Chapter 293 — Chapter 293

ORS 293.660 Determining date of filing or receipt of reports, claims, tax returns or remittances. (1) Any report, tax return, remittance to cover a payment or claim for credit or refund required by law to be filed with or made to the state or to a state agency, which is

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ORS 293.665 [2021 c.2 §7; 2021 c.591 §7; repealed by 2024 c.70 §72]

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ORS 293.701 Definitions for ORS 293.701 to 293.857. As used in ORS 293.701 to 293.857, unless the context requires otherwise

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ORS 293.705 [Formerly 291.604; 1965 c.285 §63; 1967 c.399 §1; repealed by 1967 c.335 §60 and 1967 c.399 §4]

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ORS 293.706 Oregon Investment Council; appointment; term; vacancies. (1) There is created the Oregon Investment Council, consisting of five voting members and one nonvoting member

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ORS 293.707 [1965 c.359 §9; repealed by 1967 c.335 §60]

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ORS 293.708 Conflicts of interest for council members. (1) As used in this section

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ORS 293.710 [Formerly 291.606; repealed by 1967 c.335 §60]

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ORS 293.711 Compensation and expenses of council members; chairperson. (1) Except as provided in subsection (2) of this section, a member of the Oregon Investment Council is entitled to compensation and expenses as provided in ORS 292.495

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ORS 293.712 Continuing education requirements for members of council. The chairperson of the Oregon Investment Council, after consultation with the State Treasurer, shall prescribe continuing education requirements for members of the council. Such continuing education requirements must relate to fiduciary duties, best practices or both. [2017 c.500 §10]

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ORS 293.713 When compensation of council member as director of business prohibited. A member of the Oregon Investment Council is prohibited from accepting compensation for service, except per diem and reimbursement for travel expenses, on the board of directors of any business in which the state has an equity interest, other than publicly traded common stock. [1993 c.718 §3]

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ORS 293.714 Council meetings; recordings; logs. (1) Notwithstanding ORS 192.650 (1) and (2), full sound recordings shall be made of every meeting of the Oregon Investment Council. The full sound recordings shall be produced on equipment selected by the Oregon Investment Council for compatibility with equipment for reproduction by the State Archives

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ORS 293.715 [Formerly 291.607; repealed by 1967 c.335 §60]

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ORS 293.716 State Treasurer is investment officer for council; subordinate personnel; bonds. (1) The State Treasurer is the investment officer for the Oregon Investment Council, and shall perform functions in that capacity as authorized or required by law and, consistent with law, by the council

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ORS 293.718 Payment of expenses of State Treasurer. As payment for expenses of the investment officer, the State Treasurer may deduct monthly a maximum of 0.35 basis points of the most recent market value of assets under management for each of the investment funds. However, for the funds described in ORS 293.701 (2)(n), a maximum of 0.5 basis points may be deducted monthly. Amounts so deducted 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. [1969 c.466 §2; 1989 c.319 §3; 1995 c.288 §1; 1999 c.1043 §2; 2001 c.716 §24; 2009 c.541 §12; 2023 c.37 §1]

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ORS 293.720 [Formerly 291.608; repealed by 1967 c.335 §60]

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ORS 293.721 General objective of investments. Moneys in the investment funds shall be invested and reinvested to achieve the investment objective of the investment funds, which is to make the moneys as productive as possible, subject to the standard set forth in ORS 293.726. [1967 c.335 §6]

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ORS 293.723 Discrete investment of moneys. (1) Moneys in a fund established by law may not be discretely invested unless the law establishing the fund specifically indicates that the moneys may be invested. A provision in a law establishing a fund that requires interest earned by the fund to be retained by the fund is not, by itself, a specific indication that the moneys in the fund may be discretely invested

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ORS 293.726 Standard of judgment and care in investments; investment in corporate stock. (1) The investment funds shall be invested and the investments of those funds managed 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

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ORS 293.728 Oregon Short Term Fund. (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

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ORS 293.731 Council to formulate and review investment policies; exception. Subject to the objective set forth in ORS 293.721 and the standards set forth in ORS 293.726, the Oregon Investment Council shall formulate policies for the investment and reinvestment of moneys in the investment funds and the acquisition, retention, management and disposition of investments of the investment funds. The council, from time to time, shall review those policies and make changes therein as it considers necessary or desirable. The council may formulate separate policies for any fund included in the investment funds. This section does not apply to the Oregon Growth Account, the Oregon Growth Fund, the Oregon Growth Board, the Oregon Innovation Fund or the Oregon Innovation Council. [1967 c.335 §8; 1993 c.210 §20; 1999 c.42 §1; 1999 c.274 §18; 2001 c.835 §9; 2001 c.922 §§15a,15b; 2005 c.748 §§15,16; 2012 c.90 §§22,32; 2013 c.732 §8; 2019 c.131 §10]

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ORS 293.733 Venture capital investments; council’s duty. (1) In making and implementing investment decisions related to venture capital, the Oregon Investment Council and the investment officer have a duty to look first at Oregon opportunities for diversification unless, under the circumstances, it is not prudent to do so

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ORS 293.734 Report on venture capital investments. The Oregon Investment Council shall submit an annual report to the Speaker of the House of Representatives and the President of the Senate detailing the investments and commitments made by the council in accordance with ORS 293.733. [2003 c.606 §5]

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ORS 293.735 [Formerly 291.610; repealed by 1967 c.335 §60]

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ORS 293.736 Duties of investment officer. (1) Except as provided in ORS 293.741, in amounts available for investment purposes and subject to the policies formulated by the Oregon Investment Council, the investment officer shall invest and reinvest moneys in the investment funds and acquire, retain, manage, including exercise of any voting rights, and dispose of investments of the investment funds

