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<DIV>FYI - And yes, I'm not gone yet! Close though.....I want to thank all of you for your well wishes.</DIV>
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<DIV><FONT face="Footlight MT Light" color=#6147c5 size=4><STRONG><FONT face="Brush Script MT" size=6>Karen Park<BR></FONT></STRONG></FONT></DIV>
<DIV><FONT face="Footlight MT Light" color=#6147c5 size=4><STRONG>Oregon State Social Security Coordinator</STRONG></FONT></DIV>
<DIV><FONT face="Footlight MT Light" color=#6147c5 size=4><STRONG>Oregon PERS<BR>503 603-7633<BR>karen.park@state.or.us<BR><IMG alt="" hspace=0 src="cid:WSYCJAIQRCWO.IMAGE_4.GIF" align=baseline border=0><BR>SL2</STRONG></FONT></DIV>
<DIV><STRONG><FONT face="Footlight MT Light" color=#6147c5 size=4></FONT></STRONG> </DIV>
<DIV><FONT face="Footlight MT Light" color=#6147c5>Please note my office hours are Monday thru Thursday 6 am to 4:30 pm</FONT></DIV>
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=2>CONFIDENTIALITY NOTE: All information in this email, including attachments, is approved solely for delivery to and authorized use by intended recipients. Use, dissemination, distribution, or reproduction of this message and/or any of its attachments by unintended recipients is not authorized and may be unlawful. If you are not an intended recipient of this message or an authorized assistant to an intended recipient, please notify the sender by replying to this message and then delete it from your system</FONT>. </P></FONT></DIV><BR><BR>>>> McCAW Kari <Kari.McCAW@ost.state.or.us> 8/23/2011 2:56 PM >>><BR></DIV>
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<P class=MsoNormal><B><SPAN style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman','serif'">“It has come to the Oregon Short Term Fund Board’s attention that some local governments have language in their respective Investment Policies that restrict purchases of US Treasury, Agency, and Instrumentality obligations only to those rated triple-A. Consequently, the downgrade of senior US Government obligations by Standard & Poor’s to double-A has severely restricted the investment options of these local governments. ORS 294.035(3)(a) allows investment in “Lawfully issued general obligations of the United States, the agencies and instrumentalities of the United States or enterprises sponsored by the United States Government and obligations whose payment is guaranteed by the United States, the agencies and instrumentalities of the United States or enterprises sponsored by the United States Government.” Given the significant liquidity advantages of US Treasury and Agency obligations and that ORS 294.035 does not discriminate based on ratings, the OSTF Board does not consider Investment Policy revisions adjusting for the Standard & Poor’s downgrade to require board approval. ”<o:p></o:p></SPAN></B></P>
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<P class=MsoNormal><B><SPAN style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman','serif'">If you have any questions, please contact Tom Lofton at (503) 378-4111<o:p></o:p></SPAN></B></P>
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