OAR Chapter 170 — Oregon State Treasury

Division 1 PROCEDURAL RULES

Or. Admin. R. 170-001-0000 Notice of Proposed Rulemaking and Model Rules of Procedure

(1) Except when adopting a temporary rule, the State Treasurer will provide public notice of the proposed adoption, amendment, or repeal of any rule by:

(a) Publishing notice of the proposed rulemaking action in the Secretary of State's Oregon Bulletin under ORS 183.335(1)(b);

(b) Notifying interested people and organizations who have requested to be notified of rulemaking actions under ORS 183.335 and section (2) of this rule;

(d) Providing notice to any other person or organization the State Treasurer believes may have an interested in the rulemaking action.

(2) A person or organization may subscribe through the State Treasurer’s website to receive email notification when the State Treasurer proposed to adopt, amend, or repeal an administrative rule.

(3) The State Treasurer adopts the Attorney General’s Model Rules of Procedure related to the content of notices, the conduct of rulemaking hearings, adoption of temporary rules, and other related rulemaking procedures.

[ED. NOTE: The full text of the Attorney General’s Model Rules of Procedure is available on the Secretary of State’s website under OAR 137-001.]

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 183
OST 3-2019, amend filed 08/27/2019, effective 09/01/2019
OST 2-2004, f. & cert. ef. 6-23-04
TD 1-1984, f. & ef. 10-5-84
TD 12, f. & ef. 5-11-77
TD 7, f. 10-14-71, ef. 11-1-71

Or. Admin. R. 170-001-0005 Contested Case Hearings Model Rules of Procedure

(1) The Treasurer adopts by reference the Attorney General’s Model Rules of Procedure for Contested Case Hearings in OAR 137-003-0501 to 137-003-0700 in relation to claims made under ORS 98.302 to 98.436, 98.992 or 116.253 or any other claim to escheated or unclaimed property.

(2) An Administrative Law Judge assigned by the Office of Administrative Hearings is not authorized to issue a final order on behalf of the Treasurer.

[ED. NOTE: The full text of the Attorney General’s Model Rules of Procedure for Contested Case Hearings is available from the State Treasurer or on the Secretary of State’s website.]

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 183.341, 183.464 & 183.635 (as amended by section 56, chapter 678, Oregon Laws 2019)
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-001-0020 Confidentiality and Inadmissibility of Mediation Communications

(1) The words and phrases used in this rule have the same meaning as given to them in ORS 36.110 and 36.234.

(2) Nothing in this rule affects any confidentiality created by other law. Nothing in this rule relieves a public body from complying with the Public Meetings Law, ORS 192.610 to 192.690. Whether or not they are confidential under this or other rules of the agency, mediation communications are exempt from disclosure under the Public Records Law to the extent provided in ORS 192.410 to 192.505.

(3) This rule applies only to mediations in which the agency is a party or is mediating a dispute as to which the agency has regulatory authority. This rule does not apply when the agency is acting as the “mediator” in a matter in which the agency also is a party as defined in ORS 36.234.

(4) To the extent mediation communications would otherwise be compromise negotiations under ORS 40.190 (OEC Rule 408), those mediation communications are not admissible as provided in ORS 40.190 (OEC Rule 408), notwithstanding any provisions to the contrary in section (9) of this rule.

(5) Mediations Excluded. Sections (6)–(10) of this rule do not apply to:

(a) Mediation of workplace interpersonal disputes involving the interpersonal relationships between this agency's employees, officials or employees and officials, unless a formal grievance under a labor contract, a tort claim notice or a lawsuit has been filed; or

(b) Mediation in which the person acting as the mediator will also act as the hearings officer in a contested case involving some or all of the same matters;

(d) Mediation involving two or more public bodies and a private party if the laws, rule or policies governing mediation confidentiality for at least one of the public bodies provide that mediation communications in the mediation are not confidential; or

(e) Mediation involving 15 or more parties if the agency has designated that another mediation confidentiality rule adopted by the agency may apply to that mediation.

(6) Disclosures by Mediator. A mediator may not disclose or be compelled to disclose mediation communications in a mediation and, if disclosed, such communications may not be introduced into evidence in any subsequent administrative, judicial or arbitration proceeding unless:

(a) All the parties to the mediation and the mediator agree in writing to the disclosure; or

(b) The mediation communication may be disclosed or introduced into evidence in a subsequent proceeding as provided in subsections (c)–(d), (j)–(l) or (o)–(p) of section (9) of this rule.

