Chapter 286A — Chapter 286A

ORS 286A.001 Definitions for ORS chapter 286A. As used in this chapter

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ORS 286A.003 State policy on debt management. (1) The State of Oregon recognizes that adherence to a debt management policy that provides guidelines for debt issuance is necessary to limit the long-term impact of debt on the budget of the state, to preserve the credit rating of the state and to maintain available debt capacity to meet the continuing capital investment needs of this state. Accordingly, it is the policy of the State of Oregon that, in determining the total amount of bonds to be authorized each biennium, the Legislative Assembly shall

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ORS 286A.005 Authority of State Treasurer to issue bonds. (1) The State Treasurer shall issue and sign bonds of the State of Oregon. The State Treasurer may sign a bond by manual or facsimile signature

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ORS 286A.010 Information required by State Treasurer. A related agency shall, at the direction of the State Treasurer, provide the State Treasurer with

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ORS 286A.014 Fees and expenses of State Treasurer; rules. (1) The State Treasurer may charge a related agency for reasonable fees and expenses in connection with the services, duties and activities of the State Treasurer related to the borrowing activities of the State of Oregon, including but not limited to the issuance and administration of obligations, as defined in ORS 286A.100

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ORS 286A.015 Payment of expenses of State Treasurer. Moneys received under ORS 286A.014 are continuously appropriated to the State Treasurer for the payment of expenses of the State Treasurer in connection with bonds of the State of Oregon or a public body as defined in ORS 287A.001. [2007 c.783 §6]

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ORS 286A.016 Disposition of charges. All moneys received under ORS 286A.014 and 287A.634 shall be deposited in the Miscellaneous Receipts Account established in the General Fund for the State Treasurer. The State Treasurer may use moneys in the account for payment of expenses of the State Treasurer in connection with bonds of the State of Oregon or a public body as defined in ORS 287A.001. [Formerly 286.025]

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ORS 286A.025 Issuance and sale of bonds. (1) The State Treasurer may, at the request of a related agency

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ORS 286A.035 Bond budget authorization. (1) Each related agency shall report the plans of the related agency for the issuance of bonds during the next biennium. The related agency shall submit the related agency’s report to the Governor by a date determined by the Governor and shall include in the report a description of bonds that the related agency intends to retire or defease during the next biennium

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ORS 286A.045 Borrowing for current expenses. (1) The State Treasurer may issue bonds to finance all or a portion of the current expenses of this state. The amount of bonds issued under this section at any time may not exceed the State Treasurer’s estimate of the cash flow deficit in revenues available to pay the expenses that are financed with the bonds, plus amounts for reasonable reserves and costs

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ORS 286A.050 Short Term Borrowing Account; sources; uses. (1) The Short Term Borrowing Account is created in the General Fund

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ORS 286A.055 Report by State Treasurer on amount of bonds issued, amounts repaid, costs and interest earned. Within 90 days following the end of a biennium, the State Treasurer shall report in writing to the Legislative Fiscal Officer and the Legislative Revenue Officer on the amount of bonds issued by the State Treasurer under ORS 286A.045, the amount spent in repayment of those bonds, the issuance costs and interest costs of those bonds and the interest revenues earned by the proceeds of those bonds. [Formerly 293.177]

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ORS 286A.056 Cancellation or postponement of scheduled issuance of bonds. (1) If the State Treasurer or Director of the Oregon Department of Administrative Services determines that the treasurer or director will cancel or postpone an issuance of general obligation bonds or lottery bonds that was authorized by law and previously scheduled, the treasurer or director shall provide written notice to the President of the Senate, the Speaker of the House of Representatives and the Legislative Fiscal Officer

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ORS 286A.095 Compliance with constitutional or statutory debt limit. (1) When calculating compliance with a constitutional or statutory debt limit

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ORS 286A.100 Definitions for ORS 286A.100 and 286A.102. As used in this section and ORS 286A.102

