ORS Chapter 286a
Chapter 286A — StateBorrowing
2009 EDITION
STATEBORROWING
PUBLICBORROWING
DEFINITIONS
286A.001 Definitionsfor ORS chapter 286A
DUTIESOF STATE TREASURER
286A.005 Authorityof State Treasurer to issue bonds
286A.010 Informationrequired by State Treasurer
286A.014 Feesand expenses of State Treasurer; rules
286A.015 Paymentof expenses of State Treasurer
286A.016 Dispositionof charges
AUTHORITYFOR BORROWING
286A.025 Issuanceand sale of bonds
286A.035 Bondbudget authorization
286A.045 Borrowingfor current expenses
286A.050 ShortTerm Borrowing Account; sources; uses
286A.055 Reportby State Treasurer on amount of bonds issued, amounts repaid, costs andinterest earned
286A.095 Compliancewith constitutional or statutory debt limit
ADMINISTRATIONOF BONDS
286A.100 Definitionsfor ORS 286A.100 and 286A.102
286A.102 Lienof a pledge; Uniform Commercial Code
286A.110 Agreementsfor exchange of interest rates
286A.118 Terminationpayment of conduit borrower
286A.120 Creditenhancement devices
286A.123 Agencypurchase of own bonds
286A.130 Bondcounsel services; financial advisory services; Public Contracting Code
286A.132 Debt-relatedadvisory services
286A.140 Statetaxation of bond interest
286A.145 Federaltaxation of bond interest; rules
286A.160 Exceptionto expenditure limits for repaying obligations; administrative limits; reports
286A.185 Cancellation,purchase or redemption of bonds; lost or destroyed evidence of bonds; rules
286A.190 Disclosureof bond ownership
286A.195 Financialaudit of bond programs
286A.250 StateDebt Policy Advisory Commission; membership; compensation; quorum; meetings;personnel
286A.255 Functionsand duties of commission
LOTTERYBONDS
286A.560 Definitionsfor ORS 286A.560 to 286A.585 and 327.700 to 327.711
286A.563 Purposes;nature of lottery bonds
286A.566 Requirementsfor legislation authorizing lottery bonds
286A.570 LotteryBond Fund; purposes
286A.573 LotteryBond Administrative Fund; purposes
286A.576 Allocationof lottery moneys for lottery bonds; priorities
286A.578 Litigationchallenging legality of Oregon State Lottery
286A.580 Issuanceof lottery bonds; refunding bonds; bond covenants; reserves for bonds;appropriation to maintain reserves; credit enhancements
286A.585 Lotterybonds for community sports facilities; use of proceeds of bonds
PRIVATEACTIVITY BONDS
286A.605 Definitionsfor ORS 286A.605 to 286A.625
286A.615 PrivateActivity Bond Committee; purpose of private activity bonding; rules
286A.620 Privateactivity bond volume cap
286A.625 StateTreasurer to maintain records
286A.630 Reallocationof private activity bond cap; rules
BACCALAUREATEBONDS
286A.700 Authorityto issue baccalaureate bonds
WATERPOWER BONDS
286A.710 Definitionsfor ORS 286A.710 to 286A.720
286A.712 Authorityof State Treasurer to issue bonds
286A.714 ArticleXI-D Bond Fund; purposes
286A.716 ArticleXI-D Bond Administration Fund; purposes
286A.718 RenewableEnergy Fund; purposes; rules
286A.720 Budgetrequest; Article XI-D bond-related costs
PENSIONLIABILITY BONDS
286A.730 Definitionsfor ORS 286A.730 to 286A.750
286A.735 Authorityof State Treasurer to issue pension liability bonds; nature and purpose ofbonds; refunding bonds
286A.740 ArticleXI-O Bond Fund; purposes
286A.745 ArticleXI-O Bond Administration Fund; purposes
286A.750 Termsand conditions of pension liability bonds
SEISMICREHABILITATION BONDS
(PublicEducation Buildings)
286A.760 Definitionsfor ORS 286A.760 to 286A.772
286A.762 Authorityof State Treasurer to issue bonds
286A.764 ArticleXI-M Bond Fund; purposes
286A.766 ArticleXI-M Bond Administration Fund; purposes
286A.768 EducationSeismic Fund; purposes; rules
286A.772 Paymentof bond-related costs
(EmergencyServices Buildings)
286A.780 Definitionsfor ORS 286A.780 to 286A.792
286A.782 Authorityof State Treasurer to issue bonds
286A.784 ArticleXI-N Bond Fund; purposes
286A.786 ArticleXI-N Bond Administration Fund; purposes
286A.788 EmergencyServices Seismic Fund; purposes; rules; fees
286A.792 Paymentof bond-related costs
DEFINITIONS
286A.001Definitions for ORS chapter 286A. As used in this chapter:
(1)“Agreement for exchange of interest rates” means a contract, or an option orforward commitment to enter into a contract, for the exchange of interest ratesthat provides for:
(a)Payments based on levels of or changes in interest rates; or
(b)Provisions to hedge payment, rate, spread or similar exposure including, butnot limited to, an interest rate floor or cap or an option, put or call.
