the authority's
budget;
(e) Interest and earnings credited to the fund; and
(f) Gifts of money or other property from any source, to be
used for the purposes of developing housing for persons with
chronic mental illness.
(5) The authority shall adopt policies:
(a) To establish priorities for the use of moneys in the
Community Mental Health Housing Fund for the sole purpose of
developing housing for persons with chronic mental illness;
(b) To match public and private moneys available from other
sources for developing housing for persons with chronic mental
illness; and
(c) To administer the fund in a manner that will not exceed the
State Treasury's maximum cost per transaction.
(6) The authority shall collaborate with the Housing and
Community Services Department to ensure the highest return and
best value for community housing from the Community Mental Health
Housing Fund.
(7) The authority shall provide a report of revenues to and
expenditures from the Community Mental Health Housing Fund as
part of its budget submission to the Governor and Legislative
Assembly under ORS chapter 291.
SECTION 106. ORS 456.535 is amended to read:
456.535. The money realized from the sale of each issue of
bonds shall be credited to a special fund in the State Treasury,
separate and distinct from the General Fund, to be designated the
Elderly and Disabled Housing Fund. Moneys in the Elderly and
Disabled Housing Fund are continuously appropriated to the
Housing and Community Services Department for the purpose of
carrying out the provisions of ORS 456.515 to 456.725. Moneys in
the fund may not be used for any other purpose, except that the
moneys { - , with the approval of the State Treasurer, - } may
be invested as provided by ORS 293.701 to 293.820 and the
earnings from the investments shall be deposited into the Elderly
and Disabled Housing Sinking Fund maintained under ORS 456.543.
SECTION 107. ORS 456.543 is amended to read:
456.543. (1) The Housing and Community Services Department
shall maintain, with the State Treasurer, an Elderly and Disabled
Housing Sinking Fund, separate and distinct from the General
Fund. The Elderly and Disabled Housing Sinking Fund shall
provide for the payment of the principal and interest upon bonds
issued under authority of Article XI-I(2), Oregon Constitution,
and ORS 456.515 to 456.725. Moneys in the sinking fund are
continuously appropriated to the department for such purpose.
Moneys in the Elderly and Disabled Housing Sinking Fund may be
invested { - by the State Treasurer - } as provided by ORS
286A.025 and 293.701 to 293.820 or, with the approval of the
State Treasurer, by the Director of the Housing and Community
Services Department through a trustee. Investment earnings shall
be credited to the Elderly and Disabled Housing Sinking Fund.
(2) The Elderly and Disabled Housing Sinking Fund shall consist
of:
(a) All moneys received from contract or loan proceeds;
(b) Bond reserves;
(c) Other funds available for these purposes; and
(d) If necessary, state ad valorem taxes provided by Article
XI-I(2), Oregon Constitution, and by ORS 456.515 to 456.725.
(3) The Elderly and Disabled Housing Sinking Fund shall not be
used for any purpose other than that for which the fund was
created provided, however, that amounts on deposit in the fund
may be applied to the payment of operating and administrative
expenses of the department, including bond issuance,
administration and repayment costs, allocable to its elderly and
disabled housing program under ORS 456.515 to 456.725, and for
transfers under subsections (4) and (5) of this section. Should a
balance remain therein after the purposes for which the fund was
created have been fulfilled or after a reserve sufficient to meet
all existing obligations and liabilities of the fund has been set
aside, the surplus remaining may be transferred to the Elderly
and Disabled Housing Fund at the direction of the department.
(4) The Director of the Housing and Community Services
Department may transfer moneys from the Elderly and Disabled
Housing Sinking Fund, with the approval of the State Treasurer,
for the purpose of financing multifamily housing for the elderly
and persons with disabilities. The State Treasurer shall approve
such request if:
(a) The cash flow projection under ORS 286A.010 associated with
the bonds shows that, for the term of the bonds outstanding at
the time the director transfers the moneys, remaining moneys in
the sinking fund, together with expected loan proceeds and fund
earnings, will continue to be adequate to pay bond principal,
interest and administrative costs; and
(b) The transfer will not create the need for issuance of any
bonds.
