2021 Oregon Revised Statutes
Chapter 297 - Audits of Public Funds and Financial Records
Section 297.435 - Exemption from audit; financial statement and bonding required.

(2)(a) Total expenditures for all purposes, including moneys expended for debt retirement, did not exceed $150,000 for the year;
(b) The municipal corporation has submitted financial statements for the year to the Secretary of State within 90 days following the end of the year; and
(c) A certificate has been submitted with the financial statements stating that the principal responsible official of the municipal corporation was covered during the entire year by a fidelity or faithful performance bond in an amount at least equal to the total amount of moneys received by the municipal corporation during the year.
(3)(a) Total expenditures for all purposes, including moneys expended for debt retirement, exceeded $150,000 but did not exceed $500,000 for the year;
(b) The municipal corporation has submitted financial statements for the year to the Secretary of State within 180 days following the end of the year, and the financial statements have been reviewed by an accountant or the Secretary of State in accordance with standards prescribed by the Secretary of State; and
(c) A certificate has been submitted with the financial statements stating that the official responsible for receiving and disbursing moneys on behalf of the municipal corporation was covered during the entire year by a fidelity or faithful performance bond in an amount at least equal to 10 percent of the total receipts for the year, but not less than $10,000.
(4) The financial statements required by this section shall be in a form prescribed by the Secretary of State and shall be considered audit reports for the purpose of the filing fee required by ORS 297.485.
(5) The provisions of ORS 297.466 apply to financial statements for cities reviewed under subsection (3) of this section. [1977 c.774 §5; 1981 c.245 §1; 1997 c.401 §1; 2007 c.709 §1]

Structure 2021 Oregon Revised Statutes