OAR 172-005-0040: Approval of Financing by Authority; Issuance of Bonds; Single Meeting Approval Process

(1) Except as provided in OAR 172-005-0040(2), at such time as the Executive Director determines that all legal and other requirements for the issuance of bonds to finance a proposed project described in an approved application which has not expired have been met or will be met prior to the issuance of any bonds to finance such project, including but not limited to the fulfillment of any terms or conditions set forth in the resolution approving such application or the preliminary agreement pertaining thereto, the Executive Director shall call a meeting of the Authority at the earliest practicable time by giving notice thereof in the manner required by law, and shall place a resolution regarding the financing of such project on the agenda for the meeting of the Authority. Such resolution shall be in the form prepared by bond counsel and shall be distributed by the Executive Director to the members of the Authority prior to the meeting together with the Executive Director's written summary of the proposed financing and any recommendations with respect thereto. The indenture of trust, loan or lease purchase agreement, official statement (if any), bond purchase contract and similar operative documents, instruments and agreements related to the proposed financing, all in substantially final form, shall be placed on file with the Executive Director by the participating institution prior to the time such resolution is considered by the Authority and shall be available for inspection by members of the public. If the Authority approves the proposed financing, the Executive Director shall forward a certified copy of the resolution approving the proposed financing to the Treasurer together with a written request that the Treasurer consider authorizing the issuance of bonds for the purpose of financing the related project. (2) The Authority may approve certain applications and approve the financings proposed in such applications at the same meeting, subject to such terms and conditions as the Authority in its discretion may impose. Approval of an application and approval of a proposed financing at the same meeting may be appropriate for assignment and assumption transactions, projects undertaken by participating institutions with significant experience in the bond market, refundings of existing Authority bonds, and certain transactions pursuant to the Authority's Small Nonprofit Accelerated Program (SNAP) bond issuance process. Approval shall be granted by a resolution of the Authority in the form prepared by bond counsel, and the resolution shall be distributed by the Executive Director to the members of the Authority prior to the meeting together with the Executive Director's written summary of the proposed financing and any recommendations with respect thereto. When available, the indenture of trust, loan or lease purchase agreement, official statement (if any), bond purchase contract and other operative documents, instruments and agreements related to the proposed financing, all in substantially final form, shall be placed on file with the Executive Director by the participating institution and shall be available for inspection by members of the public. The Executive Director shall certify as a condition to closing the fulfillment of any conditions or terms imposed by the Authority on its approval of the financing. At any time after adoption of a resolution of the Authority approving an application but before the financing is closed, the Executive Director may for any reason, and shall, upon request by the Treasurer or a member of the Authority, place on the agenda of a duly called meeting of the Authority the proposed financing for additional consideration by the Authority. If a proposed financing is placed on the agenda of a meeting of the Authority pursuant to this OAR 172-005-0040(2), the provisions of OAR 172-005-0040(1) shall apply to the approval of the proposed financing.