justicedao/ipfs_state_laws huggingface dataset:
170-002-0150 Offers (1) An Offer submitted in response to a competitive Procurement is irrevocable, valid and binding on the Offeror for not less than 30 days after the Closing unless otherwise specified in the Solicitation Document, or the Offer is modified or withdrawn as allowed under these rules. The Treasurer may elect to accept an Offer at any time after Closing and prior to the Award date, if any, specified in a Procurement. The Treasurer’s Award constitutes acceptance of the Offer and binds the Offeror to enter into a Contract on the terms that are at least as favorable to the Treasurer as those set forth in the Offer. (2) Following the Closing, the Treasurer may negotiate any Contract terms or conditions with any Offeror if the Treasurer determines that negotiation is in the Treasurer’s best interests. The Treasurer may include the parameters of any permitted negotiations in its Procurement. Offerors are obligated to negotiate in good faith on those terms or conditions that the Treasurer or the Solicitation Document have reserved for negotiation. (3) Contingent Offers. Except to the extent the Offeror is authorized to propose certain terms and conditions under a Solicitation Document, an Offeror may not make its Offer contingent upon the Treasurer's acceptance of any terms or conditions (including specifications) other than those contained in the Solicitation Document. (4) Offeror's Acknowledgment. By signing and submitting its Offer, the Offeror acknowledges it has read and understands the terms and conditions contained in the Solicitation Document and that it accepts and agrees to be bound by the terms and conditions of the Solicitation Document. Statutory/Other Authority: ORS 279A.065 Statutes/Other Implemented: ORS 279A.065, ORS 279B.055 & ORS 279B.60 History: OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018
170-002-0155 Electronic Procurements (1) The Treasurer may conduct all phases of a Procurement, including providing public notice and receiving Offers, by electronic methods as provided in a Solicitation Document, or any other written instructions on how to participate. (2) Any Offeror electronically submitting an Offer to the Treasurer agrees to conduct business with the Treasurer electronically. All communication about the Procurement will be done through the Treasurer’s electronic procurement system. (3) The Treasurer will use and accept electronic signatures. The use of electronic signatures must be consistent with applicable statutes and rules. If an Offeror or Contractor resides in a country, territory, or jurisdiction that does not recognize electronic signatures, the Treasurer will not use or accept electronic signatures. (4) Offerors must register with the Treasurer’s electronic procurement system before submitting electronic Offers. The Offeror must agree to the terms, conditions, or other requirements of the Solicitation Document or other requirements governing the Procurement process. (5) The Offeror must submit an electronic Offer on or before the Closing date and time identified in the Solicitation Document. The date and time stamp assigned by the Treasurer’s electronic procurement system determines whether an electronic Offer is submitted timely. The opening and closing time of all Procurements is Pacific Time, whether Pacific Daylight Time, or Pacific Standard Time. (6) If the Treasurer’s electronic procurement system does not allow one or more Offerors to submit electronic Offers, the Treasurer may cancel or extend the Procurement. The Treasurer will provide notice to potential Offerors of the cancellation or extension through the electronic procurement system once the system becomes available. Statutory/Other Authority: ORS 279A.065 Statutes/Other Implemented: ORS 279A.065 & ORS chapter 84 History: OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018
170-002-0160 Offer Preparation Any Offeror submitting an Offer must sign the Offer, and include any information, forms or other documents required by the Solicitation Document. An Offeror must sign any correction or erasure in its Offer prior to the Closing date and time as permitted by the Solicitation Document. Statutory/Other Authority: ORS 279A.065 Statutes/Other Implemented: ORS 279A.065 History: OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018
170-002-0165 Late Offers, Late Withdrawals, Late Modifications The Treasurer will not consider late Offers, late withdrawals or late modifications of an Offer received after the Closing date and time, unless otherwise provided in these rules or the Solicitation Document. Statutory/Other Authority: ORS 279A.065 Statutes/Other Implemented: ORS 279A.065 History: OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018
