Oregon Administrative Rules › Chapter 170 - OREGON STATE TREASURY › Division 63 - OREGON SCHOOL BOND GUARANTY PROGRAM › Section 170-063-0000 - Oregon School Bond Guaranty Program

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Definitions. For purposes of this rule,
			 the following definitions shall apply:
(a)
			 "OST" means the Office of the State Treasurer.
(b) The "Act" means the Oregon School Bond
			 Guaranty Act set forth in ORS
			 328.321 to
			 328.356.
(c) "Authorized District Official" means the
			 chairperson of the board, the superintendent, president, or business
			 administrator for the School District, or other designee of the
			 board.
(d) "Business Day" means any
			 day on which the offices of the State Treasurer are open to the public for the
			 conduct of substantially all of the powers and duties of the agency. Saturdays,
			 Sundays, or state holidays or any other day recognized by state government as a
			 holiday or a day on which the State Treasurer's offices are officially closed
			 to the public shall not be considered a Business Day.
(e) "Certificate of Qualification" means a
			 letter from OST pursuant to ORS
			 328.331(3).
(f) "Determination of Ineligibility" means a
			 letter from OST pursuant to ORS
			 328.336.
(g) "Guaranty Program" means the school bond
			 guaranty program established by the Act.
(h) "Nationally Recognized Bond Counsel Firm"
			 means a bond counsel firm listed in the most recent publication of The Bond
			 Buyer's Municipal Market Place.
(i)
			 "Qualified Bonds" means bonds that are originally issued as tax credit bonds
			 under the Internal Revenue Code and any bonds resulting from a conversion of
			 such tax credit bonds to an interest bearing format over and above interest
			 payments that may be due and payable under the original terms of such tax
			 credit bonds.
(j) "Qualified Paying
			 Agent" means a paying agent acceptable to OST who agrees to comply with the
			 applicable requirements of the Act and provides a letter to OST acknowledging
			 as much.
(k) "School District" or
			 "District" means a common or union high school district, an education service
			 district, or a community college district.
(l) "State School Aid" means the State School
			 Fund Grant described in ORS
			 327.008(2),
			 plus amounts received from the Common School Fund under 327.410, plus amounts
			 received from federal forest revenues under 294.060, plus amounts received from
			 state managed forests under 530.115.
(m) "Repayment Assurance Agreement" means an
			 agreement between the State of Oregon, acting by and through its Office of the
			 State Treasurer and its Department of Education (the "State") and a "District"
			 in which the District agrees that if the State pays under the guaranty the
			 District will enter into a subsequent repayment agreement with respect to the
			 amount(s) paid by OST.
(n) Terms
			 not otherwise specifically defined herein shall have the meanings given in the
			 Act. For purposes of calculating outstanding bonds or other outstanding
			 borrowings as required under this rule, any borrowings that are defeased as
			 provided in ORS
			 287A.195(1)(d)(B)
			 shall be excluded and shall not be included in the amount of an outstanding
			 borrowing.