(5) The director shall deposit loan prepayments in the Elderly
and Disabled Housing Fund, and lend such prepayments for the
purpose of financing multifamily housing for the elderly and
persons with disabilities for a term not exceeding the term of
the bonds associated with the loan that was prepaid, if the
director determines that such a deposit and loan will not
adversely affect the ability of the department to pay outstanding
bonds.
SECTION 108. ORS 468.215 is amended to read:
468.215. The money realized from the sale of each issue of
bonds under ORS 468.195 shall be credited to a special fund in
the State Treasury, separate and distinct from the General Fund,
to be designated the Pollution Control Fund. Moneys in the
Pollution Control Fund are continuously appropriated to the
Department of Environmental Quality for the purpose of carrying
out the provisions of ORS 468.195 to 468.260. Moneys in the fund
may not be used for any other purpose, except that these moneys
{ - , with the approval of the State Treasurer, - } may be
invested as provided by ORS 293.701 to 293.820, and the earnings
from such investments shall be credited to the Pollution Control
Sinking Fund maintained under ORS 468.230.
SECTION 109. ORS 468A.490 is amended to read:
468A.490. (1) There is established within the State Treasury a
fund known as the Residential Solid Fuel Heating Air Quality
Improvement Fund, separate and distinct from the General Fund.
(2) All moneys appropriated or received as gifts or grants for
the purposes of this section shall be credited to the Residential
Solid Fuel Heating Air Quality Improvement Fund.
(3) { - The State Treasurer may invest and reinvest the - }
Moneys in the fund { + may be invested and reinvested + } as
provided in ORS 293.701 to 293.820. Interest from the moneys
deposited in the fund and earnings from investment of the moneys
in the fund shall accrue to the fund.
(4) All moneys in the fund are continuously appropriated to the
Department of Environmental Quality to:
(a) Pay all costs incurred by the department for evaluating
projects and programs, including projects and programs proposed
by local communities or qualifying organizations, for project
management and oversight of funds awarded for projects and
programs selected in accordance with this section and for
documenting the benefit to air quality from such projects;
(b) Fund the program established under subsection (5) of this
section;
(c) Fund activities to enhance enforcement of ORS 468A.460 to
468A.515;
(d) Fund public education programs related to compliance with
ORS 468A.460 to 468A.515; and
(e) Fund public education programs related to the benefits of
the use of solid fuel burning devices certified pursuant to ORS
468A.460 to 468A.515.
(5) The department shall use moneys available under subsection
(4) of this section to establish a program designed to reduce the
emission of air contaminants by providing grants, loans or other
subsidies for the replacement or removal of solid fuel burning
devices that were not certified by the department pursuant to ORS
468A.465. In addition to any other requirements established by
rules adopted by the Environmental Quality Commission, the
program shall provide that:
(a) All forms of new high-efficiency, low air
contaminant-emitting heating systems are allowed, except
vent-free heating appliances;
(b) Any solid fuel burning device removed under the program
must be destroyed;
(c) Any replacement device selected under the program must be
installed in conformance with building code requirements and the
manufacturer's specifications including but not limited to
venting specifications; and
(d) To be eligible, program participants shall participate in
any home energy audit program provided at no charge to the
homeowner and shall obtain all information available regarding
subsidies for cost-effective weatherization. The department shall
make the information required in this subsection readily
available to program participants.
(6) The department may enter into an agreement with a local
government or a regional authority in order to implement the
program established under subsection (5) of this section.
SECTION 110. ORS 516.070 is amended to read:
516.070. (1) There is established in the General Fund of the
State Treasury an account to be known as the Geology and Mineral
Industries Account. All moneys received by the State Department
of Geology and Mineral Industries shall be paid over to the State
Treasurer and by the State Treasurer deposited in the General
Fund to the credit of the account. All moneys within the account
are continuously appropriated for the use of the department in
carrying out its lawful functions.
(2) The Federal Locatable Mineral Royalties Subaccount is
established within the Geology and Mineral Industries Account.
Notwithstanding subsection (1) of this section, all moneys
received from the federal government by the State of Oregon as
the state's distributive share of the amounts collected for
royalties for locatable minerals shall be credited to the
subaccount. All moneys in the Federal Locatable Mineral Royalties
Subaccount are continuously appropriated to the State Department
of Geology and Mineral Industries to conduct investigations of
new mineral resources and to carry out the provisions of ORS
517.840 (1)(f).
