Oregon Revised Statutes Chapter 545 § 545.685 — Establishing bank account for payment of labor and emergency expenses

Establishing bank account for payment of labor and emergency expenses. (1) The board of directors of an irrigation district may withdraw from any moneys deposited on behalf of the district an amount designated by the board and deposit it in an account with any insured institution, as defined in ORS 706.008, that is approved by the board to be maintained in the name of the district for the purposes set forth in subsection (2) of this section. (2) The account established under this section shall be used for the payment of any claims arising out of labor and emergency expenses incurred by the district during any month. Moneys may be withdrawn from the account by: (a) Check or draft signed by at least two individuals authorized to do so by the board of directors; or (b) Electronic funds transfers authorized by the board and initiated by at least two individuals authorized by the board. (3) The expenditures made shall be ratified and audited by the board at each regular meeting. (4) As used in this section, “electronic funds transfer” has the meaning given that term in ORS 293.525. [Formerly 545.563; 1997 c.631 §488; 2005 c.492 §2]