As used in this chapter:

Terms Used In Oregon Statutes 286A.001

  • Agreement for exchange of interest rates: means a contract, or an option or forward commitment to enter into a contract, for the exchange of interest rates that provides for:

    (a) Payments based on levels of or changes in interest rates; or

    (b) Provisions to hedge payment, rate, spread or similar exposure including, but not limited to, an interest rate floor or cap or an option, put or call. See Oregon Statutes 286A.001

  • Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
  • Contract: A legal written agreement that becomes binding when signed.
  • General obligation bond: means a bond that constitutes indebtedness of the state under section 7, Article XI of the Oregon Constitution, and that is exempt from the $50,000 limitation on indebtedness set forth in that section. See Oregon Statutes 286A.001
  • 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
  • local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • special government body: means any of the following:

    (a) A public corporation created under a statute of this state and specifically designated as a public corporation. See Oregon Statutes 174.117

  • state government: means the executive department, the judicial department and the legislative department. See Oregon Statutes 174.111
  • Statute: A law passed by a legislature.

(1) ‘Agreement for exchange of interest rates’ means a contract, or an option or forward commitment to enter into a contract, for the exchange of interest rates that provides for:

(a) Payments based on levels of or changes in interest rates; or

(b) Provisions to hedge payment, rate, spread or similar exposure including, but not limited to, an interest rate floor or cap or an option, put or call.

(2) ‘Bond’:

(a) Means a contractual undertaking or instrument of the State of Oregon to repay borrowed moneys.

(b) Does not mean a financing agreement, as defined in ORS 283.085, if the principal amount of the agreement is $100,000 or less, or a credit enhancement device.

(3) ‘Counterparty’ means an entity with whom the State of Oregon enters into an agreement for exchange of interest rates.

(4) ‘Credit enhancement device’:

(a) Means a letter of credit, line of credit, standby bond purchase agreement, bond insurance policy, reserve surety bond or other device or facility used to enhance the creditworthiness, liquidity or marketability of bonds or agreements for the exchange of interest rates; and

(b) Does not mean a bond.

(5) ‘Credit enhancement device fee’ means a payment required to be made to the provider of a credit enhancement device securing a bond or securing an agreement for the exchange of interest rates.

(6) ‘General obligation bond’ means a bond that constitutes indebtedness of the state under section 7, Article XI of the Oregon Constitution, and that is exempt from the $50,000 limitation on indebtedness set forth in that section.

(7) ‘Operative document’ means a bond declaration, trust agreement, indenture, security agreement or other document in which the State of Oregon pledges property as security for an obligation, as defined in ORS 286A.100.

(8) ‘Refunding bond’ means a bond of the State of Oregon that is issued to refund another bond, regardless of whether the refunding is on a current, advance, forward delivery, synthetic or other basis.

(9) ‘Related agency’ means the state agency that requests the State Treasurer to issue bonds pursuant to ORS 286A.025 or for which the State Treasurer has issued bonds.

(10) ‘Related bond’ means a bond for which the State of Oregon enters into an agreement for exchange of interest rates.

(11) ‘Revenue’ means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a state agency or to which a state agency is entitled.

(12) ‘Revenue bond’ means a bond of the State of Oregon that is not a general obligation bond.

(13) ‘State agency’:

(a) Includes a statewide elected officer, board, commission, department, division, authority or other entity, without regard to the designation given to the entity, that is within state government, as defined in ORS 174.111; and

(b) Does not include:

(A) A statewide elected judge;

(B) The State Treasurer;

(C) A local government, as defined in ORS 174.116;

(D) The Oregon Health and Science University;

(E) A special government body, as defined in ORS 174.117, except to the extent a special government body must be considered a state agency in order to achieve the purposes of Article XI-K of the Oregon Constitution; or

(F) A semi-independent state agency listed in ORS 182.454, 377.835 or 674.305, or any other state agency denominated by statute as a semi-independent state agency.

(14) ‘Termination payment’ means the amount payable under an agreement for exchange of interest rates by one party to another party as a result of the termination, in whole or part, of the agreement prior to the expiration of the stated term. [2007 c.783 § 2; 2009 c.537 § 7]