Skip to main content
Find a Lawyer

Oregon Revised Statutes Public Financial Administration § 291.261

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) Notwithstanding the legislative policy and intent declared in ORS 291.232, if the Oregon Department of Administrative Services declares at any time during a biennium that there is a projected deficit in that biennium, the department may, with the approval of the Governor and in order to prevent the deficit, reduce the amount allotted to state agencies under ORS 291.234 to 291.260 from the General Fund in the manner provided in subsection (2) of this section.

(2)(a) In reducing allotments under this section, the department and the Governor shall follow legislative funding priorities as expressed in statutes and in the legislatively adopted or approved budget for the biennium. Unless statutes or the legislatively adopted or approved budget indicate otherwise, the department and the Governor shall assume that all General Fund appropriations have the same priority and shall reduce allotments of General Fund moneys for each state agency receiving General Fund moneys by the same percentage.

(b) The department and the Governor may not reduce allotments under this section by a total amount that exceeds the amount necessary to bring the total estimated General Fund ending balance to zero.

(3) For purposes of this section, the department may declare that there is a projected deficit if a quarterly estimate made as provided in ORS 291.342 indicates that the projected balance in the General Fund at the end of the biennium will be less than zero.

(4) Subsections (1) to (3) of this section do not apply to an allotment, or a portion of an allotment, that is designated by a state agency for the payment of debt service. After an allotment that is designated by a state agency for the payment of debt service is made, the department and the Governor may not reduce the allotment or a portion of the allotment below the amount needed for the payment of debt service in the biennium.

(5) As used in this section:

(a) “Agreement for exchange of interest rates” has the meaning given that term in ORS 286A.001.

(b) “Bond” has the meaning given that term in ORS 286A.001.

(c) “Credit enhancement device” has the meaning given that term in ORS 286A.001.

(d) “Payment of debt service” means:

(A) The payment of principal, interest or other amounts owed under a bond;

(B) The transfer, segregation or other disposition of moneys to comply with bond payment amounts or required reserve amounts; or

(C) The payment of amounts owed under an agreement for exchange of interest rates, a credit enhancement device or a similar instrument.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Oregon Revised Statutes Public Financial Administration § 291.261 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-28-public-financial-administration/or-rev-st-sect-291-261/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard