justicedao/ipfs_state_laws huggingface dataset:
172-005-0050 Investment Grade Bonds; Agent for Disclosure Purposes (1)(a) It is the policy of the Authority that all bonds proposed to be sold pursuant to a public offering shall have received an investment grade rating at the time of issuance and if such investment grade rating cannot be attained on the basis of the project or the participating institution’s credit rating, the participating institution must procure an appropriate credit enhancement device which will secure the bonds in a manner that will result in an investment grade rating at the time of issuance. If bonds proposed to be sold pursuant to a public offering receive a rating of at least investment grade but below BBB+ by Standard & Poor’s, Baa1 by Moody’s Investors Service or BBB+ by Fitch, the participating institution shall procure a second rating on the bonds of at least investment grade at the time of issuance. In addition, it is the policy of the Authority that unrated bonds or bonds not receiving a rating of at least investment grade at the time of issuance may not be sold pursuant to a public offering and may be sold only to (i) a bank as defined in Section 3(a)(2) of the Securities Act of 1933, as amended (the "1933 Act"), or a savings and loan association or other institution described in Section 3(a)(5)(a) of the 1933 Act or (ii) qualified institutional buyers, as such term is defined under Rule 144A promulgated under the 1933 Act. The Authority, in its discretion, may make exceptions to the foregoing policy based upon such factors as it deems appropriate, which factors shall be set forth in the record of the Authority meeting granting any such exception. (b) In connection with the issuance of any bonds, the Authority may require the participating institution and the underwriter to undertake certain contractual obligations and to provide indemnity or other protection to the Authority, the State of Oregon and their respective members, officials, officers and employees with respect to the requirements of federal and state securities laws, based on the advice of bond counsel or the Department of Justice of the State of Oregon and the established practice of other conduit bond issuers. (2) As used in this section “investment grade" shall mean a rating of at least BBB- by Standard & Poor's, Baa3 by Moody's Investors Service or BBB- by Fitch. (3) As used in this section “underwriter” shall mean any person conducting a public or other offering as managing underwriter, senior managing underwriter, placement agent, lead financial institution in a placement with several financial institutions or other similar role. Statutory/Other Authority: ORS 289.240(2) & 289.125(1) Statutes/Other Implemented: ORS 289.205 History: OFA 1-2011, f. & cert. ef. 1-10-11 HECF 4-1990, f. & cert. ef. 10-4-90 HECF 2-1990(Temp), f. & cert. ef. 3-26-90
172-005-0060 Definition of Low Income For purposes of bonds issued to finance any housing project, the term "low income" shall mean persons or families whose household income is not greater than eighty percent of the median income for the relevant area in which the project is to be located, with the relevant area to be determined by the Authority based upon such factors as it deems appropriate. A housing project shall be considered to be a low income housing project if, at all times during the period commencing on the later to occur of the date of issuance of the related bonds or the date of completion of the project and ending on the later to occur of fifteen years following such commencement date or the date of the final stated maturity of the bonds, not less than twenty percent of the units in the project are occupied by, or set aside and reserved for occupancy by, persons or families of low income (determined as of the date upon which such persons or families first occupy such units). It is the policy of the Authority in issuing bonds to finance low income housing projects to take such steps as shall be reasonable to maximize the number of low income housing units in each project without jeopardizing the economic viability of such project. Therefore in connection with the financing of any low income housing project, the Authority, in its discretion, may modify the requirements of this section. Statutory/Other Authority: ORS 289.240(2) & 289.125(1) Statutes/Other Implemented: ORS 289.005(6) History: OFA 1-2011, f. & cert. ef. 1-10-11 HECF 4-1990, f. & cert. ef. 10-4-90 HECF 2-1990(Temp), f. & cert. ef. 3-26-90
172-005-0065 Fees (1) The Authority shall collect the fees set forth in OAR 172-005-0065(2) and (3) from an applicant that seeks to have a project declared eligible for financing. The fee identified in OAR 172-005-0065(2) may be collected even though the project has not been determined to be eligible for financing. (2) The Authority shall collect a $500 application fee from the applicant. (3) The Authority shall collect the following closing fee: (a) For Small Nonprofit Accelerated Program (SNAP) bonds: 0.5% of the amount of the bond up to $600,000, plus 0.3% of the amount of the bond in excess of $600,000. (b) For other bonds: (i) For bond issues up to $5,000,000, 0.3% of the amount issued. (ii) For bond issues between $5,000,000 and $10,000,000, $15,000 plus 0.2% of the amount issued in excess of $5,000,000. (iii) For bond issues between $10,000,000 and $20,000,000, $25,000 plus 0.15% of the amount issued in excess of $10,000,000. (iv) For bond issues over $20,000,000, $40,000 plus 0.05% of the amount issued in excess of $20,000,000. (c) For refinancing existing Authority-related bonds, 0.05% of the amount of the