OAR 170-061-0015: Fees Charged by the Debt Management Divisions

(1) State agencies. The following fees are charged by the Oregon State Treasury (OST) in connection with the services, duties and activities of the OST related to bonds issued for state agencies by the State Treasurer: (a) Agency Bond Issues of $15 million or less. For a single series bond sale of $15 million or less, a state agency will be charged $18,000 per sale. For a bond sale of $15 million or less by a single state agency with multiple series, the state agency will be charged the greater of (i) $18,000 or (ii) $7,500 per series. For a bond sale of $15 million or less by two or more state agencies, each agency will be charged the greater of (i) $9,000 or (ii) $7,500 for each series sold for the agency. This subsection applies to initial offerings, refundings and restructurings. This subsection does not apply if the bond sale is a private placement conduit as described below in subsection (c). (b) Agency Bond Issues of more than $15 million. For a single series bond sale of more than $15 million, a state agency will be charged $25,000. For a bond sale of more than $15 million by a single state agency with multiple series, the state agency will be charged the greater of (i) $25,000 or (ii) $8,500 per series. For a bond sale of more than $15 million by two or more state agencies, each agency will be charged the greater of (i) $12,500 or (ii) $8,500 for each series sold for the state agency. This subsection applies to initial offerings, refundings and restructurings. This subsection does not apply if the bond sale is a private placement conduit sale described below in subsection (c). (c) Privately Placed Conduit Bonds are bonds that are payable solely from moneys owed by a party other than the State of Oregon, with no recourse for payment to the State of Oregon, do not have a publicly disseminated official statement or other offering circular, and are sold only to one or more sophisticated investors, accredited investors or qualified institutional buyers. A state agency that privately places conduit bonds will be charged: (i) $6,000 for sales that in aggregate total $5 million or less, (ii) $12,000 for sales that in aggregate total more than $5 million but less than $10 million, or (iii) $18,000 for sales that in aggregate total $10 million or more. Should conduit bonds be sold publicly or use a publicly disseminated official statement then subsection (a) or subsection (b) above applies. This subsection applies to initial offerings, refundings and restructurings. (d) Tax Anticipation Notes. A state agency will be charged $35,000 for each sale of tax anticipation notes. (e) Interest Rate Exchange Agreements. In addition to any other fee, $25,000 will be charged for the review and approval of a state agency’s first executed interest rate exchange agreement for a specific bond program of the agency. After the first agreement, a fee of $12,000 will be charged for each executed interest rate exchange agreement subsequently entered into by the agency for the same bond program or indenture. These charges do not include costs such as interest rate exchange advisor fees, rating agency charges or printing costs which are payable by the agency or authority for whom the cost is incurred. (f) Replacement of Liquidity Providers or SWAP Counter Party Providers. A state agency will be charged $12,000 for activities related to each replacement of a liquidity provider or SWAP counter party provider. These charges do not include costs such as rating agency charges or printing costs which are payable by the agency or authority for whom the cost is incurred. (2) Public Bodies. The following fees are charged by OST in connection with the services, duties and activities of the OST related to bonds issued by public bodies in Oregon; expenses incurred in reviewing refunding and defeasance plans may be charged against the bond proceeds or may be paid by the public body from such other funds as may be available: (a) Advance refunding plan application and review. The non-refundable administrative fee for submission of an advance refunding plan is $200. (b) Oregon School Bond Guaranty Program. School districts that submit an application for participation in the Oregon School Bond Guaranty Program shall submit a non-refundable application fee of $200 to OST with their application. School districts whose bonds are guaranteed by the State shall submit to OST, within 10 business days of closing, a fee equal to .03% (.0003) of the total principal and interest due, assuming the bonds are paid on their regularly scheduled maturity or redemption dates. If bonds are issued as "Qualified Bonds" under OAR 170-063-000 that may be converted to an interest bearing format over and above interest payments that may be due and payable under the original terms of bonds, the fee for such Qualified Bonds will be equal to .045% (.00045) of the total principal and interest due, assuming the bonds are paid on their regularly scheduled maturity or redemption dates and that there is no conversion to a different interest bearing format than the original terms of the bonds. (3) Municipal Debt Advisory Commission. (a) Definitions. (A) “Financial Obligation(s)” means borrowings maturing in 13 months or more including, but not limited to: public bonds, private placements, bank loans, financing agreements, lines of credit or any capital lease. (B) “Bond Professional(s)” means bond counsel, underwriters, municipal finance advisors and other professionals with bonding expertise who assist in the evaluation, structuring or sale of financial obligations. (C) “Overlapping Debt Report(s)” means reports that include information concerning maturity dates, amounts, interest rates, and