Oregon Administrative Rules
Chapter 170 - OREGON STATE TREASURY
Division 61 - ISSUANCE OF BONDS
Section 170-061-0015 - Fees Charged by the Debt Management Divisions
Universal Citation: OR Admin Rules 170-061-0015
Current through Register Vol. 63, No. 9, September 1, 2024
(1) State agencies. The following fees are charged by the Oregon State Treasury (OST) in connection with the services, duties and activities of the OST related to bonds issued for state agencies by the State Treasurer:
(a) Agency Bond Issues
of $15 million or less. For a single series bond sale of $15 million or less, a
state agency will be charged $18,000 per sale. For a bond sale of $15 million
or less by a single state agency with multiple series, the state agency will be
charged the greater of (i) $18,000 or (ii) $7,500 per series. For a bond sale
of $15 million or less by two or more state agencies, each agency will be
charged the greater of (i) $9,000 or (ii) $7,500 for each series sold for the
agency. This subsection applies to initial offerings, refundings and
restructurings. This subsection does not apply if the bond sale is a private
placement conduit as described below in subsection (c).
(b) Agency Bond Issues of more than $15
million. For a single series bond sale of more than $15 million, a state agency
will be charged $25,000. For a bond sale of more than $15 million by a single
state agency with multiple series, the state agency will be charged the greater
of (i) $25,000 or (ii) $8,500 per series. For a bond sale of more than $15
million by two or more state agencies, each agency will be charged the greater
of (i) $12,500 or (ii) $8,500 for each series sold for the state agency. This
subsection applies to initial offerings, refundings and restructurings. This
subsection does not apply if the bond sale is a private placement conduit sale
described below in subsection (c).
(c) Privately Placed Conduit Bonds are bonds
that are payable solely from moneys owed by a party other than the State of
Oregon, with no recourse for payment to the State of Oregon, do not have a
publicly disseminated official statement or other offering circular, and are
sold only to one or more sophisticated investors, accredited investors or
qualified institutional buyers. A state agency that privately places conduit
bonds will be charged:
(i) $6,000 for sales
that in aggregate total $5 million or less,
(ii) $12,000 for sales that in aggregate
total more than $5 million but less than $10 million, or
(iii) $18,000 for sales that in aggregate
total $10 million or more. Should conduit bonds be sold publicly or use a
publicly disseminated official statement then subsection (a) or subsection (b)
above applies. This subsection applies to initial offerings, refundings and
restructurings.
(d) Tax
Anticipation Notes. A state agency will be charged $35,000 for each sale of tax
anticipation notes.
(e) Interest
Rate Exchange Agreements. In addition to any other fee, $25,000 will be charged
for the review and approval of a state agency's first executed interest rate
exchange agreement for a specific bond program of the agency. After the first
agreement, a fee of $12,000 will be charged for each executed interest rate
exchange agreement subsequently entered into by the agency for the same bond
program or indenture. These charges do not include costs such as interest rate
exchange advisor fees, rating agency charges or printing costs which are
payable by the agency or authority for whom the cost is incurred.
(f) Replacement of Liquidity Providers or
SWAP Counter Party Providers. A state agency will be charged $12,000 for
activities related to each replacement of a liquidity provider or SWAP counter
party provider. These charges do not include costs such as rating agency
charges or printing costs which are payable by the agency or authority for whom
the cost is incurred.
(2) Public Bodies. The following fees are charged by OST in connection with the services, duties and activities of the OST related to bonds issued by public bodies in Oregon; expenses incurred in reviewing refunding and defeasance plans may be charged against the bond proceeds or may be paid by the public body from such other funds as may be available:
(a)
Advance refunding plan application and review. The non-refundable
administrative fee for submission of an advance refunding plan is
$200.
(b) Oregon School Bond
Guaranty Program. School districts that submit an application for participation
in the Oregon School Bond Guaranty Program shall submit a non-refundable
application fee of $200 to OST with their application. School districts whose
bonds are guaranteed by the State shall submit to OST, within 10 business days
of closing, a fee equal to.03% (.0003) of the total principal and interest due,
assuming the bonds are paid on their regularly scheduled maturity or redemption
dates. If bonds are issued as "Qualified Bonds" under OAR 170-063-000 that may
be converted to an interest bearing format over and above interest payments
that may be due and payable under the original terms of bonds, the fee for such
Qualified Bonds will be equal to.045% (.00045) of the total principal and
interest due, assuming the bonds are paid on their regularly scheduled maturity
or redemption dates and that there is no conversion to a different interest
bearing format than the original terms of the bonds.