Authority-related bonds refinanced (4) Payment of the closing fee by a participating institution shall not preclude the Authority from assessing against a participating institution a reasonable share of the Authority's annual costs and charges incurred in connection with the audits performed and other services rendered by the Secretary of State or the State Treasurer with respect to the Authority. (5) For transactions that involve new or complex financing structures or special provisions,the Authority may increase any of the fees described in this Section to be charged to a participating institution, and any such increased fees will be stated in the resolution approving the application. (6) In addition to the fees described in OAR 172-005-0065 (1) through (5) above, the participating institution will be required to pay the fees charged by or for the services of the Authority's bond counsel and financial advisor. (7) If in the opinion of the Authority an amendment or action by the Authority in regard to the terms of an existing bond series is desirable or required, the participating institution will be required to pay the charges imposed by the Authority and the fees charged by its bond counsel to implement such amendment or action. From time to time the Authority may promulgate a schedule of a fixed charges for such amendments or actions, which charges may vary to reflect the complexity of the amendment or action or increased costs of the Authority. Statutory/Other Authority: ORS 289.125(4) & 289.125(5) Statutes/Other Implemented: ORS 289.125(4) & 289.125(5) History: OFA 1-2011, f. & cert. ef. 1-10-11
172-005-0070 Waiver of Requirements Upon the recommendation of the Executive Director or at the request of any member of the Authority, the Authority may, in its discretion, waive any of the requirements of these administrative rules to the extent such requirements are not otherwise imposed by law. Any such waiver shall be by resolution of the Authority, and the resolution shall set forth the particular circumstances which, in the judgment of the Authority, warrant such waiver. Statutory/Other Authority: ORS 289.240(2) & 289.125(1) Statutes/Other Implemented: ORS 289.240(2) & 289.125(1) History: OFA 1-2011, f. & cert. ef. 1-10-11 HECF 4-1990, f. & cert. ef. 10-4-90 HECF 2-1990(Temp), f. & cert. ef. 3-26-90
173-001-0000 Notice Rule for Rulemaking Before adopting, amending or repealing any permanent rule, the Board will give notice of the intended action: (1) In the Secretary of State's Bulletin referred to in ORS 183.360 at least 21 days before the effective date of the rule; (2) By mailing a copy of the notice to persons on the Board's mailing list established pursuant to ORS 183.335(7) at least 28 days before the effective date of the rule; (3) By mailing a copy of the notice to the legislators specified in ORS 183.335(14) at least 49 days before the effective date of the rule; and (4) By mailing or furnishing a copy of the notice to: (a) The Associated Press; (b) The Financial Planning Association; Oregon Bankers Association; Estate Planning Section, Oregon State Bar; Oregon University System; and (c) Capitol Press Room. Statutory/Other Authority: ORS 183.341 Statutes/Other Implemented: ORS 183.341 & 348.841 - 348.873 History: QTSB 2-2000, f. & cert. ef. 10-25-00
173-001-0005 Model Rules of Procedure The Model Rules of Procedure under the Administrative Procedure Act, as promulgated by the Attorney General of the State of Oregon, effective January 1, 2008, are adopted as the rules of procedure for administrative rulemaking and other administrative law functions of the board. [ED. NOTE: The full text of the Attorney General’s Model Rules of Procedure is available from the office of the Attorney General or the Oregon Qualified Tuition Savings Board.] Statutory/Other Authority: ORS 183.341 Statutes/Other Implemented: ORS 183.341 & SB 756 (1999) History: QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 1-2000, f. 8-14-00, cert. ef. 8-15-00
173-001-0010 ADR Related Model Rules The Attorney General's ADR Related Model Rules, effective January 1, 2008, as set forth in OAR 137, divisions 1 through 5, are adopted by the Board as its rules for collaborative dispute resolution. Statutory/Other Authority: ORS 183.502(3) Statutes/Other Implemented: ORS 183.502(3) & SB 756 (1999) (348.841 - 348.873) History: QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2000, f. & cert. ef. 10-25-00
173-001-0020 Policies and Procedures of the Office of the Treasurer The policies and procedures of the Office of the State Treasurer in regard to personal services contracting and purchasing goods and services, to the extent not inconsistent with the Act or OAR chapter 173, are adopted as the policies and procedures of the board. Statutory/Other Authority: ORS 36.224 Statutes/Other Implemented: ORS 36.224, 36.228, 36.230 & 36.232 History: QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10