(3) { - The State Treasurer may invest and reinvest - } The
moneys in the Federal Locatable Mineral Royalties Subaccount
{ + may be invested and reinvested + } as provided in ORS
293.701 to 293.820. Interest from the moneys deposited in the
subaccount and earnings from investment of the moneys in the
subaccount shall be credited to the subaccount.
(4) The Mined Land Regulation and Reclamation Program
Subaccount is established within the Geology and Mineral
Industries Account. Notwithstanding subsection (1) of this
section, all moneys received by the State Department of Geology
and Mineral Industries from fees assessed pursuant to ORS 517.800
shall be credited to the subaccount. All moneys in the subaccount
are continuously appropriated to the department for the purpose
of administering ORS 517.702 to 517.951.
SECTION 111. ORS 541.942 is amended to read:
541.942. (1) Of the moneys deposited into the Parks and Natural
Resources Fund created under ORS 541.940 from the Oregon State
Lottery, 50 percent shall be deposited into a Natural Resources
Subaccount for the public purpose of financing the restoration
and protection of native fish and wildlife, watersheds and water
quality in Oregon. { - The State Treasurer may invest and
reinvest - } The moneys in the Natural Resources Subaccount
{ + may be invested and reinvested + } as provided in ORS
293.701 to 293.820.
(2) Moneys in the Natural Resources Subaccount shall be used to
accomplish each of the following:
(a) Protecting and improving water quality in the rivers, lakes
and streams of this state by restoring natural watershed
functions or stream flows;
(b) Securing long-term protection for lands and waters that
provide significant habitats for native fish and wildlife;
(c) Restoring and maintaining habitat needed to sustain healthy
and resilient populations of native fish and wildlife;
(d) Maintaining the diversity of plants, animals and ecosystems
in this state;
(e) Involving people in voluntary actions to protect, restore
and maintain the ecological health of lands and waters in this
state; and
(f) Remedying the conditions that limit the health of fish and
wildlife, fish and wildlife habitats and watershed functions that
are in the greatest need of conservation.
(3) Except as provided in subsections (4) and (5) of this
section, of the moneys deposited into the Natural Resources
Subaccount from the Oregon State Lottery:
(a) Sixty-five percent of the moneys shall be deposited into
the Watershed Conservation Grant Fund established under ORS
541.947 to be used by the Oregon Watershed Enhancement Board for
the purposes set forth in ORS 541.956; and
(b) Thirty-five percent of the moneys shall be deposited into
the Watershed Conservation Operating Fund established under ORS
541.945.
(4) If the amount transferred from the Oregon State Lottery to
the Parks and Natural Resources Fund during a biennium is more
than 150 percent of the amount that was transferred during the
2009-2011 biennium, except as provided in subsection (5) of this
section, the State Treasurer shall, during the next following
biennium, deposit from the Natural Resources Subaccount to the
Watershed Conservation Grant Fund the amount described in
subsection (3)(a) of this section plus an amount equal to the
difference between the amount deposited from the subaccount to
the Watershed Conservation Grant Fund during the preceding
biennium and 70 percent of the moneys received by the subaccount
from the Oregon State Lottery during the preceding biennium.
(5) The requirements in subsections (3) and (4) of this section
apply only for biennia in which the Legislative Assembly does not
require a greater percentage of the Natural Resources Subaccount
moneys to be deposited into the Watershed Conservation Grant
Fund. The Legislative Assembly may not authorize the percentage
of Natural Resources Subaccount moneys deposited into the
Watershed Conservation Grant Fund in a biennium to be less than
the percentage required to be deposited under subsections (3) and
(4) of this section.
SECTION 112. ORS 561.144 is amended to read:
561.144. (1) The State Treasurer shall establish a Department
of Agriculture Service Fund, which shall be a trust fund separate
and distinct from the General Fund. The State Department of
Agriculture shall deposit all license and service fees paid to it
under the provisions of the statutes identified in subsection (3)
of this section in the Department of Agriculture Service Fund.
