Oregon Administrative Rules › Chapter 170 - OREGON STATE TREASURY › Division 61 - ISSUANCE OF BONDS › Section 170-061-0000 - Notice and Reporting Requirements by Public Bodies When Issuing Bonds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Terms used in
			 OAR 170-061 shall have the meanings given in ORS Chapters 286A and 287A unless
			 otherwise specifically defined herein.
(2) Definitions.
(a) "MDAC" means the Oregon Municipal Debt
			 Advisory Commission, including OST when acting as staff for the MDAC pursuant
			 to 287A.632(3).
(b) "OST" means the
			 Office of the State Treasurer.
(c)
			 "Bond marketing date" is the date the public body and underwriter or placement
			 agent agree on the market terms of the bonds. For competitive bid bonds this is
			 the date bids are opened and the bonds are awarded to public bidders pursuant
			 to a published notice of bond sale. For negotiated sales or private placements
			 this means the date the public body gives the verbal award to the underwriter
			 or placement agent.
(d) "Called
			 bonds" are bonds for which the public body has exercised the option or
			 requirement to redeem before the stated maturity date. The call date is the
			 date the bond may be redeemed.
(e)
			 "Closing" means the date the bonds are delivered to the initial bond purchaser
			 and the public body receives payment for the bonds.
(f) "Delivery date" means the date shown by
			 the United States Postal Service or other delivery services' cancellation mark
			 or, if provided electronically, the delivery date is the date shown as
			 electronically received by the OST.
(g) "Governing body" means the person, board,
			 commission, council, officer or other body authorized to direct the issuance of
			 bonds.
(h) "Issuer" means a public
			 body or the State Treasurer.
(i)
			 "Official statement" means the document published by a state agency or public
			 body that discloses material information on the issue of bonds including the
			 purposes of the issue, repayment methods, and the financial, economic and
			 social characteristics of the issuing government. A final official statement is
			 printed after the final terms of the bonds are available.
(j) "Paying officer" means the public
			 officer, other than a fiscal or paying agent, to who bonds may be presented for
			 payment.
(k) "Public body" means
			 those entities described in ORS
			 287A.001 and an intergovernmental entity formed pursuant to ORS
			 238.695.
(l) "State agency" means a related agency
			 defined in ORS
			 286A.001(8).
(m) "True Interest Cost" (TIC) means the
			 annual discount rate that, when used to discount all debt service payments on
			 the issue to the date of initial delivery of the issue, using a compounding
			 interval equal to the interest payment periods for the issue, results in the
			 aggregate present value of such debt service payments being equal to the
			 original purchase price (including accrued interest) of the issue.
(n) "Independent SEC-registered advisor" has
			 the meaning given in Oregon Laws 2019, chapter 355, section 23(4).
(o) "Pension Obligation Bonds" means issuance
			 of bonds authorized under ORS
			 238.694.
(p) "Public Offering" means a sale for which
			 an issuer publicizes the upcoming bond issue, provides the timeframe and
			 platform for which bids will be accepted, and provides any additional
			 guidelines or details related to the bond issue and for which the winning
			 bidder(s) generally is the bidder who has offered the lowest total interest
			 costs, including all costs of issuance and underwriter fees.
(q) "Private Placement" means a sale in which
			 funds are provided through direct negotiation with one or more private or
			 governmental entities, effectively providing a loan that must be repaid over
			 time. Private placements do not require many of the disclosure requirements
			 found in public offerings and are not publicly issued or publicly
			 traded.
(r) "Limited Offering"
			 means a sale in which the bonds are offered and sold to a limited number of
			 investors that meet certain established standards for qualifying as a purchaser
			 of the bonds and the offering is exempt from the provisions of Securities and
			 Exchange Commission Rule 15c2-12 because the bonds are sold in authorized
			 denominations of $100,000 to no more than 35 persons each of whom the
			 underwriter reasonably believes:
(A) has such
			 knowledge and experience in financial and business matters that it is capable
			 of evaluating the merits and risks of the investment; and
(B) is not purchasing for more than one
			 account or with a view to distributing the securities.