(1) A public official shall deposit, or require the deposit of, all public funds in the public officials custody or control in one or more qualified depositories, except as follows: (a) A public official may retain undeposited such reasonable cash working fund as is fixed by the public body for which the public official acts. (b) A public official may deposit public funds in a depository that is not a qualified depository if the amount of public funds deposited is fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration and, for any amount deposited in excess of the insured amount, the excess amount is insured or guaranteed by private deposit insurance or a deposit guaranty bond issued by an insurance company rated A- or better by a recognized insurance rating service. (2) Compliance with ORS 295.001 to 295.108 relieves the public official of personal liability for the loss of the public funds in the public officials custody or control. [Formerly 295.025; 2010 c.101 2; 2019 c.587 2]
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