ORS 286A.130
Bond counsel services

  • financial advisory services
  • Public Contracting Code

(1)

The State Treasurer or a related agency may enter into one or more agreements for bond counsel services for a period of not less than one year during any biennium in which there are bonds outstanding that were issued for the state agency or during any biennium in which the state agency expects the State Treasurer to issue bonds for an agency program. A state agency may not enter into an agreement for bond counsel services unless the State Treasurer and the Attorney General have reviewed and approved the terms and conditions of the agreement. Before approving an agreement, the State Treasurer shall consider the reputation, experience and credentials of the bond counsel, including the individuals expected to actually fulfill the contract work.

(2)

Except as provided in subsection (3) of this section, the appointment of bond counsel may not be construed as authorizing bond counsel to advise or represent the state on matters that are committed by statute to the Attorney General.

(3)

The services provided under a bond counsel agreement may include:

(a)

Advising a state agency or the State Treasurer concerning the legality of specific proposed taxable or tax-exempt bonds and the compliance of obligations with applicable law, including but not limited to federal securities and tax laws;

(b)

Issuing opinions to a state agency, the State Treasurer or other parties concerning the enforceability of, authority for and tax status of bonds, agreements for exchange of interest rates, credit enhancement devices or similar associated documents and on the lawful use of the proceeds of the bonds, as may be required by the demands of the marketplace for the bonds;

(c)

Advising a state agency or the State Treasurer on legal procedures and practices in the bond marketplace, including advice on the structuring and sale of bonds;

(d)

Preparing or assisting in the preparation of documents related to a specific issue of bonds, including but not limited to an authorizing resolution or declaration, a trust indenture, a prospectus, a preliminary official statement, an official statement, a bond sale notice, a bond form, a bid form, a bond purchase agreement, an agreement for exchange of interest rates, a credit enhancement device or a similar document necessary or desirable to sell bonds;

(e)

Advising a state agency or the State Treasurer concerning the maintenance of the tax status of specific bonds, compliance with any requirements for representations or disclosures relating to the bonds, compliance with any documents executed as part of the issuance of the bonds and federal laws related to bond programs that may be available to a state agency;

(f)

Advising a state agency or the State Treasurer concerning accounting, investment or administrative procedures recommended or required for compliance with federal or state securities or tax or rebate requirements relating to bonds that were issued for the agency or that the agency expects to issue; and

(g)

Advising and assisting a state agency or the State Treasurer in responding to an inquiry received from or an audit by a federal or state regulatory body concerning:

(A)

The tax status of interest paid on the bonds;

(B)

The marketing of the bonds;

(C)

Requirements of federal law related to the use of bond proceeds or the program for which the bonds were issued; or

(D)

Other matters within the jurisdiction of the federal or state regulatory body relating to bonds that were issued by the state agency.

(4)

In addition to entering into an agreement described in subsection (3) of this section, the State Treasurer or a related agency may appoint bond counsel by letter, certificate or otherwise, to provide the services described in subsection (3) of this section for an individual conduit revenue bond sale.

(5)

The State Treasurer or, with the approval of the State Treasurer, a related agency may enter into an agreement with and retain the services of one or more providers of financial advisory services. When considering whether to enter into or approve an agreement with a provider of financial advisory services, before approving the agreement, the State Treasurer shall consider the reputation, experience and credentials of the adviser, including the individuals expected to actually fulfill the contract work.

(6)

Except for the expenses of bond counsel services provided under subsection (4) of this section for conduit revenue bond sales, the related agency shall pay the expenses of any agreements entered into under this section and may use bond proceeds to pay those expenses.

(7)

The Public Contracting Code does not apply to agreements entered into under this section. [2007 c.783 §20]

Source: Section 286A.130 — Bond counsel services; financial advisory services; Public Contracting Code, https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html.

