122-070-0160 Charges for Administering Financing Agreements (1) Administrative Costs: (a) All costs incurred by the Department and the State Treasurer to administer outstanding Financing Agreements will be charged to the appropriate Benefiting Agency. (b) Actual charges for fiscal agent services and trustee services for any Financing Agreements will be passed through to the Benefiting Agency. (c) All other costs incurred by the Department, including bond counsel or other legal fees, to administer outstanding Financing Agreements will be charged to the appropriate Benefiting Agency. (d) The Capital Investment Section shall charge fees in connection with the services, duties and activities related to issuance and approval of Financing Agreements to the appropriate Benefiting Agency on behalf of the Department. (2) New issues of Financing Agreements, excluding Certificates of Participation: (a) Vendor financing or third party financing of equipment acquisitions will be charged a fee of $1,000. (b) Owner Financing Agreements providing for the acquisition of real property will be charged a fee of $2,500. (c) Third party Financing Agreements provided by private parties to finance real property purchases will be charged a fee of $5,000. (d) Any other type of Financing Agreement not specifically addressed in this section will be charged based on a negotiated fee. (3) Sale of Certificates of Participation: (a) For a single series sale with a single project, Benefiting Agency will be charged $26,000. (b) For a single series sale with more than one project, Benefiting Agency will be charged $35,000, plus $2,500 for each project beyond three to a maximum amount of $50,000. The charge will be prorated among the projects financed based upon the principal amount allocated to each project. (c) For a multiple series sale with a single project, Benefiting Agency will be charged $26,000 for the initial series and a fee of $20,000 per additional series issued. (d) For a multiple series sale with more than one project, Benefiting Agency will be charged $35,000 plus $2,500 for each project beyond three to a maximum amount of $50,000 for each series. Furthermore, the Benefiting Agency will be charged a fee of $20,000 per additional series issued. The charges will be prorated among the projects financed based upon the principal amount allocated to each project. (4) Refunding Sales of Certificates of Participation: (a) A fee of $25,000 will be charged for advance refundings of outstanding series per series refunded. (b) A current refunding will be charged as an additional project under a Sale of Certificates of Participation in section (3) above. (5) Defeasance of Certificates of Participation: For the economic or legal defeasance of outstanding Certificates of Participation or other Financing Agreements, the Department will charge a fee of $10,000. (6) Arbitrage Calculations: (a) The Benefiting Agency will be charged for the calculation of arbitrage liability for annual statewide financial reporting and for each five year required reporting period. (b) Each series with a single Benefiting Agency that has unspent proceeds or a reserve funded with proceeds from a Financing Agreement will be charged $1,000 annually when the Capital Investment Section performs and provides the calculation to the Benefiting Agency of the estimated arbitrage liability. (c) Each series with multiple Benefiting Agencies that has unspent proceeds or a reserve funded with proceeds from a Financing Agreement will be charged $500 annually per Benefiting Agency when the Capital Investment Section performs and provides the calculation to the Benefiting Agency of the estimated arbitrage liability. (d) The Benefiting Agency will reimburse the Department for the actual costs of the services performed when the calculation and documentation is performed by a private contractor under a professional services contract with the Capital Investment Section. (e) The Benefiting Agency will reimburse the Department for the direct cost of any work performed by bond counsel, Department of Justice counsel or other contractors hired by the Capital Investment Section to provide assistance related to Internal Revenue Code compliance requirements. Statutory/Other Authority: ORS 184.340 Statutes/Other Implemented: ORS 283.085 - 283.092 History: BMD 1-2012, f. 1-26-12, cert. ef. 2-1-12