173-005-0000 Definitions All terms used in OAR chapter 173 are as defined in the Act. In addition, as used in OAR chapter 173, unless the context indicates otherwise: (1) “College Savings Plan” means a qualified 529 plan as defined by the Code and ORS 178.300 (2) “ABLE Plan” means a qualified 529a plan as defined by the Code and ORS 178.300 (3) “Network Plans” means all qualified 529 and 529a plans administered by the Oregon 529 Savings Board. (1) "Act" means ORS 178.300 to 178.380, as amended from time to time. (2) "Business day" means any weekday on which the New York Stock Exchange (NYSE) is open. (3) "Participation agreement" means the agreement setting forth the terms and conditions governing an account and participation in the applicable plan. (4) “Code” means sections 529 and 529a of the Internal Revenue Code and any other sections, regulations, rulings, announcements or other guidance issued under the Internal Revenue Code. (5) “Executive Director” means the Executive Director of the Oregon 529 Savings Network. (6) "Person" means a "person" as defined in Section 7701(a)1 of the Code, including an individual, trust, estate, partnership, association, company or corporation, and in addition, the State of Oregon or a State of Oregon local government or an agency or instrumentality of either. (7) "Plan" means a College Savings Plan or an ABLE Plan that is established by the board under the Oregon 529 Savings Network, pursuant to its authority under the Act. (8) “In writing”, “written requests”, “written instructions” or similar terms used to refer to communications regarding an account include emails or transactions conducted online or electronically as permitted by the board. (9) "Plan manager" means a third party entity serving as the administrator, marketing agent and/or investment manager of a plan. References in OAR chapter 173 to "plan manager" mean the plan manager of the plan under which an account was opened. (10) "UGMA/UTMA" means the Uniform Gifts to Minors Act, the Uniform Transfer to Minors Act or a substantially similar act of Oregon or another state, as applicable. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.853(2) History: OSB 1-2016, f. & cert. ef. 7-28-16 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2002, f. & cert. ef. 10-29-02 QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-005-0005 Executive Director The Executive Director is responsible for the day to day operations of the network and for carrying out such duties and responsibilities as assigned by the board. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.853(2) History: QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10
173-006-0000 Account Owner Any person, including a custodian under UGMA/UTMA, who is legally able to contract under applicable state law and who meets federal and state legal requirements governing the network, is eligible to establish an account. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.841 & 348.873 History: QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 Reverted to QTSB 1-2001, f. & cert. ef. 1-2-01 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-006-0005 Designated Beneficiary (1) For a College Savings Plan, there are no restrictions on the age of a designated beneficiary nor any required relationship between the account owner and the designated beneficiary of an account. (2) For an ABLE Plan the beneficiary and the account owner must be the same person or how designated beneficiaries are defined by the Code. (3) For a College Savings Plan, there is no limit on the number of accounts that may be opened for one designated beneficiary by different account owners. (4) For an ABLE Plan only one account can be opened for each beneficiary or as defined by the Code. (5) For a College Savings Plan, an account owner may also be the designated beneficiary of an account. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.857(4) History: OSB 1-2016, f. & cert. ef. 7-28-16 CSB 2-2013, f. & cert. ef. 12-19-13 CSB 1-2013(Temp), f. 6-12-13, cert. ef. 7-1-13 thru 12-28-13 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2002, f. & cert. ef. 10-29-02 QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-007-0000 Change of Account Ownership (1) For all Network Plans, an account owner may designate a successor account owner if allowed by a plan and must follow procedures required by the appropriate plan. (2) For all Network Plans, if a change in the ownership of an account is required by a court order, by a court of competent jurisdiction directing such change of ownership or by an affidavit or declaration that meets the requirements of the appropriate plan for transfer of ownership upon death without a court order, such change of account ownership shall not be effective until the appropriate plan receives the court order or affidavit or declaration requiring such change, and the change of account ownership is registered in the records of the appropriate plan, unless otherwise required by law. (3) For all Network Plans, ,an account owner may change ownership of the account to another eligible person by executing such forms or following such procedures as required by the appropriate plan. (4) For all Network Plans, an account owner who is a custodian under UGMA/UTMA may only transfer ownership of the account in accordance with the requirements, if any, of UGMA/UTMA and the plan under which the account was opened. (5) For all Network Plans, the ownership of an account whose account owner is a custodian under UGMA/UTMA shall be transferred to the designated beneficiary or the designated beneficiary's estate, as required by UGMA/UTMA, upon submission by the custodian and/or designated beneficiary of any documentation required by the board. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.853(2) History: OSB 1-2016, f. & cert. ef. 7-28-16 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2002, f. & cert. ef. 10-29-02 QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-007-0005 Change of Designated Beneficiary For all Network Plans, an account owner (other than an account owner who is a custodian under UGMA/UTMA) may change the designated beneficiary of the account as permitted under the Code and OAR chapter 173. A change of designated beneficiary shall not be effective until the appropriate plan receives a written request containing the information required by the appropriate plan and such change is registered in the records of the appropriate plan. