Oregon Statutes 238.697 – Requirements for issuance of bonds
(1) Before a public body, or an intergovernmental entity formed pursuant to ORS § 238.695, may authorize the issuance of bonds under ORS § 238.694, the public body or intergovernmental entity must first:
Terms Used In Oregon Statutes 238.697
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
(a) Obtain a statistically based assessment from an independent economic or financial consulting firm regarding the likelihood that investment returns on bond proceeds will exceed the interest cost of the bonds under various market conditions; and
(b) Make a report available to the general public that:
(A) Describes the results of the assessment; and
(B) Discloses whether the public body or intergovernmental entity has retained the services of an independent SEC-registered advisor.
(2) The public body or intergovernmental entity shall transmit the assessment to the State Treasurer by the earlier of:
(a) 30 days before issuing the bonds; or
(b) Two days prior to the date the bonds are offered for sale to investors.
(3) The State Treasurer shall provide to the State Debt Policy Advisory Commission an annual report on bonds issued under ORS § 238.694. The report must describe each bond issuance under ORS § 238.694 that took place on or after June 11, 2019, and that remains outstanding, including, for each issuance:
(a) The actual interest rate owed over the term of the bonds;
(b) The projected rate of return on the bond proceeds, as determined by the assessment required under subsection (1) of this section; and
(c) The actual rate of return on the bond proceeds in the previous fiscal year and the cumulative rate of return on the bond proceeds.
(4) As used in this section, ‘independent SEC-registered advisor’ has the meaning given the term ‘independent registered municipal advisor’ in 17 C.F.R. § 240.15Ba1-1, as amended. [2019 c.355 § 23; 2023 c.237 § 2]