Oregon Revised Statutes Chapter 295 § 295.038 — Assessment against collateral of qualified depositories

Assessment against collateral of qualified depositories. (1) After making the calculation described in ORS 295.037, the State Treasurer shall assess the amount of uninsured public funds against a collateral pool that consists of collateral provided by all other qualified depositories of the same type, either bank or credit union, as the closed depository as follows: (a) First, against the closed depository, to the extent of the full value of the proceeds from the State Treasurer’s liquidation of the closed depository’s collateral under ORS 295.037, plus the State Treasurer’s estimate of the amount of proceeds the State Treasurer expects to receive from collateral the State Treasurer has not yet liquidated; and (b) Second, against all other qualified depositories on a proportionate basis determined as provided in subsection (2) of this section. The amount the State Treasurer assesses against another qualified depository may not exceed the depository’s maximum liability. (2) For purposes of subsection (1) of this section, the State Treasurer shall determine the proportionate share of each of the other qualified depositories in the collateral pool by: (a) Averaging, for each qualified depository, the total amounts of all uninsured public funds deposits the depository reported on the depository’s last two treasurer reports; (b) Averaging the aggregate total amounts of all uninsured public funds deposits all qualified depositories in the pool reported on the depositories’ last two treasurer reports; and (c) Dividing the result of the calculation performed under paragraph (a) of this subsection by the results of the calculation performed under paragraph (b) of this subsection. (3) For purposes of the calculations set forth in subsections (1) and (2) of this section, “qualified depository” refers only to qualified depositories that are of the same type as the closed depository. (4) Notwithstanding the assessment provisions of subsection (1) of this section, the State Treasurer shall assess the amount of a public official’s uninsured public funds deposits only against the closed depository and not against other qualified depositories, if the public official: (a) Received appropriate notice about the closed depository from the State Treasurer under ORS 295.018 (6)(a) or 295.031 (1) and did not comply with ORS 295.034; or (b) Failed to timely comply with the requirements of ORS 295.006 and, as a result of failing to timely comply, did not receive appropriate notice about the closed depository from the State Treasurer under ORS 295.018 (6)(a), 295.031 (1) or