Oregon Revised Statutes Water Resources: Irrigation, Drainage, Flood Control, Reclamation § 547.570

(1) The treasurer shall account for and pay over as required by law and as ordered by the board, any money received by the treasurer on the sale of the bonds.

(2) If the board deems it more expedient, the board may, by resolution, select some suitable bank or other depository as temporary treasurer to receive the money derived from the sale of bonds, and to hold and disburse the moneys on the orders of the board as the work progresses, until the fund is exhausted or transferred to the treasurer by order of the board of supervisors.