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ORS 286A.102 Lien of a pledge; Uniform Commercial Code. (1) The Uniform Commercial Code does not apply to the creation, perfection, priority or enforcement of a lien of a pledge made by a state agency or the State Treasurer

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ORS 286A.110 Agreements for exchange of interest rates. (1) A related agency with the approval of the State Treasurer, or the State Treasurer on behalf of a related agency, may enter into agreements for exchange of interest rates with counterparties. Agreements for exchange of interest rates may be made to manage payment, interest rate, spread or similar exposure undertaken in connection with a related bond upon a determination by the related agency, or by the State Treasurer on behalf of the related agency, that the agreement benefits the State of Oregon

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ORS 286A.118 Termination payment of pass-through revenue bond borrower. With the approval of the State Treasurer, a related agency may lend moneys derived from an issuance and sale of bonds to a pass-through revenue bond borrower of proceeds from outstanding, previously issued pass-through revenue bonds for the purpose of paying a termination payment due under an agreement for exchange of interest rates entered into by the pass-through revenue bond borrower in relation to the outstanding, previously issued pass-through revenue bonds. [2009 c.538 §4; 2023 c.174 §3]

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ORS 286A.120 Credit enhancement devices. (1) In addition to authority conferred by law other than this section, a related agency, with the approval of the State Treasurer, or the State Treasurer may

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ORS 286A.123 Agency purchase of own bonds. (1) A related agency, with the approval of the State Treasurer, or the State Treasurer, on behalf of a related agency

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ORS 286A.130 Bond counsel services; financial advisory services; Public Contracting Code. (1) The State Treasurer or a related agency may enter into one or more agreements for bond counsel services for a period of not less than one year during any biennium in which there are bonds outstanding that were issued for the state agency or during any biennium in which the state agency expects the State Treasurer to issue bonds for an agency program. A state agency may not enter into an agreement for bond counsel services unless the State Treasurer and the Attorney General have reviewed and approved the terms and conditions of the agreement. Before approving an agreement, the State Treasurer shall consider the reputation, experience and credentials of the bond counsel, including the individuals expected to actually fulfill the contract work

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ORS 286A.132 Debt-related advisory services. (1) In addition to authority conferred by law other than this section, the State Treasurer or, with the approval of the State Treasurer, a related agency may enter into an agreement with and retain the services of one or more

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ORS 286A.140 State taxation of bond interest. Except as provided in ORS 289.250, interest on all bonds of the State of Oregon is exempt from personal income tax under ORS chapter 316. [2007 c.783 §22; 2015 c.548 §4]

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ORS 286A.145 Federal taxation of bond interest; interest rate subsidies; rules. (1) The State Treasurer or a related agency may enter into covenants for the benefit of owners of bonds that are intended to allow the bonds to bear interest that is excluded from gross income under the federal Internal Revenue Code or that is otherwise exempt from taxation by the United States. The State Treasurer or a related agency may adopt rules or procedures that are intended to facilitate compliance with those covenants, and may take any action that is required to comply with those covenants. Covenants authorized by this subsection include, but are not limited to, covenants to

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ORS 286A.160 Exception to expenditure limits for repaying obligations; administrative limits; reports. (1) Notwithstanding any law limiting expenditures of a state agency, for the purpose of repaying obligations of the state to obtain savings in total or periodic debt service payments, a law limiting expenditures does not apply to payments approved by the State Treasurer for administrative expenses, debt service or financing costs that are necessary or appropriate for the retirement or refunding of bonds unless the law limiting expenditures creates a specific exception to this section

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ORS 286A.185 Cancellation, purchase or redemption of bonds; lost or destroyed evidence of bonds; rules. (1) The State Treasurer may adopt rules, or establish by contract or policy, procedures and requirements for the cancellation, purchase or redemption of bonds, the remittance of funds to pay bonds, or the replacement of lost or destroyed evidence of bonds or interest coupons

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ORS 286A.190 Disclosure of bond ownership. The records of bond ownership are not public records for purposes of ORS 192.311 to 192.478 or other law governing the disclosure of information. [2007 c.783 §25]

