News ReleaseState of Oregon seal

Ted Wheeler             

Oregon State Treasurer

 


 

FOR IMMEDIATE RELEASE

July 15, 2016

Contact: James Sinks, 503-881-4747 (cell), Oregon.gov/treasury

 

New diversified intermediate fund is available to qualified government entities for longer-term deposits

SALEM – Responding to requests from Oregon local governments, the State Treasury is now offering a new option to invest public funds.

The new Oregon Local Government Intermediate Fund provides qualified participants such as cities, counties, school districts and special districts with a Treasury-overseen investment pool for longer-term deposits such as reserves, in addition to the existing Oregon Short Term Fund.

The new intermediate term fund is constructed and diversified to potentially yield higher returns, depending on market conditions. However, unlike the Oregon Short Term Fund, invested principal will be at risk. Oregon local governments already can invest in private sector options with longer investment horizons, but requested that such a longer-duration vehicle also be made available through the State Treasury.

“We rely on our local governments in Oregon to improve public safety and wellbeing, to supply irrigation water, and to guide education and job training,” said State Treasurer Ted Wheeler. “At the Oregon Treasury, we worked diligently – in consultation with legislators — to design a new program that responds to the evolving financial needs of our vital local governments, while also ensuring appropriate oversight and diversification to reduce volatility.”

The Legislature in 2013 authorized the State Treasurer to allow local governments to participate in the State’s investment pools, when appropriate. In the 2015 session, lawmakers approved additional staffing and oversight capacity at the State Treasury. Tre