The Oregon Economic and Community Development Department (OECDD) is recruiting highly qualified individuals to fill the position of Debt Manager in the Debt Management Section of the Infrastructure Finance Authority (IFA). This position is based in Salem.
Agency overview
The Infrastructure Finance Authority is a separate and distinct organization within the Oregon Economic and Community Development Department. The Infrastructure Finance Authority is responsible for financing projects such as road improvements, water supply systems, wastewater treatment facilities, port planning and infrastructure, and community facilities that improve the ability of Oregon communities to serve their communities with social, economic and infrastructure facilities. The IFA provides community assistance with regulatory compliance, asset management, and regional water resource management. The IFA is guided in its activities by an advisory committee.
Scope of position
The primary purpose of this position is to direct and manage the financial operations activities of the IFA that includes bonds, debt management, investments, loan and grant underwriting, contract and agreement documentation and accounting activities. This position manages a present loan portfolio of $450 million dollars. In addition, supervises ten staff members. This position is a member of the senior management team.
Major roles and responsibilities include:
Directs the activities of the Debt Management section by developing and implementing policies on IFA accounting, financial reporting, contracts, underwriting, bond management and investment policies and procedures consistent with the direction and guidance from the IFA Board and the IFA Director in addition to GAAFR, GAAP and state and federal laws and regulations. Evaluates quality of services and authorizes redistribution of resources to meet changing program needs. Determines long- and short-range operational and recommends strategic initiatives to the IFA Director.
Develops debt management priorities and strategies consistent with applicable policies, laws and rules established by IFA Board and Executive Director. Proposes new debt management strategies and gain consensus on implementation.
Prepares biennial and interim budget requests for the Debt Management Section by evaluating initiatives, determining priorities, evaluating resources available and making a request for additional resources to implement IFA program, goals and overall mission.
Reviews and approves all invoices for Debt Management section activities including bond counsels, bond rating companies, bond underwriters, financial advisors, State Treasury, Division of Audits, Attorney General and trustees.
Addresses county, city, local governments, ports and industry associations on agency programs and policies. Responds to stakeholder, IFA advisory committee and Legislative requests for information and to resolve disputes. Full authority to act on behalf of IFA Director in his/her absence.
Determines sufficiency of cash flows to meet current and future debt service and operational needs including reserves. Monitors financial markets. Plans and manages the issuance of direct revenue, pass through revenue and Lottery-backed bonds.
Develops requirements and review criteria in selection of a financial advisor and bond counsel. Develops and evaluates the request for proposal (RFP) for a financial advisor and bond counsel to conduct the bond sale. Ensures integrity and accuracy of complex cash flow and yield calculation reports produced by the Financial Advisor. Ensured accuracy in the Financial Advisor’s assessment of the financial strength of various IFA programs.
Structures the issuance of bonds to provide community project financing at the lowest interest rate. Ensures IFA compliance with SEC laws and regulations involving primary and secondary market disclosure. Coordinates informational sharing with bond counsels, underwriters, trustees, the State Treasury, the Financial Advisor, auditors and the Attorney General’s office. Analyzes and ensures the transfer of funds of bond issuance transactions. Analyzes the debt service and amortization schedule for all bonds issued.
Develops and directs the implementation of strategies in compliance with tax laws but that minimize the arbitrage rebate liability to the Federal government.
Directs the development of arbitrage rebate calculations and reviews staff reports of rebate balances.
Ensures debt service payment process by analyzing and determining availability of funds, debt service requirements, source of debt service and when and what bonds to “call-in” in order to meet federal regulations and covenants with bondholders, trustees and the State Treasury. Authorizes payments made by trustees to bondholders. Responds to questions and complaints from bondholders, investment brokers and bond fund managers about bond issuance, outstanding bonds and bond “call-in” history.
Manages and administers outstanding bonds to assure compliance with state, federal laws, rules and regulations.
Determine and coordinates the initial investment of available funds including the initial investment of new bond series monies, monies from loan repayments, income from investments and proceeds from matured investments.
Ensures compliance with investment policies, indentures and trustee account provisions. Prepares investment cash flow analyses and various letters of instruction relating to the flow of funds.
Develops and implements investment strategies, policies and procedures to optimize earnings and ensure compliance with federal tax regulations and bond indenture requirements. Monitors yield restrictions to ensure compliance with arbitrage regulations
Supervises the Debt Management Section staff including interviewing, selecting and providing training for new staff and existing staff; approves personnel actions, assigns and evaluates work performance; resolves employee grievances; initiate disciplinary action when needed; and ensure adequate and competent staff for the section.
Reviews loan and grant packages for the Special Public Works Fund (SPWF), Safe Drinking Water Revolving Loan Fund (SDWRLF) and Community Development Block Grant (CDBG) to ensure proposed deal is in compliance with applicable rules, policies and laws. Refers pre-approved loan and grant package request for final approval.
Manages and administers the collection of loan payments and related information from services; interactions with loan servicing to ensure effective and accurate reporting and remittance of payments, and to handle problems with services in accordance with the loan documentation terms and conditions.
To qualify
Your application materials will be reviewed to verify that you meet the minimum qualifications and desired attributes stated in this section. To receive credit your application materials must clearly show that you have the following minimum qualifications:
Four years of management experience in a public or private organization which included responsibility for each of the following:
- Development of program rules and policies;
- Development of long- and short-range goals and plans;
- Program evaluation; and
- Budget preparation.
Graduate level courses in finance or management may be substituted for one year of the required experience.
In your application materials, you must clearly describe your experience in each of the a), b), c), d) areas listed. Failure to provide this information may result in eliminating your application from further consideration.
Desired competencies
The ideal candidate will possess management experience in an organization that uses bond proceeds to finance projects that are either publicly or privately owned. Describe your experience including your role and level of responsibility in the organization activities related to the following:
- Debt management activities
- Borrower loan/grant contract document preparation, execution and payment servicing
- Loan and grant underwriting process
- Overall organization budget preparation and/or monitoring
Salary and benefits
Annual salary for this position ranges from $68,052-$105,288. In addition to salary, Executive Service employees receive:
An Attractive cafeteria-style benefits package, including:
- Fully-paid medical, dental, vision and prescription iInsurance coverage for employee and dependents
- No-cost flexible sSpending medical and dependent care accounts
- Employer paid $25,000 basic life insurance; additional coverage available
- Long- and short-term disability plans and accidental death and dismemberment plans
- Long-term care insurance
Retirement benefits
- Participation in the Oregon Public Service Retirement Plan (OSPRP) with fully paid employer contributions
- Option to participate in the Oregon Savings Growth Plan, a deferred compensation program offering a wide variety of investment options
Paid Leaves
- Generous family-friendly leaves including paid vacation, personal leave, sick leave and paid holidays
How to apply
Interested candidates are encouraged to submit:
- A state of Oregon application (PD100)
- A current professional resume
- A cover letter that details how your background matches the desired competencies of this position, and
- A list of five professional references, including one past/current supervisor, peer and subordinate
The screening of applicants will be based on a review of the materials submitted in response to this announcement. The completed application materials must be received by 5:00pm on the close date.
Mail or e-mail application materials to:
Oregon Economic and Community Development Department
Human Resources Office
775 Summer Street NE, Suite 200
Salem, OR 97301-1280
***The Oregon Economic and Community Development Department Is an Equal Opportunity, Affirmative Action Employer Committed to a Diverse Workforce***
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