(2)“Bond”:
(a)Means a contractual undertaking or instrument of the State of Oregon to repayborrowed moneys.
(b)Does not mean a financing agreement, as defined in ORS 283.085, if theprincipal amount of the agreement is $100,000 or less, or a credit enhancementdevice.
(3)“Counterparty” means an entity with whom the State of Oregon enters into anagreement for exchange of interest rates.
(4)“Credit enhancement device”:
(a)Means a letter of credit, line of credit, standby bond purchase agreement, bondinsurance policy, reserve surety bond or other device or facility used toenhance the creditworthiness, liquidity or marketability of bonds or agreementsfor the exchange of interest rates; and
(b)Does not mean a bond.
(5)“Credit enhancement device fee” means a payment required to be made to theprovider of a credit enhancement device securing a bond or securing anagreement for the exchange of interest rates.
(6)“General obligation bond” means a bond that constitutes indebtedness of thestate under section 7, Article XI of the Oregon Constitution, and that isexempt from the $50,000 limitation on indebtedness set forth in that section.
(7)“Operative document” means a bond declaration, trust agreement, indenture,security agreement or other document in which the State of Oregon pledgesproperty as security for an obligation, as defined in ORS 286A.100.
(8)“Refunding bond” means a bond of the State of Oregon that is issued to refundanother bond, regardless of whether the refunding is on a current, advance,forward delivery, synthetic or other basis.
(9)“Related agency” means the state agency that requests the State Treasurer toissue bonds pursuant to ORS 286A.025 or for which the State Treasurer hasissued bonds.
(10)“Related bond” means a bond for which the State of Oregon enters into anagreement for exchange of interest rates.
(11)“Revenue” means all fees, tolls, excise taxes, assessments, property taxes andother taxes, rates, charges, rentals and other income or receipts derived by astate agency or to which a state agency is entitled.
(12)“Revenue bond” means a bond of the State of Oregon that is not a generalobligation bond.
(13)“State agency”:
(a)Includes a statewide elected officer, board, commission, department, division,authority or other entity, without regard to the designation given to theentity, that is within state government, as defined in ORS 174.111; and
(b)Does not include:
(A)A statewide elected judge;
(B)The State Treasurer;
(C)A local government, as defined in ORS 174.116;
(D)The Oregon Health and Science University;
(E)A special government body, as defined in ORS 174.117, except to the extent aspecial government body must be considered a state agency in order to achievethe purposes of Article XI-K of the Oregon Constitution; or
(F)A semi-independent state agency listed in ORS 182.454, 377.835 or 674.305, orany other state agency denominated by statute as a semi-independent stateagency.
(14)“Termination payment” means the amount payable under an agreement for exchangeof interest rates by one party to another party as a result of the termination,in whole or part, of the agreement prior to the expiration of the stated term. [2007c.783 §2; 2009 c.537 §7]
DUTIESOF STATE TREASURER
286A.005Authority of State Treasurer to issue bonds. (1) The State Treasurer shallissue and sign bonds of the State of Oregon. The State Treasurer may sign abond by manual or facsimile signature.
(2)Unless otherwise authorized by law other than this section, the State Treasurermay issue bonds only if a related agency has requested that the bonds beissued.
(3)In determining whether to issue bonds, the State Treasurer shall consider:
(a)The bond market for the type of bonds proposed for issuance;
(b)The terms and conditions of the proposed issue; and
(c)Other relevant factors that the State Treasurer considers necessary to protectthe financial integrity of the State of Oregon.
(4)The State Treasurer may sell bonds for more than one related agency or for morethan one purpose in a single sale or in combination with the sale of otherbonds.
(5)The State Treasurer is an applicable elected representative for the purpose ofapproving the issuance of bonds when approval is required under sect