286A.001
Definitions for ORS chapter 286A
286A.003
State policy on debt management
286A.005
Authority of State Treasurer to issue bonds
286A.010
Information required by State Treasurer
286A.014
Fees and expenses of State Treasurer
286A.015
Payment of expenses of State Treasurer
286A.016
Disposition of charges
286A.025
Issuance and sale of bonds
286A.035
Bond budget authorization
286A.045
Borrowing for current expenses
286A.050
Short Term Borrowing Account
286A.055
Report by State Treasurer on amount of bonds issued, amounts repaid, costs and interest earned
286A.056
Cancellation or postponement of scheduled issuance of bonds
286A.095
Compliance with constitutional or statutory debt limit
286A.100
Definitions for ORS 286A.100 and 286A.102
286A.102
Lien of a pledge
286A.110
Agreements for exchange of interest rates
286A.118
Termination payment of conduit borrower
286A.120
Credit enhancement devices
286A.123
Agency purchase of own bonds
286A.130
Bond counsel services
286A.132
Debt-related advisory services
286A.140
State taxation of bond interest
286A.145
Federal taxation of bond interest
286A.160
Exception to expenditure limits for repaying obligations
286A.185
Cancellation, purchase or redemption of bonds
286A.190
Disclosure of bond ownership
286A.195
Financial audit of bond programs
286A.200
Administration of certain bond programs by Oregon Department of Administrative Services
286A.250
State Debt Policy Advisory Commission
286A.255
Functions and duties of commission
286A.560
Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711
286A.563
Purposes
286A.566
Requirements for legislation authorizing lottery bonds
286A.570
Lottery Bond Fund
286A.573
Lottery Bond Administrative Fund
286A.576
Allocation of lottery moneys for lottery bonds
286A.578
Litigation challenging legality of Oregon State Lottery
286A.580
Issuance of lottery bonds
286A.585
Lottery bonds for community sports facilities
286A.605
Definitions for ORS 286A.605 to 286A.625
286A.615
Private Activity Bond Committee
286A.620
Private activity bond volume cap
286A.625
State Treasurer to maintain records
286A.630
Reallocation of private activity bond cap
286A.700
Authority to issue baccalaureate bonds
286A.710
Definitions for ORS 286A.710 to 286A.720
286A.712
Authority of State Treasurer to issue bonds
286A.714
Article XI-D Bond Fund
286A.716
Article XI-D Bond Administration Fund
286A.718
Renewable Energy Fund
286A.720
Payment of bond-related costs
286A.730
Definitions for ORS 286A.730 to 286A.750
286A.735
Authority of State Treasurer to issue pension liability bonds
286A.740
Article XI-O Bond Fund
286A.745
Article XI-O Bond Administration Fund
286A.750
Terms and conditions of pension liability bonds
286A.760
Definitions for ORS 286A.760 to 286A.772
286A.762
Authority of State Treasurer to issue bonds
286A.764
Article XI-M Bond Fund
286A.766
Article XI-M Bond Administration Fund
286A.768
Education Seismic Fund
286A.772
Payment of bond-related costs
286A.780
Definitions for ORS 286A.780 to 286A.792
286A.782
Authority of State Treasurer to issue bonds
286A.784
Article XI-N Bond Fund
286A.786
Article XI-N Bond Administration Fund
286A.788
Emergency Services Seismic Fund
286A.792
Payment of bond-related costs
286A.796
Definitions for ORS 286A.796 to 286A.806
286A.798
Authority of State Treasurer to issue bonds
286A.800
School capital matching bond program
286A.801
Matching fund grants to school districts
286A.802
Article XI-P Bond Fund
286A.804
Article XI-P Bond Administration Fund
286A.806
School Capital Matching Fund
286A.808
Oregon School Capital Improvement Matching Account
286A.810
LEED certification of school projects financed with Article XI-P bonds
286A.816
Definitions for ORS 286A.816 to 286A.826
286A.818
Authority of State Treasurer to issue bonds
286A.820
Article XI-Q Bond Fund
286A.822
Article XI-Q Bond Administration Fund
286A.824
Article XI-Q bond program
286A.826
Budgeting for Article XI-Q project costs
286A.830
Definitions for ORS 286A.830 to 286A.863
286A.833
Authority of State Treasurer to issue Article XI-F(1) bonds
286A.836
Loan agreements for Article XI-F(1) bonds
286A.839
Article XI-F(1) Bond Fund
286A.842
Article XI-F(1) Bond Administration Fund
286A.845
Budgeting for Article XI-F(1) bonds
286A.848
Authority of State Treasurer to issue Article XI-G bonds
286A.851
Grant contracts for Article XI-G bonds
286A.854
Article XI-G Bond Fund
286A.857
Article XI-G Bond Administration Fund
286A.860
Budgeting for Article XI-G bonds
286A.863
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