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ORS 286A.195 Financial audit of bond programs. (1) The Secretary of State shall conduct a financial audit of the bond programs of each state agency at least annually. The Secretary of State shall publish the audit as soon as possible following the end of the audit period

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ORS 286A.200 Administration of certain bond programs by Oregon Department of Administrative Services. (1) The Oregon Department of Administrative Services may, with respect to bonds described in subsection (2) of this section, administer bond programs and the transfer or disbursement of bond proceeds through intergovernmental agreements or grant or loan agreements containing terms and conditions the department determines are necessary or advisable to

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ORS 286A.250 State Debt Policy Advisory Commission; membership; compensation; quorum; meetings; personnel; consultation with other agencies. (1) There is established a State Debt Policy Advisory Commission, consisting of five members

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ORS 286A.255 Functions and duties of commission. The State Debt Policy Advisory Commission shall advise the Governor and the Legislative Assembly regarding policies and actions that enhance and preserve the state’s credit rating and maintain the future availability of low-cost capital financing. In carrying out this function, the commission shall at least annually prepare a report showing the consolidated bond profile of this state. The report must include

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ORS 286A.560 Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711. As used in ORS 286A.560 to 286A.585 and 327.700 to 327.711, unless the context requires otherwise

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ORS 286A.563 Purposes; nature of lottery bonds. (1) The Legislative Assembly declares that the purpose of ORS 286A.560 to 286A.585 is to combine previously enacted legislation authorizing lottery bonds into a single Act that provides uniform administrative procedures for all lottery bonds issued by the State of Oregon

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ORS 286A.566 Requirements for legislation authorizing lottery bonds. (1) Any legislation authorizing issuance of lottery bonds under ORS 286A.560 to 286A.585 shall

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ORS 286A.570 Lottery Bond Fund; purposes. (1) The Lottery Bond Fund is established in the State Treasury, separate and distinct from the General Fund. The amounts of unobligated net lottery proceeds described in ORS 286A.576 (2)(a) and (b) and any appropriated funds and investment earnings of the Lottery Bond Fund shall be credited to the Lottery Bond Fund. The State Treasurer may establish reserves for lottery bonds as provided in ORS 286A.580 (6). The reserves shall be credited to such account in the Lottery Bond Fund as the State Treasurer may designate

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ORS 286A.573 Lottery Bond Administrative Fund; purposes. The Lottery Bond Administrative Fund is established in the State Treasury, separate and distinct from the General Fund. The amounts of unobligated net lottery proceeds specified in ORS 286A.576 (2)(c), the proceeds of any lottery bonds issued to pay bond-related costs and the investment earnings on amounts in the Lottery Bond Administrative Fund shall be credited to the Lottery Bond Administrative Fund. All moneys credited from time to time to the Lottery Bond Administrative Fund, including any investment earnings thereon, are appropriated continuously to the Oregon Department of Administrative Services only for payment of bond-related costs. Amounts in the Lottery Bond Administrative Fund shall be disbursed upon the written request of the Director of the Oregon Department of Administrative Services. [Formerly 286.573]

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ORS 286A.576 Allocation of lottery moneys for lottery bonds; priorities. (1) Subject only to the availability of unobligated net lottery proceeds, in each fiscal period established by the Oregon Department of Administrative Services in which lottery bonds are outstanding, there shall be allocated, in accordance with a schedule determined by the department, from the Administrative Services Economic Development Fund created by ORS 461.540 or, if unobligated net lottery proceeds in that fund are insufficient, from any other fund or account of this state that contains unobligated net lottery proceeds, an amount of unobligated net lottery proceeds that is sufficient

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ORS 286A.578 Litigation challenging legality of Oregon State Lottery. (1) Lottery bonds may be issued pursuant to ORS 286A.580 without regard to any litigation challenging the legality of the Oregon State Lottery. Lottery bonds issued pursuant to ORS 286A.580 are valid and binding obligations of the State of Oregon that are payable only from amounts pledged under ORS 286A.580 (7) or from appropriated funds, even if the Oregon State Lottery is partially or wholly invalidated. In the event the lottery is invalidated, the Oregon Department of Administrative Services shall request the Legislative Assembly or, if the Legislative Assembly is not in session, the Emergency Board to provide appropriated funds pursuant to ORS 286A.580 (6)

