Current through Register Vol. 63, No. 9, September 1, 2024
Applicants shall pay the Department and the Commission's bond
counsel the following fees and expenses:
(1) For a new money Bond which is not a
refunding, modification, restructuring, or reissuance:
(a) Applicant shall pay to the Department a
non-refundable application fee of $500 that shall accompany the application,
unless the project is an Exempt Facility solid waste disposal waste-to-energy
project. If the project is an Exempt Facility solid waste disposal
waste-to-energy project, the Applicant shall pay to the Department a
non-refundable application fee of $2,500 that shall accompany the application.
If an Exempt Facility solid waste disposal waste-to-energy Bond closes, $2,000
shall be credited towards the total closing fee due at closing.
(b) For Bonds to be issued for Exempt
Facility solid waste disposal waste-to-energy projects, the Applicant shall pay
to the Department a fee of up to the greater of $10,000 or 1/10 of one percent
(0.1%) of the total Bonds proposed to be issued for the project up to a maximum
amount of $50,000. The fee shall accompany the request for approval of a
Resolution for Project Eligibility or the request for approval of an extension
of a Resolution for Project Eligibility; provided, however, that if the request
is for an extension of a Resolution for Project Eligibility, the fee shall be
calculated based only on the increase, if any, from the amount of the Bonds
approved in the pending Resolution to the amount of the Bonds sought in the
request for the Resolution's extension. If the Resolution for Project
Eligibility is not approved, this fee, in whole or part, may be refunded at the
Department's sole discretion. If the Resolution for Project Eligibility is
approved, this fee will not be refunded but if the Bond closes, it shall be
credited towards the total bond closing fee due at closing.
(c) If the Department brings a request for
current year or carry forward allocation to the Private Activity Bond Committee
(PABC), the Applicant benefiting from the allocation request shall pay the
Department a fee of 1/10 of one percent (0.1%) of the PABC allocation
requested, up to a maximum amount of $10,000, for each such request. If the
Applicant's request to PABC is denied, in whole or part, the Department may
refund this fee, in whole or part, at its sole discretion. If the Bonds close,
this fee shall be credited towards the total closing fee due at closing. This
fee is in addition to any fees charged directly by PABC.
(d) For Bond issues which are not issued
under the Oregon Express Bond Program, the Applicant shall pay to the
Department at the time of initial Bond closing a closing fee which equals
1/2 of one percent (0.5%) of the total amount of bond proceeds (par plus
premium or minus discount) from Bonds issued for the project for the first
$10,000,000 in bond proceeds plus 1/4 of one percent (0.25%) of proceeds
in excess of $10,000,000. When bonds are issued in more than one series for an
eligible project, this bond closing fee shall be applied to the total amount of
bond proceeds from all series.
(e)
For the Oregon Express Bond Program, the Applicant shall pay to the Department
at the time of initial Bond closing a closing fee of 1/4 of one percent
(0.25%) of the total Bond issuance for the project, regardless of the total
amount of Bonds. When bonds are issued in more than one series for an eligible
project, this bond closing fee shall be applied to the total amount of Bonds
from all series.
(f) The total
closing fee due at closing shall be adjusted by the credits described in OAR
123-011-0045(1)
(a) - (c).
(g) The fees imposed by OAR
123-011-0045(1)(a)-(e)
shall apply to both tax-exempt and taxable bonds.
(h) Before the Finance Committee or
Department acts on a Declaration of Intent or Resolution for Project
Eligibility and before the Department or Finance Committee acts on a request
for new money Bonds, an Applicant shall agree in writing to pay all fees
described in this Rule.
(2) For a current refunding of an outstanding
Bond:
(a) The Applicant shall pay to the
Department a non-refundable processing fee of $500 that shall accompany the
request for the refunding.
(b) The
Department may charge the Applicant a closing fee of up to 1/10 of one percent
(0.1%) of the amount of the total bond proceeds from the refunding or bond
proceeds for any additional Bonds issued under a single project eligibility.
This closing fee may be waived for any refunding Bond issued within 18 months
of the closing date of the Bond issue to be refunded.
(c) Before the Department or Finance
Committee acts on a request for a refunding of existing Bonds, an Applicant
shall agree in writing to pay all fees described in this Rule.
(3) For the modification,
restructuring, or reissuance of existing Bonds:
(a) The Applicant shall pay to the Department
a non-refundable processing fee of $1,000 that shall accompany the request for
approval of the modification, restructuring, or reissuance.
(b) The Department may charge the Applicant a
closing fee of up to 1/10 of one percent (0.1%) of the total bond proceeds from
the modified, restructured, or reissued Bonds.
(c) Before the Department or Finance
Committee acts on a request for a modification, restructuring, or reissuance of
existing Bonds, an Applicant shall agree in writing to pay all fees described
in this Rule.
(4) The
Department may charge any out-of-pocket expenses, including but not limited to
legal expenses, incurred by the Department for processing any Bond request. The
Department may charge an estimation of these expenses in advance of the
scheduled Bond closing. Any overpayments for estimated out-of-pocket expenses
will be credited to the applicant at Bond closing. Applicants shall agree in
writing, before Finance Committee acts on a Declaration of Intent or a
Resolution for Project Eligibility, to pay any out-of-pocket expenses incurred
by the Department for processing any Bond request whether or not the Bonds
close.
(5) The Commission may
collect the above fees and expense reimbursements from an Applicant that seeks
to have an Economic Development Project declared eligible for financing before
the project is determined to be eligible for financing.
(6) Applicants or beneficiaries of Bond
financing shall pay directly, and remain current with their payment
obligations, for legal fees or expenses payable to the Commission's bond
counsel related to issuance, refunding, modifications, restructuring or
reissuance of Bonds through the Commission.
Statutory/Other Authority: ORS
285A.075
Statutes/Other Implemented: ORS
285B.326