(3) Municipal Debt Advisory Commission.
(a) Definitions.
(A) "Financial Obligation(s)" means
borrowings maturing in 13 months or more including, but not limited to: public
bonds, private placements, bank loans, financing agreements, lines of credit or
any capital lease over $1 million,
(B) "Bond Professional(s)" means bond
counsel, underwriters, municipal finance advisors and other professionals with
bonding expertise who assist in the evaluation, structuring or sale of
financial obligations.
(C)
"Overlapping Debt Report(s)" means reports that include information concerning
maturity dates, amounts, interest rates, and overlapping percentages as a
proportion of Real Market Value (RMV) for all property tax-backed
debt.
(b) The following
fees are charged in connection with the services, duties and activities of the
OST as staff to the Municipal Debt Advisory Commission, pursuant to ORS
286A.634(3).
(A) Administrative Tracking and
Reporting fee. Local government entities shall submit, at the time of closing,
a fee equal to:
(i) $800 for any financial
obligation with a principal amount greater than or equal to $1 million, but
less than $8 million and for which the local government uses the assistance of
bond professionals.
(ii) 0.01%
(0.0001) of the principal amount for any financial obligation with a principal
amount of $8 million or greater but less than $50 million and for which the
local government uses the assistance of bond professionals, or
(iii) $5,000 for any financial obligation
with a principal amount of $50 million or greater and for which the local
government uses the assistance of bond professionals.
(iv) No fee is charged for any financial
obligation with a principal amount of less than $1 million and for which the
local government uses the assistance of bond professionals
(v) If the local government does not use any
bond professionals for the issuance of the financial obligations, a fee will
not be charged.
(c) Overlapping Debt Report fee. Overlapping
Debt Reports are provided free of charge.
(d) Other fees and charges. Fees for
specialized reports and services will be determined by the number of hours
spent by OST to produce such specialized report or service at the rate of $115
per hour.
(4) Private Activity Bonds.
(a) Current Year Allocation.
State agencies or public bodies that submit an application for allocation of
the state's private activity bond volume limit ("CAP") for the current year to
the Private Activity Bond Committee under OAR 170-071-0005 shall submit a
non-refundable application fee of $200 to OST when their application is
submitted. State agencies or public bodies who receive CAP shall pay to OST:
(A) For a bond sale with a principal amount
of $10 million or less, a fee equal to $3,000, payable within 10 business days
of the closing date of the bond sale,
(B) For a bond sale with a principal amount
of more than $10 million, a fee equal to $10,000 payable within 10 business
days of the closing date of the bond sale, or
(C) For a mortgage credit certificate
program, a fee equal to $2,000, payable within 10 business days of the date of
the notice of allocation by OST.
(b) Carry Forward Allocation. State agencies
or public bodies that submit an application for carry forward allocation under
OAR 170-071-0005(10) shall submit a non-refundable application fee of $200 to
OST when their application is submitted. State agencies or public bodies who
receive carry forward allocation shall pay to OST:
(A) For a bond sale with a principal amount
of $10 million or less, a fee equal to $3,000; of which the first $500 is
payable within 10 days of the date of the notice of allocation by OST, with the
balance payable within 30 days of the closing date of the first bond sale
associated with the allocation,
(B)
For a bond sale with a principal amount of more than $10 million, a fee equal
to $10,000; of which the first $2,000 is payable within 10 days of the date of
the notice of allocation by OST, with the balance payable within 30 days of the
closing date of the first bond sale associated with the allocation,
or
(C) For a mortgage credit
certificate program, a fee equal to $2,000, payable within 10 business days of
the date of the notice of allocation by OST.
(D) For an agricultural bond issued through
the Oregon Business Development Department's Beginning and Expanding Farmer
Loan Program and sold to a single insured institution under ORS
706.008,
a fee equal to $200 is payable within 10 business days of the closing date of
the bond sale. For agricultural bonds that will be sold to one or more
accredited or sophisticated investors or institutional buyers, or more than one
insured institution under ORS
706.008,
OST may, at its discretion, charge up to a maximum of $2,000 depending on the
complexity of the transaction.
(5) OST may, at its discretion, waive or reduce any fee outlined in sections (1) to (4) based on compelling financial reasons.
Statutory/Other Authority: ORS 286A.014, 287A.370 & 287A.634
Statutes/Other Implemented: ORS 287A & 286A
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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