(7) Confidentiality and Inadmissibility of Mediation Communications. Except as provided in sections (8)–(9) of this rule, mediation communications are confidential and may not be disclosed to any other person, are not admissible in any subsequent administrative, judicial or arbitration proceeding and may not be disclosed during testimony in, or during any discovery conducted as part of a subsequent proceeding, or introduced as evidence by the parties or the mediator in any subsequent proceeding.

(8) Written Agreement. Section (7) of this rule does not apply to a mediation unless the parties to the mediation agree in writing, as provided in this section, that the mediation communications in the mediation will be confidential and/or nondiscoverable and inadmissible. If the mediator is the employee of and acting on behalf of a state agency, the mediator or an authorized agency representative must also sign the agreement. The parties' agreement to participate in a confidential mediation must be in substantially the following form. This form may be used separately or incorporated into an “agreement to mediate.” [Form not included. See ED. NOTE.]

(9) Exceptions to confidentiality and inadmissibility:

(a) Any statements, memoranda, work products, documents and other materials, otherwise subject to discovery that were not prepared specifically for use in the mediation are not confidential and may be disclosed or introduced into evidence in a subsequent proceeding;

(b) Any mediation communications that are public records, as defined in ORS 192.410(4), and were not specifically prepared for use in the mediation are not confidential and may be disclosed or introduced into evidence in a subsequent proceeding unless the substance of the communication is confidential or privileged under state or federal law;

(c) A mediation communication is not confidential and may be disclosed by any person receiving the communication to the extent that person reasonably believes that disclosing the communication is necessary to prevent the commission of a crime that is likely to result in death or bodily injury to any person. A mediation communication is not confidential and may be disclosed in a subsequent proceeding to the extent its disclosure may further the investigation or prosecution of a felony crime involving physical violence to a person;

(d) Any mediation communication related to the conduct of a licensed professional that is made to or in the presence of a person who, as a condition of his or her professional license, is obligated to report such communication by law or court rule is not confidential and may be disclosed to the extent necessary to make such a report;

(e) The parties to the mediation may agree in writing that all or part of the mediation communications are not confidential or that all or part of the mediation communications may be disclosed and may be introduced into evidence in a subsequent proceeding unless the substance of the communication is confidential, privileged or otherwise prohibited from disclosure under state or federal law;

(f) A party to the mediation may disclose confidential mediation communications to a person if the party's communication with that person is privileged under ORS Chapter 40 or other provision of law. A party to the mediation may disclose confidential mediation communications to a person for the purpose of obtaining advice concerning the subject matter of the mediation, if all the parties agree;

(g) An employee of the agency may disclose confidential mediation communications to another agency employee so long as the disclosure is necessary to conduct authorized activities of the agency. An employee receiving a confidential mediation communication under this subsection is bound by the same confidentiality requirements as apply to the parties to the mediation;

(h) A written mediation communication may be disclosed or introduced as evidence in a subsequent proceeding at the discretion of the party who prepared the communication so long as the communication is not otherwise confidential under state or federal law and does not contain confidential information from the mediator or another party who does not agree to the disclosure;

(i) In any proceeding to enforce, modify or set aside a mediation agreement, a party to the mediation may disclose mediation communications and such communications may be introduced as evidence to the extent necessary to prosecute or defend the matter. At the request of a party, the court may seal any part of the record of the proceeding to prevent further disclosure of mediation communications or agreements to persons other than the parties to the agreement;

(j) In an action for damages or other relief between a party to the mediation and a mediator or mediation program, mediation communications are not confidential and may be disclosed and may be introduced as evidence to the extent necessary to prosecute or defend the matter. At the request of a party, the court may seal any part of the record of the proceeding to prevent further disclosure of the mediation communications or agreements;

(k) When a mediation is conducted as part of the negotiation of a collective bargaining agreement, the following mediation communications are not confidential and such communications may be introduced into evidence in a subsequent administrative, judicial or arbitration proceeding:

(A) A request for mediation; or

(B) A communication from the Employment Relations Board Conciliation Service establishing the time and place of mediation; or

(D) A strike notice submitted to the Employment Relations Board.

