Section 293.214 - Lines of credit for state agency; duration; source of funding(1) Subject to the provisions of this section, a state agency may establish with the State Treasurer lines of credit for funds under its administration, upon a certificate by the agency's department head and chief financial officer to the State Treasurer representing and satisfactorily demonstrating, for the period for which a line of credit is requested, that:(a) There will be insufficient moneys to the credit of the funds for which the line of credit is requested to meet expenses as they arise; and(b) The agency will be entitled for expenditure of agency funds to reimbursement from federal agencies or other sources sufficient to repay, when due, all draws against the line of credit, plus interest charged to the agency.(2) No line of credit, based upon anticipated reimbursements, shall be established more than six months in advance of a draw on the credit and draws shall be repaid to the lending fund within six months. Reimbursements must be applied against any outstanding advances on the line of credit established under this section.(3) The State Treasurer may fund lines of credit established pursuant to this section from money to the credit of other state funds which will not be required to meet the respective obligations of the funds during the period for which a draw under a line of credit is not repaid, as provided in ORS 293.210.(4) A line of credit may operate as a revolving fund, so that draws shall proportionately reduce and repayments shall proportionately increase the credit remaining under the line of credit, but at no time shall the total amount of draws against the line of credit exceed the credit limit.(5) Every state agency for which a line of credit is established shall report promptly in writing to the State Treasurer any change in information furnished in support of the request for a line of credit.(6) The State Treasurer may grant or deny, modify or terminate a line of credit when in the judgment of the State Treasurer it is in the best interest of the state.1993 c.68 §2; 2003 c. 16, § 3 293.214 was added to and made a part of 293.205 to 293.225 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.