The State Treasurer is the custodian of this trust fund, which
shall be deposited by the treasurer in such depositories as are
authorized to receive deposits of the General Fund, and which may
be invested { - by the treasurer - } in the same manner as
authorized by ORS 293.701 to 293.820.
(2) Interest received on deposits credited to the Department of
Agriculture Service Fund shall accrue to and become a part of the
Department of Agriculture Service Fund.
(3) The license and service fees subject to this section are
those described in ORS 561.400, 561.740, 570.710, 571.057,
571.063, 571.145, 571.305, 583.004, 583.046, 583.445, 583.510,
583.610, 585.050, 586.270, 586.580, 586.650, 596.030, 596.100,
596.311, 599.235, 599.269, 599.406, 599.610, 601.040, 602.090,
603.025, 603.075, 616.706, 618.115, 618.136, 619.031, 621.072,
621.166, 621.266, 621.297, 621.335, 621.730, 622.080, 625.180,
628.240, 632.211, 632.425, 632.600, 632.720, 632.730, 632.741,
632.940, 632.945, 633.015, 633.029, 633.318, 633.362, 633.461,
633.471, 633.680, 633.700, 633.720, 634.016, 634.116, 634.122,
634.126, 634.132, 634.136, 634.212 and 635.030.
SECTION 113. ORS 757.738 is amended to read:
757.738. (1)(a) The Public Utility Commission shall establish a
separate trust account for amounts generated by each of the two
surcharges imposed under ORS 757.736. The commission shall
establish the trust accounts as interest-bearing accounts:
(A) With an agency of the United States identified in the final
agreement;
(B) In a depository that is qualified under ORS 295.001 to
295.108 to receive public funds; or
(C) With the { - State Treasurer - } { + Oregon Investment
Corporation + }, to be invested as provided in ORS 293.701 to
293.820.
(b) The commission may establish each of the two trust accounts
with a different trustee among those listed in paragraph (a) of
this subsection.
(c) The commission may authorize transfer of funds from one
trust account to another as necessary to fund removal of the
Klamath River dams.
(2) If an agreement is entered into under ORS 757.742 (2), the
parties to the agreement may agree that a portion of the amounts
collected under one surcharge may be deposited in the trust
account established for amounts collected under the other
surcharge.
(3) Upon request of an agency of the United States, or upon
request of the designee of an agency of the United States, the
commission shall require the trustee of the appropriate trust
account established under this section to transfer to the agency
or designee the amounts that are necessary to pay the costs of
removing the Klamath River dams as described in ORS 757.736 (11).
(4) If any amounts remain in a trust account established under
this section after the trustee makes all payments necessary for
the costs of removing the Klamath River dams as described in ORS
757.736 (11), the commission shall direct the trustee of the
account to refund those amounts to customers or to otherwise use
the excess amounts for the benefit of customers.
SECTION 114. { + (1) The Oregon Investment Corporation is a
continuation of the Oregon Investment Council, and the State
Treasurer as investment officer for the council, with respect to
the council's duties, liabilities, functions and powers, and is
not a new authority.
(2) The Oregon Investment Corporation is a continuation of the
Oregon Investment Council, and the State Treasurer as investment
officer for the council, for the purpose of succession to all
rights and obligations of the council and State Treasurer as
investment officer for the council.
(3) The four voting members of the Oregon Investment Council
appointed by the Governor under ORS 293.706 shall continue as
voting members of the board of directors of the Oregon Investment
Corporation until the expiration of their terms. A member is
eligible for reappointment.
(4) A portion of the moneys in the Miscellaneous Receipts
Account established under ORS 293.718 that the State Treasurer
determines have been deducted as payment for investment of the
funds that the Oregon Investment Corporation is charged with
investing under this 2013 Act and that the State Treasurer
determines are necessary for the corporation to perform the
powers and duties granted the corporation under this 2013 Act,
shall be transferred to the Oregon Investment Corporation Fund
established under section 9 of this 2013 Act.
(5) The transfer of duties, functions and powers to the Oregon
Investment Corporation by this 2013 Act does not affect any
action, proceeding or prosecution involving or with respect to
such duties, functions and powers begun before and pending at the
time of the transfer, except that the Oregon Investment
Corporation is substituted for the Oregon Investment Council in
the action, proceeding or prosecution.
