Title 27, Public Borrowing

As used in this chapter: (1) “Agreement for exchange of interest rates” means a contract, or an option or forward commitment to enter into a contract, for the exchange of interest rates that provides for: (a) Payments based on levels of or changes in interest rates; or (b) Provis…

(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 capaci…

(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. (2) Unless otherwise authorized by law other than this section, the State Treasurer may issue bonds only if a related agency has reques…

A related agency shall, at the direction of the State Treasurer, provide the State Treasurer with: (1) The information that the State Treasurer considers necessary to determine whether to issue the requested bonds, including assumptions underlying cash flow projections associated…

(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 administrat…

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] Note: 286A.015 was enacted into …

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 wit…

(1) The State Treasurer may, at the request of a related agency: (a) Issue bonds when a law of the State of Oregon authorizes bonds to be issued; and (b) Issue refunding bonds without additional authorization. (2) In consultation with the related agency, the State Treasurer may: …

(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 …

(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 th…

(1) The Short Term Borrowing Account is created in the General Fund. (2) The State Treasurer shall credit the proceeds of bonds issued by the State Treasurer under ORS 286A.045 to the Short Term Borrowing Account. The State Treasurer shall, in addition, transfer to the Short Term…

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,…

(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…

(1) When calculating compliance with a constitutional or statutory debt limit: (a) If a bond is issued to a provider of a credit enhancement device for a bond that is subject to a debt limit, the bond issued to the provider must be taken into account only to the extent that the a…

As used in this section and ORS 286A.102: (1) “Obligation” means: (a) A bond; (b) An agreement for exchange of interest rates with the State of Oregon; or (c) A credit enhancement device given as additional security for a bond. (2) “Pledge” means: (a) To create a security interes…

(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. (2) When authorized by law to secure obligations with property of the State of Oregon, a state agency, or the S…

(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 rat…

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…

(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: (a) Enter into a credit enhancement device agreement in order to provide liquidity or security for bonds or for an agreem…

(1) A related agency, with the approval of the State Treasurer, or the State Treasurer, on behalf of a related agency: (a) May bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the State Treasurer on behalf of the related agency. (b) May not, except …

(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 st…

(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: (a) Providers of investment advisory services or advi…

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]

(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 th…

(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 admin…

(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. (2)…

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]

(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. (2) The Oregon Department of Administrative Services m…

(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 term…

(1) There is established a State Debt Policy Advisory Commission, consisting of five members. (2) The State Treasurer and the Director of the Oregon Department of Administrative Services shall serve as ex officio members of the commission. One member of the commission must be a m…

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, t…

As used in ORS 286A.560 to 286A.585 and 327.700 to 327.711, unless the context requires otherwise: (1) “Appropriated funds” for a particular fiscal year means any moneys, other than unobligated net lottery proceeds, that are specifically appropriated or otherwise specifically mad…

(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. (2) The…

(1) Any legislation authorizing issuance of lottery bonds under ORS 286A.560 to 286A.585 shall: (a) State the purposes for which the proceeds of lottery bonds may be spent; (b) Contain findings that those uses are lawful uses of lottery revenues; (c) Indicate the amount of lotter…

(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 …

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 inv…

(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 depart…

(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 amount…

(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…

(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 facilit…

As used in ORS 286A.605 to 286A.625: (1) “Issuer” means an entity that may issue private activity bonds that are qualified bonds on which the interest is exempt from federal taxation. (2) “Private activity bonds” has the meaning given in section 141 of the Internal Revenue Code. …

(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…

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 A…

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]

(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, fe…

(1) As used in this section: (a) “Oregon Baccalaureate Bonds” means bonds of the State of Oregon issued by the State Treasurer at the request of the Higher Education Coordinating Commission that are designated as baccalaureate bonds. (b) “Post-secondary education” means training …

As used in ORS 286A.710 to 286A.720: (1) “Article XI-D bonds” means general obligation bonds issued under the authority of Article XI-D of the Oregon Constitution. (2) “Bond-related costs” means: (a) The costs of paying the principal of, the interest on and the premium, if any, o…

(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 a…

(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 credit…

(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…