Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS")
Section 123-052-1900 - Bond Counsel Opinion for Aggie Bonds Purchased by Standard Lenders

(1) The state requires the Applicant and the Standard Lender obtain a traditional approving opinion from the Program's Bond Counsel concluding that the Aggie Bond issued for the Applicant is a valid and binding obligation of the State, and that interest on the Aggie Bond is Tax-exempt.

(2) If the Department determines that the financing described in the Application and request for final eligibility determination, filed by the Applicant pursuant to OAR 123-052-1700, is eligible for participation in the Program, the Department shall forward the request for final eligibility determination to the Program's Bond Counsel. Program Bond Counsel shall:

(3) If Bond Counsel determines it will be able to issue an approving opinion on a proposed Aggie Bond, the Department will forward the Aggie Bond documents to the Treasurer with a request that the Treasurer approve the issuance of the Aggie Bond. The Treasurer, an independent, elected official of the State of Oregon, has no legal obligation to approve any Aggie Bond issue. If the Treasurer approves issuance of an Aggie Bond, the Department will coordinate the closing with the Borrower, the lender, the State Treasurer, and Bond Counsel.