170-002-0170 Mistakes (1) An Offeror may not correct or withdraw an Offer for an error in judgment. If the Treasurer finds mistakes in an Offer after opening, but before Contract Award, the Treasurer may take the following action: (a) Waive, or permit an Offeror to correct, a minor informality, such as: (A) Submit the correct number of signed Offers, or correct the number of other documents required under the Solicitation Document. (B) Sign the Offer in the designated block, or electronically, evidencing the intent to be bound. (C) Acknowledge receipt of an addendum to the Solicitation Document. (b) Correct a clerical error if the error is evident on the face of the Offer or other documents submitted with the Offer, such as typographical mistakes, errors in extending unit prices, transposition errors, or arithmetical errors. (2) The Treasurer may permit an Offeror to withdraw an Offer after the Closing after considering the following criteria: (a) The nature of the error. (b) That the error is not a minor informality. (c) That the error cannot be corrected or waived in subsection (1) of this rule. (d) That the Offeror acted in good faith in submitting an Offer that contained errors. (e) That the Offeror acted without gross negligence in submitting the Offer. (f) That the Offeror will suffer substantial detriment if the Treasurer does not permit the Offeror to withdraw its Offer. (g) That withdrawal of the Offer will not create a substantial hardship on the Treasurer or the public. (h) That the Offeror promptly gave the Treasurer notice of the claimed error. Statutory/Other Authority: ORS 279A.065 Statutes/Other Implemented: ORS 279A.065 History: OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018
170-002-0175 Cancellation, rejection, delay of invitations for bids or requests for proposals (1) Any Procurement may be canceled, or any or all bids or proposals may be rejected in whole or in part, when the cancellation or rejection is in the Treasurer’s best interest. The reasons for the cancellation or rejection must be made part of the Procurement file. The Treasurer is not liable to any Offeror for any loss or expense caused by or resulting from the cancellation or rejection of Procurement, bid, proposal or Award. (2) Any Procurement may be delayed or suspended when the delay or suspension is in the Treasurer’s best interest. The Treasurer is not liable to any Offeror for any loss or expense caused by or resulting from the delay or suspension of Procurement or Award. (3) The Treasurer may at any time before Contract execution withdraw an Award if the Treasurer determines that it is in the Treasurer’s best interest to do so. The Treasurer will document in its file related to the Award the reasons for the withdrawal. The Treasurer is not liable to any Offeror for any loss or expense resulting from an Award withdrawal. (4) The Treasurer may, at any time after a Procurement cancellation or following Award withdrawal conduct a new Procurement with the same or revised terms, conditions, and specifications as used in the cancelled Procurement. Statutory/Other Authority: ORS 279A.065 Statutes/Other Implemented: ORS 279A.065 History: OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018
170-002-0300 Protest Filing and Judicial Review (1) This rule applies to both Exempt Procurements and Contracts, and Procurements and Contracts for Goods and Services. (2) Before seeking judicial review, an affected person must file a written protest with the Treasurer. An affected person may file a protest in the manner described in ORS 279B.400, 279B.405, and 279B.410. (3) The affected person must file their protest within 10 days of the Treasurer’s action that gives rise to the right to file a protest. (4) The Treasurer will make findings and issue its determination within 60 days of receiving the protest. (5) If the protester disagrees with the Treasurer’s decision, the protester may file judicial review of a protest decision by the Treasurer in the manner described in ORS 279B.415 and ORS 279B.420. Statutory/Other Authority: ORS 279A.065 Statutes/Other Implemented: ORS 279B.400, ORS 279B.405, ORS 279B.410, ORS 279B.415, ORS 279B.420 & ORS 279A.065 History: OST 2-2023, amend filed 12/15/2023, effective 01/02/2024 OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018
170-040-0020 Expenses of Administration Paid by Depositories For the services, duties and activities of the Office of the State Treasurer (OST) performed under ORS Chapter 295, the OST shall charge depositories for the costs incurred by the OST based on a fixed fee plus a pro rata share of the remaining costs according to the amount of public funds deposits held by a depository. Each depository shall pay any fee amounts owed to OST by the time and in accord with the terms set forth in an invoice received from OST. If the invoice amount exceeds $200, payment shall be made by electronic funds transfer (EFT) in the manner and to the account designated by OST in its invoice. If, for some reason, a depository is unable to make payment by EFT and chooses to remit by check, a penalty, not to exceed five (5) percent of the amount of the payment with a maximum penalty of $50, may be assessed to the depository. Statutory/Other Authority: ORS 293.525 & 295.106 Statutes/Other Implemented: ORS 293.525 & 295.106 History: OST 1-2013, f. & cert. ef. 4-2-13 OST 1-2009, f. & cert. ef. 4-10-09 OST 2-2008, f. 6-27-08, cert. ef. 7-1-08