(6) Nothing in sections 1 to 11 of this 2013 Act, the
amendments to statutes by sections 12 to 113 of this 2013 Act or
the repeal of statutes by section 116 of this 2013 Act relieves a
person of a liability, duty or obligation accruing under or with
respect to the duties, functions and powers transferred to the
Oregon Investment Corporation by this 2013 Act. The corporation
may undertake the collection or enforcement of any such
liability, duty or obligation.
(7) Notwithstanding the transfer of duties, functions and
powers to the Oregon Investment Corporation by this 2013 Act, the
rules of the Oregon Investment Council, or the State Treasurer as
investment officer for the council, in effect on the operative
date specified in section 117 of this 2013 Act continue in effect
until superseded or repealed by rules of the corporation.
References, in rules of the council or the State Treasurer, to
the Oregon Investment Council, an officer or employee of the
council or the State Treasurer as investment officer for the
council are considered to be references to the corporation or an
officer or employee of the corporation.
(8) The rights and obligations of the Oregon Investment Council
legally incurred under contracts, leases and business
transactions executed, entered into or begun before the operative
date specified in section 117 of this 2013 Act, and incurred for
the investment funds the Oregon Investment Corporation is charged
with investing under this 2013 Act, are transferred to the Oregon
Investment Corporation. For the purpose of succession to these
rights and obligations, the corporation is a continuation of the
council and not a new authority. + }
SECTION 115. { + (1) Any reference in Oregon statutory law or
rules adopted by the State Treasurer or the Oregon Investment
Council to the 'Oregon Investment Council' shall be considered a
reference to the 'Oregon Investment Corporation. '
(2) For the purpose of harmonizing and clarifying statutory
law, the Legislative Counsel may substitute for words designating
the 'Oregon Investment Council,' wherever they occur in statutory
law, other words designating the 'Oregon Investment
Corporation.' + }
SECTION 116. { + ORS 293.706, 293.713, 293.716, 293.721,
293.731, 293.736, 293.741, 293.756, 293.761, 293.766, 293.780,
293.822, 293.824, 294.831, 294.847 and 294.850 are repealed. + }
SECTION 117. { + (1) Sections 1 to 11, 114 and 115 of this
2013 Act, the amendments to statutes by sections 12 to 113 of
this 2013 Act and the repeal of statutes by section 116 of this
2013 Act become operative January 1, 2014.
(2)(a) The State Treasurer and the Oregon Investment Council
may take any action prior to the operative date specified in
subsection (1) of this section that is necessary to allow the
treasurer and the Oregon Investment Corporation to carry out
sections 1 to 11 and 114 of this 2013 Act, the amendments to
statutes by sections 12 to 113 of this 2013 Act and the repeal of
statutes by section 116 of this 2013 Act on and after the
operative date specified in subsection (1) of this section.
(b) Prior to the operative date specified in subsection (1) of
this section, the State Treasurer may transfer or loan assets or
moneys held by or deposited for the State Treasurer to the Oregon
Investment Corporation on such terms as the State Treasurer
determines will fully reimburse the State Treasurer for the value
of the transferred or loaned assets or moneys.
(3)(a) The board of directors of the Oregon Investment
Corporation may appoint the executive director of the corporation
before the operative date specified in subsection (1) of this
section.
(b) The executive director of the corporation may take any
action before the operative date specified in subsection (1) of
this section that is necessary to enable the executive director
to exercise, on and after the operative date specified in
subsection (1) of this section, the duties, functions and powers
of the executive director pursuant to section 6 of this 2013 Act,
including entering into an agreement with the State Treasurer for
the transfer or loan of assets or moneys as described in
subsection (2) of this section.
(c) For purposes of this subsection, the board of directors of
the corporation includes the four voting members specified in
section 114 (3) of this 2013 Act. + }
SECTION 118. { + The section captions used in this 2013 Act
are provided only for the convenience of the reader and do not
become part of the statutory law of this state or express any
legislative intent in the enactment of this 2013 Act. + }
SECTION 119. { + This 2013 Act being necessary for the
immediate preservation of the public peace, health and safety, an
emergency is declared to exist, and this 2013 Act takes effect on
its passage. + }
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