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.867(1) & 348.853(2) History: OSB 1-2016, f. & cert. ef. 7-28-16 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2002, f. & cert. ef. 10-29-02 QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-008-0000 Opening an Account (1) For all Network Plans, to open an account, an applicant must complete the appropriate plan application, and designate a contribution method as required by the appropriate plan. (2) For all Network Plans, an applicant must select from the investment options offered by a plan. After an account has been opened, the account owner may change the investment options selected for the account as permitted by the Code. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.857(1), 348.860(1) & 348.853(2) History: OSB 1-2016, f. & cert. ef. 7-28-16 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2002, f. & cert. ef. 10-29-02 QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-008-0005 Refusal to Open an Account For all Network Plans, the Board may refuse to open an account for reasons that may include but are not limited to the following: (1) The applicant is not an eligible account owner. (2) The applicant has not provided all of the information required by the application. (3) The applicant is attempting to open an account for a designated beneficiary that is not qualified under the Code or the Act. (4) For the College Savings Plan, the total account balance of all accounts in the network for the same designated beneficiary is (or would be when taking into account a contribution being made) greater than the maximum limit established by the board pursuant to OAR 173-009-0015. The network shall accept contributions for accounts for that designated beneficiary (including contributions establishing new accounts), in the order of their receipt until the maximum account balance limit for that designated beneficiary has been reached. (5) For the ABLE Plan, an account already exists for the designated beneficiary or the account owner. (6) Entering into a participation agreement between the board and the applicant violates any federal securities or state "blue sky" laws or any other federal or state law. (7) The Board determines that, for any other reason, it would be advisable to limit the number of accounts in the network or the plan under which the account is being opened. (8) The board reserves the right to refuse applications that it determines to be an abuse of the network or a plan. (9) Custodian: For the ABLE Plan, an individual’s agent under power of attorney, parent or legal guardian may open and manage an account for a qualified account owner and beneficiary. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.841(2), 348.857(4) & 348.853(2) History: OSB 1-2016, f. & cert. ef. 7-28-16 CSB 2-2013, f. & cert. ef. 12-19-13 CSB 1-2013(Temp), f. 6-12-13, cert. ef. 7-1-13 thru 12-28-13 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2002, f. & cert. ef. 10-29-02 QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-008-0010 Participation Agreement (1) For all Network Plans, an account owner must enter into a participation agreement for each account by completing and signing an application, which incorporates the participation agreement by reference or requires that the account owner acknowledge having received and read the current participation agreement. The participation agreement sets forth terms and conditions under which the account owner participates in a plan. The participation agreement may be amended by the board at any time and from time to time. (2) For all Network Plans, any correspondence to a plan in the network shall be sent to the address indicated in the appropriate plan’s participant agreement or related plan’s disclosure materials. (3) For all Network Plans, the plan manager may take action on behalf of and receive materials on behalf of the plan it manages. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.853(2) History: OSB 1-2016, f. & cert. ef. 7-28-16 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 Reverted to QTSB 1-2001, f. & cert. ef. 1-2-01 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01
173-009-0000 Contributions Generally (1) For all Network Plans, the minimum initial contribution that must be made to an account at the time the account is opened will be specified by the appropriate plan, except that the minimum initial contribution requirement for a plan may be waived if the account owner agrees to participate in an automatic investment plan or other similar regular periodic contribution plan for that account in accordance with the participation agreement governing the account or may be waived on such terms as specified by the appropriate plan. The board may at any time without notice change the minimum contribution amounts. (2) The board reserves the right to refuse contributions that it determines to be an abuse of the network or a plan. (3) Subsequent contributions made to an account will be in accordance with the appropriate plan’s participation agreement governing the account. Statutory/Other Authority: ORS 348.853(2) Statutes/Other Implemented: ORS 348.857(2) & 348.853(2) History: OSB 1-2016, f. & cert. ef. 7-28-16 QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10 QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10 QTSB 3-2002, f. & cert. ef. 10-29-02 QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02 QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02 QTSB 1-2001, f. & cert. ef. 1-2-01