Oregon Administrative Rules › Chapter 170 - OREGON STATE TREASURY › Division 61 - ISSUANCE OF BONDS › Section 170-061-0015 - Fees Charged by the Debt Management Divisions

Current through Register Vol. 63, No. 7, July 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.