170-040-0030 Approval of Loan Repayment Obligations Pledged by Depositories (1) Loan repayment obligations owed by a county, city, school district, port district or other public body in the State of Oregon may be pledged by a depository as collateral only after the depository has received written approval from the Office of the State Treasurer (OST). However, the OST will not accept requests for and approve such loans as collateral, unless and until written notice is provided to depositories that, from a date designated in the notice, OST will begin to accept such requests and evaluate the acceptability of such loans as collateral. In the event OST approves such loans as collateral, the loans will be valued at seventy-five percent of their outstanding principal amount for purposes of calculating whether adequate collateral has been pledged by a depository with its custodian, as required under ORS Chapter 295. (2) After receipt of the notice described above, the depository shall submit a written request to the OST containing the following information: (a) The name of the payment obligor under the loan; (b) The original principal balance of the loan; (c) The current unpaid principal balance of the loan; (d) The maturity date for the loan; (e) Whether the loan may be repaid prior to maturity; (f) The credit rating (if applicable) of the general obligations of the obligor; (g) The credit enhancement (such as insurance), if any, for the loan; (h) Whether an event of default has ever occurred under the loan; and (i) Whether the obligor has defaulted with respect to the payment of principal or interest on any of its loans or similar obligations within the preceding 10 years or during the period of its existence if that is less than 10 years. (3) The OST will permit a loan to be pledged as security only if: (a) The public body has not been in default with respect to the payment of principal or interest on any of its loans within the preceding 10 years or during the period of its existence if that is less than 10 years; (b) If rated by a rating agency, the public body’s general obligations have a credit rating of AA or Aa; (c) If the loan is credit enhanced, the provider of the credit enhancement has a credit rating of, AA or Aa; (d) If the above referenced ratings are not available, OST determines, based on the information submitted to it, that the loan is of sufficiently high credit quality that it may be pledged as collateral; and (e) The unpaid principal amount of the loans pledged does not exceed 30% of the depository’s collateral. Statutes/Other Implemented: ORS 295.001(19)(f) History: OST 1-2013, f. & cert. ef. 4-2-13 OST 2-2008, f. 6-27-08, cert. ef. 7-1-08
170-040-0040 Approval of Bond Anticipation Notes Pledged by Depositories (1) Bond anticipation notes issued, sold or assumed by an authority under ORS 441.560 may be pledged as collateral by a depository only after the depository has received written approval from the Office of the State Treasurer (OST). However, the OST will not accept requests for and approve such bond anticipation notes as collateral, unless and until written notice is provided to depositories that, from a date designated in the notice, OST will begin to accept such requests and evaluate the acceptability of such notes as collateral. (2) After receipt of the notice described above, the depository shall submit a written request to the OST containing the following information: (a) The name of the note issuer; (b) The original principal balance of the note; (c) The current unpaid principal balance of the note; (d) The maturity date of the note; (e) Whether the note may be repaid prior to maturity; (f) The credit rating (if applicable) of the issuer; (g) The credit enhancement (such as insurance), if any, of the note; (h) Whether an event of default has ever occurred under the note; and (i) Whether the issuer has defaulted with respect to the payment of principal or interest on any of its notes or similar obligations within the preceding 10 years or during the period of its existence if that is less than 10 years. (3) The OST will permit a note to be pledged as security only if: (a) The issuer has not been in default with respect to the payment of principal or interest on any of its obligations within the preceding 10 years or