(l) To the extent a mediation communication contains information the substance of which is required to be disclosed by Oregon statute, other than ORS 192.410 to 192.505, that portion of the communication may be disclosed as required by statute;

(m) Written mediation communications prepared by or for the agency or its attorney are not confidential and may be disclosed and may be introduced as evidence in any subsequent administrative, judicial or arbitration proceeding to the extent the communication does not contain confidential information from the mediator or another party, except for those written mediation communications that are:

(A) Attorney-client privileged communications so long as they have been disclosed to no one other than the mediator in the course of the mediation or to persons as to whom disclosure of the communication would not waive the privilege; or

(B) Attorney work product prepared in anticipation of litigation or for trial; or

(C) Prepared exclusively for the mediator or in a caucus session and not given to another party in the mediation other than a state agency; or

(D) Prepared in response to the written request of the mediator for specific documents or information and given to another party in the mediation; or

(E) Settlement concepts or proposals, shared with the mediator or other parties.

(n) A mediation communication made to the agency may be disclosed and may be admitted into evidence to the extent the Treasurer or Deputy Treasurer determines that disclosure of the communication is necessary to prevent or mitigate a serious danger to the public's health or safety, and the communication is not otherwise confidential or privileged under state or federal law;

(o) The terms of any mediation agreement are not confidential and may be introduced as evidence in a subsequent proceeding, except to the extent the terms of the agreement are exempt from disclosure under ORS 192.410 to 192.505, a court has ordered the terms to be confidential under ORS 17.095 or state or federal law requires the terms to be confidential;

(p) The mediator may report the disposition of a mediation to the agency at the conclusion of the mediation so long as the report does not disclose specific confidential mediation communications. The agency or the mediator may use or disclose confidential mediation communications for research, training or educational purposes, subject to the provisions of ORS 36.232(4).

(10) When a mediation is subject to section (7) of this rule, the agency will provide to all parties to the mediation and the mediator a copy of this rule or a citation to the rule and an explanation of where a copy of the rule may be obtained. Violation of this provision does not waive confidentiality or inadmissibility.

[ED. NOTE: Forms referenced are available from the agency.]

History

Statutory/Other Authority: ORS 36.224
Statutes/Other Implemented: ORS 36.224, 36.228, 36.230 & 36.232
OST 2-1998, f. 12-11-98, cert. ef. 12-14-98
OST 1-1998(Temp), f. & cert. ef. 8-13-98 thru 12-13-98

Division 2 ADMINISTRATION AND PROCUREMENT

Or. Admin. R. 170-002-0000 Fees for Public Records

(1) The Oregon State Treasury may charge a fee reasonably calculated to reimburse the Oregon State Treasury for the costs of locating, compiling, editing, redacting, or otherwise processing information and records in response to a request for public records.

(2) When the cost to provide public records under section (1) is $25 or more, the Oregon State Treasury may charge a person requesting public records for the following:

(a) An hourly rate, charged in 15-minute increments, based on the work performed and not on the employee performing the work. The rates are:

(A) Investment Officer: $95 per hour;

(B) In-house Counsel: $95 per hour;

(D) Professional: $50 per hour; and

(E) Clerical: $30 per hour.

(b) The rate for photocopying, duplicating, mailing, third-party costs, or other costs necessary to complete a response to a request for public records are as follows:

(A) Certified copies: $1 per page;

(B) Uncertified copies: $0.05 (5 cents) per page;

(D) Other applicable charges: actual cost or best estimate of cost; and

(E) Attorney General charges: actual cost or best estimate of cost based on the Attorney General’s fee schedule.

(c) The Oregon State Treasury will charge $25 per report when a person requests any Investment Performance and Holdings Report.

(d) The Oregon State Treasury will charge a minimum of $150 for a Finder’s List of Unclaimed and Escheat Property.

(3) A person may request a fee waiver or reduction as in the manner required under OAR 170-002-0002(3)(b)(D). Treasury will not consider a request for fee waiver or reduction after an estimate is sent to the person requesting the public record.

History

Statutory/Other Authority: ORS 178.050 & ORS 192.324
Statutes/Other Implemented: ORS chapter 293, ORS chapter 295, ORS chapter 183 & ORS chapter 192
OST 2-2021, amend filed 06/29/2021, effective 07/01/2021
OST 3-2019, amend filed 08/27/2019, effective 09/01/2019
OST 6-2018, amend filed 11/19/2018, effective 11/23/2018
OST 3-2004, f. & cert. ef. 6-23-04
TD 1-1990, f. 4-17-90, cert. ef. 5-1-90

Or. Admin. R. 170-002-0002 Procedure to Request Public Records

(1) Any person may request to inspect or receive copies of public records prepared, owned, used, or retained by the State Treasurer, Oregon Investment Council, 529 Savings Network, Oregon Retirement Savings Board, or other public body staffed by the State Treasurer, through the Oregon State Treasury.

