OAR 122-075-0120
Budgeting for Department of Administrative Services Administered Bonds

(1)

Any Benefiting Agency intending to issue Bonds in the upcoming biennium must notify the Finance Manager as a part of the State Agency budget preparation process in accordance with the Department’s Budget & Legislative Concepts Instructions.

(2)

The Department will:

(a)

Assist any Benefiting Agency in developing debt service budgets for its outstanding Bonds;

(b)

As applicable, bill and collect from all Benefiting Agencies their respective portion of debt service relative to each agency’s outstanding Bonds;

(c)

Send moneys that are collected from Benefiting Agencies to the trustee or the appropriate paying agent for all payments due under the Bonds related to such Benefiting Agency;

(d)

At the direction of the State Treasurer, manage the investments of Bond sale proceeds or debt service funds, if any, that are held by a trustee. The interest earnings from any investment of moneys by a trustee may be credited to the appropriate Benefiting Agency, or against the next installment of principal and interest due on outstanding Bonds of the Benefiting Agency at the next payment date, at the discretion of the Department. When allocating such interest earnings, the department may take any actions necessary to achieve cost-effective administration, provided such actions do not have a materially adverse impact any Bonds or the funds or accounts used to pay them; and

(e)

After any Bonds are completely paid and no longer outstanding, provide to the appropriate Benefiting Agency any remaining moneys, together with interest earnings to be recorded under generally accepted accounting principles.

Source: Rule 122-075-0120 — Budgeting for Department of Administrative Services Administered Bonds, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=122-075-0120.

Last Updated

Jun. 8, 2021

Rule 122-075-0120’s source at or​.us