during the period of its existence if that is less than 10 years; (b) If rated by a rating agency, the issuer’s general obligations have a credit rating of AA or Aa; (c) If the note is credit enhanced, the provider of the credit enhancement has a credit rating of AA or Aa; or (d) OST determines, based on the information submitted to it, that the note is of sufficiently high credit quality that it may be pledged as collateral. (4) If the OST determines that there is an insufficient market in bond anticipation notes issued, sold or assumed by an authority under ORS 441.560 to provide for the efficient trading and liquidation of such bond anticipation notes, OST will value bond anticipation notes issued, sold or assumed by an authority under 441.560 at seventy-five percent of their outstanding principal amount for purposes of calculating whether adequate collateral has been pledged by a depository with its custodian, as required under ORS Chapter 295. Statutes/Other Implemented: ORS 295.001(19)(g) History: OST 1-2013, f. & cert. ef. 4-2-13 OST 2-2008, f. 6-27-08, cert. ef. 7-1-08
170-040-0050 Public Officials’ Notification of Depositories Each public official shall maintain on file with the Office of the State Treasurer the name and address of each depository in which the public official deposits public funds and shall update such information at least annually or within three business days after the effective date of a change in any depository. Statutes/Other Implemented: ORS 295.006(2)(3) History: OST 1-2013, f. & cert. ef. 4-2-13 OST 2-2008, f. 6-27-08, cert. ef. 7-1-08
170-040-0060 Accounts in Financial Institutions Outside Oregon The Office of the State Treasurer may establish demand deposit accounts in financial institutions outside this state for the purpose of accepting deposits of funds related to the state investments in geographical areas respectively serviced by the institutions. Such accounts shall be deposited only in financial institutions that are well-capitalized according to the classifications of its primary federal regulatory authority. Statutes/Other Implemented: ORS 295.205(2) History: OST 2-2008, f. 6-27-08, cert. ef. 7-1-08
170-040-0070 Approval for a Depository to Hold Excess Public Funds The Office of the State Treasurer may approve the request of a depository to hold public funds in excess of the limits provided in ORS 295.048(1)(a) through (c), only if: (1) The depository deposits collateral valued at 100% of the amount of such excess public funds deposits; and (2) The depository demonstrates to the satisfaction of the State Treasurer that allowing such excess deposits provides benefits to one or more depositors, does not jeopardize public funds, and that the depository has a plan for the orderly elimination of such excess deposits within 90 days. Statutes/Other Implemented: ORS 295.048(4) History: OST 1-2013, f. & cert. ef. 4-2-13 OST 2-2008, f. 6-27-08, cert. ef. 7-1-08
170-040-0080 Custodian Must Meet Statutory Requirements (1) A depository may designate the Federal Home Loan Bank (“FHLB”) or any insured institution or trust company that has been approved by the State Treasurer and otherwise meets the criteria of ORS 295.001(6)(b) (an “approved institution”) only if, and so long as, the FHLB or approved institution demonstrates to the satisfaction of the State Treasurer that it complies with the duties of a custodian required under 295.001 to 295.108 (the “statutory requirements”). (2) If the State Treasurer determines that an approved institution has failed to comply with the statutory requirements, the State Treasurer shall revoke the prior approval granted under ORS 295.001(6)(b)(C) and remove the institution from the organizations that the State Treasurer has approved to serve as custodians. (3) If the State Treasurer determines that the FHLB or an approved institution has failed to comply with the statutory requirements, it will issue a notice to all depositories informing the depositories of the State Treasurer’s determination. After the State Treasurer has issued such notice, a depository may not use the FHLB or approved institution subject to the notice as its custodian and, as soon as practicable, shall enter into an agreement with a successor custodian and transfer all securities held by the FHLB or formerly approved institution to the successor custodian. (4) If the State Treasurer later determines that the FHLB or an insured institution or trust company is eligible to serve as a custodian because it has demonstrated to the satisfaction of the State Treasurer that it is capable of fulfilling the statutory requirements, the State Treasurer will issue a notice informing depositories of its determination and that the FHLB or insured institution or trust company subject to the notice is eligible to serve as a custodian, provided the insured institution or trust company has also been approved by the State Treasurer under ORS 295.001(6)(b)(C). (5) The State Treasurer will not designate an insured institution or trust company to serve as a custodian under ORS 295.001(6)(b)(C) unless it demonstrates to the satisfaction of the State Treasurer that it is capable of fulfilling the statutory requirements of a custodian. Statutes/Other Implemented: ORS 295.001(6) History: OST 1-2013, f. & cert. ef. 4-2-13 OST 2-2008, f. 6-27-08, cert. ef. 7-1-08