overlapping percentages as a proportion of Real Market Value (RMV) for all property tax-backed debt. (D) “Pension Obligation Bonds” means revenue bonds authorized under ORS 238.694 and ORS chapter 287A for the purpose of obtaining funds to pay the pension liability of a public body. (E) “Public body” means those entities described in ORS 287A.001 and an intergovernmental entity formed pursuant to ORS 238.695. (b) The following fees are charged in connection with the services, duties and activities of the OST as staff to the Municipal Debt Advisory Commission, pursuant to ORS 287A.634(3). (A) Administrative Tracking and Reporting fee for Financial Obligation other than Pension Obligation Bonds. Each public body shall submit, at the time of closing, a fee equal to: (i) $500 for any Financial Obligation other than a Pension Obligation Bond with a principal amount less than $1 million and for which the public body uses the assistance of bond professionals; (ii) $1,000 for any Financial Obligation other than a Pension Obligation Bond with a principal amount of at least $1 million or greater but less than $10 million and for which the public body uses the assistance of bond professionals; (iii) The greater of $1,500 or 0.015% (0.00015) of the principal amount for any Financial Obligation other than a Pension Obligation Bond with a principal amount of at least $10 million or greater but less than $50 million and for which the public body uses the assistance of bond professionals; (iv) $7,500 for any Financial Obligation other than a Pension Obligation Bond with a principal amount of $50 million or greater and for which the public body uses the assistance of bond professionals. (v) If the public body does not use any bond professionals for the issuance of the financial obligations, a fee will not be charged. (B) Administrative Tracking and Reporting fee for Pension Obligation Bonds. Each public body shall submit, at the time of closing of the issuance of a Pension Obligation Bond, a fee equal to: (i) $1,000 for any Pension Obligation Bonds with a principal amount less than $1 million and for which the public body uses the assistance of bond professionals; (ii) $2,000 for any Pension Obligation Bonds with a principal amount of $1 million or greater but less than $10 million and for which the public body uses the assistance of bond professionals; (iii) The greater of $2,000 or 0.02% of the principal amount for any Pension Obligation Bonds with a principal amount of at least $10 million or greater but less than $50 million and for which the public body uses the assistance of bond professionals; or (iv) $10,000 for any Pension Obligation Bonds with a principal amount of $50 million or greater and for which the public body uses the assistance of bond professionals. (c) Overlapping Debt Report fee. Overlapping Debt Reports are provided free of charge. (d) Other fees and charges. Fees for specialized reports and services will be determined by the number of hours spent by OST to produce such specialized report or service at the rate of $115 per hour. (4) Private Activity Bonds. (a) Current Year Allocation. State agencies or public bodies that submit an application for allocation of the state’s private activity bond volume limit (“CAP”) for the current year to the Private Activity Bond Committee under OAR 170-071-0005 shall submit a non-refundable application fee of $200 to OST when their application is submitted. State agencies or public bodies who receive CAP shall pay to OST: (A) For a bond sale with a principal amount of $10 million or less, a fee equal to $3,000, payable within 10 business days of the closing date of the bond sale; (B) For a bond sale with a principal amount of more than $10 million, a fee equal to $10,000 payable within 10 business days of the closing date of the bond sale; or (C) For a mortgage credit certificate program, a fee equal to $2,000, payable within 10 business days of the date of the notice of allocation by OST. (b) Carry Forward Allocation. State agencies or public bodies that submit an application for carry forward allocation under OAR 170-071-0005(10) shall submit a non-refundable application fee of $200 to OST when their application is submitted. State agencies or public bodies who receive carry forward allocation shall pay to OST: (A) For a bond sale with a principal amount of $10 million or less, a fee equal to $3,000; of which the first $500 is payable within 10 days of the date of the notice of allocation by OST, with the balance payable within 30 days of the closing date of the first bond sale associated with the allocation; (B) For a bond sale with a principal amount of more than $10 million, a fee equal to $10,000; of which the first $2,000 is payable within 10 days of the date of the notice of allocation by OST, with the balance payable within 30 days of the closing date of the first bond sale associated with the allocation; or (C) For a mortgage credit certificate program, a fee equal to $2,000, payable within 10 business days of the date of the notice of allocation by OST. (D) For an agricultural bond issued through the Oregon Business Development Department’s Beginning and Expanding Farmer Loan Program and sold to a single insured institution under ORS 706.008, a fee equal to $200 is payable within 10 business days of the closing date of the bond sale. For agricultural bonds that will be sold to one or more accredited or sophisticated investors or institutional buyers, or more than one insured institution under ORS 706.008, OST may, at its discretion, charge up to a maximum of $2,000 depending on the complexity of the transaction. (5) OST may, at its discretion, waive or reduce any fee outlined in sections (1) to (4) based on compelling financial reasons.