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ORS 293.740 [Formerly 291.611; repealed by 1967 c.335 §60]

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ORS 293.741 Council may contract with others to perform investment officer functions; compensation; bond. The Oregon Investment Council may enter into contracts with one or more persons whom the council determines to be qualified, whereby the persons undertake, in lieu of or in addition to the investment officer, to perform the functions specified in ORS 293.736 to the extent provided in the contract. Performance of functions under a contract shall be paid for out of the gross interest or other income of the investments with respect to which the functions are performed, and the net interest or other income of the investments after that payment shall be considered income of the investment funds. The council may require a person contracted with to give to the state a fidelity bond in a penal sum as may be fixed by law or, if not so fixed, as may be fixed by the council, with corporate surety authorized to do business in this state. Contracts entered into under this section and functions performed under the contracts are not subject to ORS chapter 240 or ORS 279A.140. [1967 c.335 §10; 2003 c.794 §248; 2005 c.295 §2]

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ORS 293.745 [Formerly 291.612; repealed by 1967 c.335 §60]

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ORS 293.746 Opinion of bond attorney or Attorney General; investment counseling and mortgage services. (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

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ORS 293.750 [Formerly 291.613; repealed by 1967 c.335 §60]

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ORS 293.751 Custody of title instruments; deposit for safekeeping; form; collection and disposition of principal and interest; default proceedings. (1) Except as provided in ORS 293.741 and this subsection, all instruments of title of all investments of the investment funds shall remain in the custody of the investment officer. 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 funds 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

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ORS 293.755 [Formerly 291.614; repealed by 1967 c.335 §60]

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ORS 293.756 Separate accounting for funds. The investment officer shall keep, for each fund included in the investment funds for which investments are made, a separate account, which shall record the individual amounts and the totals of all investments of moneys in the fund. [1967 c.335 §13]

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ORS 293.760 [Formerly 291.616; repealed by 1967 c.335 §60]

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ORS 293.761 Duty of investment officer to provide information for financial reporting. (1) The investment officer shall follow generally accepted accounting practices and provide to the officer or body having control and administration of any investment funds any information necessary for financial reporting required by law

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ORS 293.765 [Formerly 291.618; repealed by 1967 c.335 §60]

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ORS 293.766 Monthly reports by investment officer to council. Not later than 15 days after the last day of each month, the investment officer shall submit to the Oregon Investment Council a report of the investments made during the preceding month. The report shall include 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 293.756. The investment officer may send copies of the report to investment bankers and brokers recommended by the council. [1967 c.335 §15]

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ORS 293.770 [Formerly 291.620; repealed by 1967 c.335 §60]

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ORS 293.771 Reports by council to Governor and legislature. 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. [1967 c.335 §16; 2011 c.545 §38]

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ORS 293.775 [1963 c.520 §3; repealed by 1967 c.335 §60]

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ORS 293.776 Examination and audit of investment program; report. The Oregon Investment Council shall provide for an examination and audit of the investment funds investment program, and for submission to the council of a report based on the examination and audit, at least once every four years and at other times as the council 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. The council shall make copies of the report or a summary thereof available for distribution to interested persons. [1967 c.335 §17]

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ORS 293.778 Investment holding companies; use; directors and officers; effect of conflict of interests. (1) The investment officer singly, or jointly with other public or institutional investors, may authorize establishment of investment holding companies, which may be corporations, partnerships or limited liability companies, and placement of investment funds 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

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ORS 293.780 Group annuity contracts with insurers on behalf of Public Employees Retirement System and Board. The Oregon Investment Council, for and on behalf of the Public Employees Retirement System and Public Employees Retirement Board, may 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 as provided in ORS 293.701 to 293.857, the council may pay, from time to time under contracts so entered into, any moneys in that fund available for investment purposes. Contracts so entered into are not subject to ORS 279A.140. [1967 c.335 §18; 2003 c.794 §250]

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ORS 293.790 Holding, investing and disposing of corporate stock. (1) Under authority of Article XI, section 6, of the Oregon Constitution, the state, subject to subsection (2) of this section, may hold and dispose of the stock of any company, association or corporation, including stock already received, that is donated or bequeathed, and the state, acting on behalf of the governing board of a public university listed in ORS 352.002, subject to subsection (2) of this section, may invest and reinvest in the stock of any company, association or corporation, any funds or moneys of the public university held in the Public University Fund established under ORS 352.450 that is permitted to be held, disposed or invested under Article XI, section 6, of the Oregon Constitution

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ORS 293.793 Purchase or acquisition of state government bonds. (1) As used in this section

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ORS 293.796 Findings regarding venture capital for new businesses. (1) The Legislative Assembly finds that

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ORS 293.798 Definitions. As used in ORS 293.798 to 293.803

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ORS 293.799 Investments in thermal coal. (1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with ORS 293.721 and 293.726 to try to ensure that moneys in subject investment funds are not invested in any thermal coal company, or any fund containing a thermal coal company

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ORS 293.800 Identification of and engagement with thermal coal companies; rules. (1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall make reasonable efforts to investigate all companies in which the State Treasury has invested or may invest moneys in subject investment funds to determine whether any of those companies are thermal coal companies

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ORS 293.801 Reporting by State Treasurer. On or before January 15 of each year, the State Treasurer 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 pursuant to the provisions of ORS 293.798 to 293.803. Annual reports must be made under this section until no moneys in subject investment funds are invested in thermal coal companies. The State Treasurer shall make reports under this section publicly available via the Internet. [2024 c.79 §4]

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