Oregon State Treasury

Ted Wheeler OREGON STATE TREASURER

Rules and Fees

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This page contains a listing of all fees charged to State Agencies related to a new issuance or remarketing of a bond obligation.  These fees can also be found in Oregon Administrative Rule 170-061-0015.

State Agencies

The OST shall charge the following fees in connection with the services, duties and activities of the OST related to bonds issued for state agencies by the State Treasurer:

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 $15,000 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) $15,000 or (ii) $6,000 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) $7,500 or (ii) $6,000 for each series sold for the agency. This section applies to initial offerings as well as refundings and the restructuring of bonds. This section does not apply if the bond sale is a private placement conduit as described below in the Privately Place Conduit Bonds section.

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 $20,000. 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) $20,000 or (ii) $7,000 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) $10,000 or (ii) $7,000 for each series sold for the state agency. This section applies to initial offerings as well as refundings and the restructuring of bonds. This section does not apply if the bond sale is a private placement conduit sale described below in the Privately Placed Conduit Bonds section.

Privately Placed Conduit Bonds

These 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, that do not have a publicly disseminated official statement or other offering circular, and are sold to one or more sophisticated investors, accredited investors or qualified institutional buyers. A state agency that privately places conduit bonds will be charged:

    1. $5,000 for sales that in aggregate total $5 million or less;
    2. $10,000 for sales that in aggregate total more than $5 million but less than $10 million; or
    3. $15,000 for sales that in aggregate total $10 million or more. Should conduit bonds be sold publicly or using an official statement then the agency bond sections listed above apply. This section applies to initial offerings as well as refundings and the restructuring of bonds.

Tax Anticipation Notes

A state agency shall be charged $30,000 for each sale of tax anticipation notes.

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 $10,000 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.

Replacement of Liquidity Providers or SWAP Counter Party Providers

A state agency will be charged $10,000 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. 


Private Activity Bonds

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 an application fee of $200 to OST when their application is submitted. State agencies or public bodies who receive CAP shall pay to OST: (i) For a bond sale of $10 million or less, a fee equal to $3,000, payable within 10 business days of the closing bond sale, (ii) For a bond sale of more than $10 million, a fee equal to $10,000 payable within 10 business days of the closing bond sale, or (iii) 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.

Carry Forward Allocation

State agencies or public bodies that submit an application for carry forward CAP allocation under OAR 170-071-0005(10) shall submit an application fee of $200 to OST when their application is submitted. State agencies or public bodies who receive carry forward CAP shall pay to OST:  For a bond sale 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 of the first bond sale associated with the allocation, (ii) For a bond sale 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 of the first bond sale associated with the allocation, or (iii) 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.

 

OST may, at its discretion, waive or reduce any fee outlined above, based on compelling financial reasons.