(2) When public records are not exempt from disclosure, the Oregon State Treasury will make public records available for inspection, or will provide copies to a person who requests public records under ORS 192.311 to 192.478. The Oregon State Treasury will make public records available for inspection or copying during regular business hours, but may condition the time and manner of inspection or copying as necessary to protect the records and to prevent interference with the regular discharge of duties of the State Treasurer, Oregon State Treasury, and its employees.

(3) Any person requesting to inspect or receive public records must:

(a) Provide a written request to the Records Custodian, Oregon State Treasury, 867 Hawthorne Ave SE, Salem, OR 97301-5241 or by electronic mail at Information.Request@ost.state.or.us.

(b) The written request must include the following information:

(A) The name and address of the person requesting the public record;

(B) The telephone number or other contact information of the person requesting the public record;

(C) A sufficiently detailed description of the record(s) requested to inform the Oregon State Treasury to search for and identify responsive records;

(D) If requesting a fee waiver or reduction, a statement explaining how waiving or reducing the fee primarily benefits the general public;

(E) The date the request is submitted; and

(F) The physical signature of the person requesting to inspect or receive copies of public records.

(4) When inspection or copies are requested through the Oregon State Treasury’s website, the requirements of section (3) are fully met.

(5) When the Oregon State Treasury asks a person requesting public records to clarify a request or to provide additional information, the person requesting the public records must provide the clarification or additional information within 60 days. If the person fails to provide the information within 60 days, the Oregon State Treasury will close the request and take no further action.

(6) When a cost estimate is received by the person requesting public records, the person must confirm that they are willing to pay an amount equal to or less to the estimated cost, and that the person wants the Oregon State Treasury to continue locating, compiling, editing, redacting, or otherwise processing information and records to respond to the person’s request. The confirmation must be received by the Oregon State Treasury within 10 business days of the date sent to the person. If the person fails to confirm the cost estimate, the Oregon State Treasury will close the request and take no further action.

(7)(a) The Oregon State Treasury will send the person requesting public records an itemized invoice of the actual cost to be responsive to the request. The person requesting public records must pay the invoice in full within 60 days. If the person requesting public records does not pay within 6o days, the Oregon State Treasury will close the request and take no further action.

(b) The person requesting public records must make payment to the Oregon State Treasury. The payment must be sent to the Oregon State Treasury, Attention Accounts Payable, 867 Hawthorne Ave, Salem, OR 97301-5241.

History

Statutory/Other Authority: ORS 178.050 & ORS 192.311 - 192.478
OST 1-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 3-2019, adopt filed 08/27/2019, effective 09/01/2019

Or. Admin. R. 170-002-0005 Copier/Facsimile Use by Oregon State Treasury Employees

For use of copy or facsimile equipment by employees of the Oregon State Treasury when acting in a private capacity, employees shall pay the fees set forth in OAR 170-002-0000. Copying or facsimile fees incurred by an employee be paid:

(1) By check, payable to the Oregon State Treasury, within the first ten working days of the month immediately following the month in which charges were incurred; or

(2) Prior to receiving their final compensation upon separation or termination from the Oregon State Treasury.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 183, 192, 293 & 295
TD 1-1990, f. 4-17-90, cert. ef. 5-1-90

Or. Admin. R. 170-002-0010 Criminal Records Check and Fitness Determination Rules

(1) Purpose. This rule controls the OST’s acquisition of information about a subject individual’s criminal history through criminal records checks or other means and its use of that information to determine whether the subject individual is fit to provide services to the OST as an employee, volunteer, board member, contractor or vendor. The fact that the OST approves a subject individual as fit does not guarantee the individual a position as an OST employee, volunteer, board member, contractor or vendor. Criminal Records checks are conducted in accordance with OAR 125-007-0200 through 125-007-0310.

(2) Fees.

(a) The OST may charge a fee for acquiring criminal offender information for use in making a fitness determination. In any particular instance, the fee shall not exceed the fee(s) charged to the Department by the Oregon Department of State Police, the Federal Bureau of Investigation, or a contractor conducting a criminal background check to obtain criminal offender information on the subject individual.

(b) The OST may not charge the fee to the subject individual on whom criminal offender information is sought if the subject individual is being considered for employment with OST or providing volunteer services to OST.

