OAR 340-054-0072
Purchase and Refinancing of Debt Obligation: Bond Purchase
(1)
Application requirements. All application requirements for a CWSRF loan as specified in OAR 340-054-0022 (Clean Water State Revolving Fund Loans: Loan Application Requirements) apply to a bond purchase under this rule.(2)
Intended Use Plan and project priority list. All applications for a bond purchase are subject to IUP and project priority list development in the same manner as specified in OAR 340-054-0025 (Clean Water State Revolving Fund Loans: Intended Use Plan (IUP) and Project Priority List).(3)
Project ranking criteria. All applicants for a bond purchase will be ranked based on the point sum from the criteria specified in OAR 340-054-0026 (Clean Water State Revolving Fund Loans: CWSRF Project Ranking Criteria for Non-planning Loans) and 340-054-0027 (Clean Water State Revolving Fund Loans: CWSRF Project Ranking Criteria for Planning Loans).(4)
Reserves, CWSRF general fund and project funding. DEQ will allocate reserves and CWSRF general funds for a bond purchase in the same manner as specified in OAR 340-054-0036 (Clean Water State Revolving Fund Loans: Reserves, CWSRF General Fund and Project Funding).(5)
Requirements for a bond purchase.(a)
Clean Water Act plans. DEQ will only purchase a bond whose proceeds are used to finance a project that is consistent with plans developed under sections 303(e), 319 or 320 of the Clean Water Act.(b)
Refinancing an interim loan. A public agency may sell a bond to DEQ to refinance an interim loan or reimburse itself for self-generated funds used to pay DEQ-approved project costs for treatment works if the public agency meets the conditions in OAR 340-054-0056 (Clean Water State Revolving Fund Loans: CWSRF Loan Use Conditions)(3).(6)
Conditions for bond purchase. The terms, conditions and requirements set out in OAR 340-054-0060 (Clean Water State Revolving Fund Loans: Loan Agreement and Conditions) apply to a bond purchase.(7)
Bond purchase, terms and interest rates.(a)
Bonds. A bond DEQ purchases under this rule must be a revenue bond for a term not to exceed 30 years and meet the requirements specified in OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(2).(b)
Interest rates. OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(4)(b) specifies the base rate for a bond purchase. DEQ will calculate interest rates for bond purchase agreements executed on or after February 1, 2016, under OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(4)(f)(B).(c)
Interest accrual and payment. OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(5) sets the terms for interest accrual and payment for bond purchases under this rule.(d)
Annual fee. OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(6) specifies the annual fee for a bond purchase.(e)
Commencement of bond repayment. OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(7) prescribes when a public agency must begin principal and interest repayment for a bond DEQ purchased under this rule.(f)
Term. A public agency must fully repay bond purchases under this rule under a schedule DEQ prescribes. The term of the bond DEQ purchases under this rule will not exceed 30 years after project completion or the useful life of the asset financed by the bond, whichever is less.(g)
Minor variations in bond terms. DEQ may, as OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(9) specifies, authorize minor variations in financial terms of a bond purchased under this rule to facilitate administration and repayment of the bond.(h)
Additional subsidization. DEQ may provide additional subsidization for a bond purchase in the same manner as for a loan under OAR 340-054-0065 (Clean Water State Revolving Fund Loans: Loan Types, Terms and Interest Rates)(12).
Source:
Rule 340-054-0072 — Purchase and Refinancing of Debt Obligation: Bond Purchase, https://secure.sos.state.or.us/oard/view.action?ruleNumber=340-054-0072.