OAR 813-035-0018: Investment Grade Bonds

The Department has responsibility for several Department bond programs and its Publicly Offered bonds normally must be of investment grade credit quality. Private Placement bonds need only address the purchaser’s investment grade interests. To ensure investment grade credit quality for its Publicly Offered bonds or other financing funds, the Department may require that Borrower and its participating institution provide an appropriate credit enhancement device that will secure the bonds in a manner that will result in investment grade credit quality. Any exceptions to this investment grade credit quality standard will only be at the Department's sole determination and must be appropriately supported and documented.