(c) The OST may charge a fee to the subject individual if he or she is a contractor or vendor and is undergoing a fitness determination in that capacity, or the OST may charge the fee to the subject individual’s employer.

(d) The OST may charge a fee to a subject individual that has been appointed or is being considered for appointment to a board or commission by the State Treasurer.

History

Statutory/Other Authority: ORS 181A.195, 184.340 & 184.365
Statutes/Other Implemented: ORS 181A.195(9)
OST 4-2017, f. & cert. ef. 5-25-17
OST 1-2008, f. & cert. ef. 3-3-08

Or. Admin. R. 170-002-0100 Definitions

The follow definitions apply to OAR 170-002-0100 through 170-002-0300:

(1) “Award” means the Treasurer’s communication to an Offeror of the Treasurer’s intent to enter into a Contract with the Offeror.

(2) “Closing” means the date and time specified in a Contract solicitation as the deadline for submitting Offers.

(3) “Contract” means a legally binding written agreement between the Treasurer and Offeror for the purchase and sale of Goods and Services or for Exempt goods, services or other transactions.

(4) “Contractor” means a person with whom the Treasurer enters into a Contract.

(5) “Days” means calendar days.

(6) “Exempt” means the Public Contracting Code does not apply.

(7) “Goods and Services” has the meaning given in ORS 279B.010 and as clarified by OAR 170-002-0100.

(8) “Offer” means a bid, proposal, quote or other writing or submission through which a person offers, Goods and Services, or Exempt goods, services, investments or other transactions, for a price or with certain qualifications to the Treasurer or otherwise responds to a Procurement.

(9) “Offeror” means a person who submits an Offer.

(10) “Procurement” means the process of soliciting Offers with the intention that there is an Award by the Treasurer of one or more Contracts or identification of potentially eligible Contractors at the end of the process.

(11) “Procurement Officer” means any staff of the Treasurer whom the Treasurer has employed, or to whom the State Treasurer has delegated authority, to carry out Procurements, Contract administration and related activities.

(12) “Public Contracting Code” or “Code” means ORS chapters 279A, 279B, and 279C.

(13) “Responsible” means the Treasurer reasonably believes that the Offeror would be a reliable, competent, responsible, and an accountable and a legally authorized Contractor.

(14) “Solicitation Document” means a written, including electronically transmitted, inquiry issued to one or more persons soliciting Offers.

(15) “Treasurer” means the Office of the State Treasurer.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065
OST 1-2026, amend filed 01/21/2026, effective 01/30/2026
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0105 Authority and Applicability of the Public Contracting Code

(1) Procurements and the resulting Contracts are Exempt, except for the Procurement of, and Contracts for, the Goods and Services as described in paragraph 2 of this rule.

(2) Goods and Services that are not Exempt and are subject to the Procurement methods required under ORS chapter 279B generally are:

(a) Services that do not require personalized or specialized skills, knowledge, or expertise related to banking, borrowing or investments;

(b) Goods and services that do not require the exercise of professional judgment or management discretion related to banking, borrowing, investments or to the Treasurer's exercise of the other powers of that office prescribed in ORS 178.010 to 178.090 and 276A.242 and ORS Chapters 286A, 287A, 289, 293, 294 and 295;

(c) Services that are common to any entity that carries on a business such as janitorial, repair, delivery, mail processing, and information technology services that are not specialized for banking, borrowing, investments or to the Treasurer's exercise of the other powers of that office prescribed in ORS 178.010 to 178.090 and 276A.242 and ORS Chapters 286A, 287A, 289, 293, 294 and 295;

(d) Goods that are common to any entity that carries on a business such as furniture, office equipment and supplies, and computers and related equipment that are not specialized for banking, borrowing, or investing and may be used for any type of business.

(3) All other Procurements conducted by the Treasurer are Exempt. If goods or services have some of the attributes described in paragraph 2, but also fall within the scope of contracts described in ORS 279A.025 that are Exempt, the Treasurer, in its sole discretion, will specify whether a Procurement or a Contract for such goods and services is Exempt.

(4) Unless otherwise provided under this section, the Contracting and Procurement administrative rules adopted by the Department of Administrative Services under OAR chapter 125 do not apply to procurements conducted and contracts entered into by the State Treasurer.

(5)The Treasurer may provide any part or all of an education or training program, or may approve any part or all of an education or training program provided by the Department of Administrative Services or other provider, that meets the standards and requirements established by the Treasurer under ORS 279A.159(3).

