ORS 545.508: Moneys collected; deposit; separation of funds; disbursements.

(1) Any irrigation district collecting incurred charges as provided in ORS 545.482 to 545.508 shall deposit all moneys collected in an insured institution, as defined in ORS 706.008, selected by the board of directors. The amounts collected for operation and maintenance, construction, bond principal, interest or other purposes shall be kept in separate funds and accounted for separately. (2) Moneys in the funds shall be paid out only upon order of the board by: (a) Checks or drafts signed by at least two individuals authorized by the board to sign checks or drafts; or (b) Electronic funds transfers authorized by the board and initiated by at least two individuals authorized by the board. (3) As used in this section, “electronic funds transfer” has the meaning given that term in ORS 293.525. [Amended by 1967 c.451 §24; 1991 c.459 §423n; 1995 c.42 §123; 2001 c.476 §10; 2005 c.492 §1] BONDS; CONTRACTS WITH STATE OR FEDERAL GOVERNMENT (Authorization for Bonds or Contracts)