170-040-0090 Weekly Reporting Requirement for Depositories at 110% Collateralization Depositories ordered to collateralize their public funds deposits at 110% by the State Treasurer are required to submit a new Treasurer Report weekly. The weekly reporting requirement shall remain in effect until such time as the depository no longer holds public funds deposits over the FDIC limit or the State Treasurer removes the 110% collateralization requirement. Statutory/Other Authority: ORS 295.018(1) & 295.061(3) Statutes/Other Implemented: ORS 295 History: OST 1-2013, f. & cert. ef. 4-2-13 OST 6-2008, f. & cert. ef. 11-28-08 OST 5-2008(Temp), f. & cert. 10-2-08 thru 3-30-09
170-040-0100 Reporting Requirement for Depositories with Decreased Net Worth and/or Capitalization Level A depository that files reports with the State Treasurer according to ORS 295.061(1) is required to submit a new Treasurer Report to the State Treasurer within three business days of: (1) The date on which the depository’s net worth is reduced by an amount greater than 10 percent of the amount shown on its most recent Treasurer Report. (2) The date on which a depository ceases to be well capitalized and becomes adequately capitalized or undercapitalized, or ceases to be adequately capitalized and becomes undercapitalized. Statutory/Other Authority: ORS 295.061(2)(a) & 295.061(2)(b) Statutes/Other Implemented: ORS 295 History: OST 1-2013, f. & cert. ef. 4-2-13 OST 6-2008, f. & cert. ef. 11-28-08
170-040-0110 Monthly Reporting Requirement for Depositories at Increased Collateralization Level Depositories ordered to collateralize their public funds deposits at an increased level, but less than 110%, by the State Treasurer are required to submit a new Treasurer Report monthly. The monthly reporting requirement shall remain in effect until such time as the depository no longer holds public funds deposits over deposit insurance limits or the State Treasurer removes the increased collateralization requirement. The monthly report is in addition to the quarterly Treasurer Report that is statutorily required. Statutory/Other Authority: ORS 295.018(1)(b) & 295.061(1) Statutes/Other Implemented: ORS 295 History: OST 1-2013, f. & cert. ef. 4-2-13 OST 6-2009, f. & cert. ef. 11-19-09 OST 4-2009(Temp), f. & cert. ef. 10-13-09 thru 3-31-10
170-050-0010 Approved Investments The following classes of securities are approved for investment of moneys deposited in endowment care funds after July 5, 1947, up to the indicated maximum percentage of the total endowment care funds: Class of Security — Permitted Percentage of Total Endowment Care Fund: (1) United States Government Bonds and Federal Agency paper — 100 percent. (2) Savings deposits and time certificates of deposit with financial institutions to the extent the deposit is fully insured by an agency of the federal government — 100 percent. (3) Savings deposits and time certificates of deposits with financial institutions in amounts exceeding federal insurance provisions, to the extent such funds are collateralized by corporate or municipal bonds bearing a rating of BAA or higher — 100 percent. (4) Corporate Bonds — Industrial, bearing Grade AAA, AA, or A rating — 100 percent. (5) Corporate Bonds — Utilities, bearing Grade BAA or higher — 25 percent. (6) First mortgages on real property, except those where the mortgagor is any cemetery association, business, or authority as defined in ORS 97.010, or any officer, director, employee, or other associate thereof — 50 percent. (7) Investment Companies registered under the Investment Companies Act of 1940 which restrict their investments to the following fixed income instrument: obligations of the U.S. government and its agencies; obligations of Federal Reserve member banks; and commercial paper rated A-1 or P-1, and corporate bonds, excluding convertibles — 100 percent. (8) Corporate stock listed on the New York Stock Exchange, or bank stock, where the corporation has shown growth in earnings during 4 out of the past five years — 25 percent. (9) Investment Companies registered under the Investment Companies Act of 1940 — 25 percent. Statutory/Other Authority: ORS 178.050 Statutes/Other Implemented: ORS 97.820 History: TD 3-1978, f. & ef. 8-30-78 TD 2-1978, f. & ef. 6-15-78 TD 1-1978(Temp), f. & ef. 4-4-78 TD 10, f. 3-19-75, ef. 4-11-75