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ORS 286A.580 Issuance of lottery bonds; refunding bonds; bond covenants; reserves for bonds; appropriation to maintain reserves; credit enhancements. (1) The State Treasurer, at the request of the Director of the Oregon Department of Administrative Services, may issue lottery bonds from time to time to finance any lottery bond program and to pay costs of issuing lottery bonds and administering the lottery bond program, and the State Treasury may be paid for all bond-related costs the State Treasury incurs

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ORS 286A.585 Lottery bonds for community sports facilities; use of proceeds of bonds. (1) Pursuant to ORS 286A.560 to 286A.585 and subject to future legislative approval, lottery bonds may be issued to make grants or loans to Oregon cities to fund projects for the reconstruction, renovation or development of community sports facilities in order to make the facilities suitable for use by a major league baseball team if a city is selected as an expansion site by major league baseball or if a major league baseball team agrees to relocate to a city

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ORS 286A.605 Definitions for ORS 286A.605 to 286A.625. As used in ORS 286A.605 to 286A.625

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ORS 286A.615 Private Activity Bond Committee; purpose of private activity bonding; suballocation; rules. (1) The Private Activity Bond Committee is established. It shall consist of the State Treasurer or the designee of the State Treasurer, one representative from the Oregon Department of Administrative Services and one public representative appointed to serve at the pleasure of the Governor

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ORS 286A.620 Private activity bond volume cap. The Legislative Assembly may allocate the amount of private activity bond volume cap among state agencies and the Private Activity Bond Committee for the two calendar years that begin in a biennium. Any volume cap that the state receives that is not allocated by the Legislative Assembly may be allocated by the Private Activity Bond Committee. [2007 c.783 §31]

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ORS 286A.625 State Treasurer to maintain records. The State Treasurer shall maintain the official state private activity bond volume cap records and provide administrative support to the Private Activity Bond Committee. [Formerly 286.645]

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ORS 286A.630 Reallocation of private activity bond cap; rules. (1) The Legislative Assembly finds that the American Recovery and Reinvestment Act of 2009 (P.L. 111-5) provides that the State of Oregon may receive, allocate and reallocate the authority to issue certain kinds of state and local government bonds that qualify for tax credits, federal subsidies or exclusion of bond interest from gross income under the United States Internal Revenue Code of 1986, as amended

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ORS 286A.700 Authority to issue baccalaureate bonds. (1) As used in this section

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ORS 286A.710 Definitions for ORS 286A.710 to 286A.720. As used in ORS 286A.710 to 286A.720

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ORS 286A.712 Authority of State Treasurer to issue bonds. (1) Article XI-D bonds are a general obligation of the State of Oregon and must contain a direct promise on behalf of the State of Oregon to pay the principal of, the interest on and the premium, if any, on the Article XI-D bonds. The State of Oregon shall pledge its full faith and credit and taxing power to pay Article XI-D bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-D bonds

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ORS 286A.714 Article XI-D Bond Fund; purposes. (1) The Article XI-D Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the bond fund may be invested as provided in ORS 293.701 to 293.857, and interest earned on the bond fund must be credited to the bond fund. Amounts credited to the bond fund are continuously appropriated to the Oregon Department of Administrative Services for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-D bonds. The department shall deposit in the bond fund

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ORS 286A.716 Article XI-D Bond Administration Fund; purposes. (1) The Article XI-D Bond Administration Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the bond administration fund may be invested as provided in ORS 293.701 to 293.857, and interest earned on the bond administration fund must be credited to the bond administration fund. Amounts credited to the bond administration fund are continuously appropriated to the Oregon Department of Administrative Services for payment of bond-related costs. The department shall credit to the bond administration fund

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