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.025(2)(p), ORS 279A.050(5) & ORS 279A.159(3)
OST 1-2026, amend filed 01/21/2026, effective 01/30/2026
OST 6-2018, amend filed 11/19/2018, effective 11/23/2018
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0110 Procurement Policy and Approach

(1) The Attorney General’s model rules do not apply to the Treasurer. The Treasurer will consider the Attorney General’s model rules for guidance when exercising Contract and Procurement discretion, particularly with respect to Procurements of Goods and Services subject to ORS Chapter 279B. The Procurement Officer will review this division of the Treasurer’s administrative rules each time the Attorney General modifies its model rules to determine whether to modify this division to comply with statutory or other changes.

(2) The Treasurer will contract with an outside party when it is not feasible to use personnel or resources within the agency because the specialized skills, knowledge or resources to perform are not available within the Treasurer’s office; services cannot be performed in a reasonable time by the Treasurer’s staff; it is less expensive to contract with a third party; or an independent and impartial evaluation of a situation by recognized professionals is required. Contracts will be awarded only after approval of the Treasurer or designee.

(3) The Treasurer’s policy is to continuously improve Procurement practices to reflect the marketplace while promoting public confidence by demonstrating ethical behavior, fair dealing, honesty, and good faith. Further, it is the Treasurer’s policy to encourage competition in the marketplace, unless it is not practicable to achieve the public policy goals for banking, borrowing, and investing.

(4) The Treasurer will evaluate Offers based on performance factors and other aspects of service quality, as well as pricing, in selecting the Offer most advantageous to the state. Awards will be made to the most responsive Responsible Offeror(s) based on the best overall value, and not solely on lowest cost.

(5) The Treasurer may provide any part of or all of an education or training program that meets the standards established by the Treasurer, or may approve any part of all of an education or training program provided by the Department of Administrative Services or other provider that meets the standards and requirements established by the Treasurer under ORS 279A.159(3) and this rule.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065, ORS 279A.050(5) & ORS 279A.159(3)
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0115 Procurement Method

(1) For any Contract estimated to cost $50,000 or less, the Treasurer may allow a preference for, or limit competition to, contracting entities owned or controlled by disadvantaged persons described in ORS 279A.100(1).

(2) The Treasurer may participate in, sponsor, conduct, or administer cooperative procurements as described in ORS 279A.200 through 279A.225; provided, however, the Treasurer may conduct and administer cooperative procurements only for programs under the authority of the Treasurer and for public entities that are not subject to the exclusive authority of the Department of Administrative Services under ORS 279A.050(7).

(3) OAR 170-002-0120 through OAR 170-002-0140 apply to the Procurement of Goods and Services.

(4) OAR 170-002-0145 applies to Procurements for goods, services and Contracts that are Exempt, unless otherwise provided in OAR 170-061-0300.

(5) OAR 170-002-0150 through OAR 170-002-0170 apply to all Procurements conducted by the Treasurer.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.025(2)(p), ORS 279A.100, ORS 279A.050(5) & ORS 279A.065
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0120 Small Procurements

(1) Generally. For Procurements less than or equal to $25,000, the Treasurer may award a Contract as a small procurement under ORS 279B.065.

(2) Amendments. The Treasurer may amend a Contract awarded as a small procurement. However, cumulative amendments to one Contract may not increase the total Contract price to greater than one hundred twenty-five percent (125%) of the dollar amount stated in ORS 279B.065.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279B.065 & 279A.050(5)
OST 2-2023, amend filed 12/15/2023, effective 01/02/2024
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0125 Intermediate Procurements

(1) Generally. For procurements of Goods or Services greater than $25,000 and less than $250,000, the Treasurer may award a Contract as an intermediate procurement pursuant to ORS 279B.070.

(2) Negotiations. The Treasurer may negotiate with a prospective Contractor who responds to an intermediate procurement to clarify its Offer or to effect modifications that will make the Offer more advantageous to the Treasurer.

(3) Amendments. The Treasurer may amend a Contract awarded as an intermediate procurement. However, cumulative amendments to one Contract may not increase the total Contract price to a sum that exceeds the higher dollar amount stated in ORS 279B.070 or one hundred twenty-five percent (125%) of the original Contract price, whichever is greater.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279B.070 & ORS 279A.050(5)
OST 2-2023, amend filed 12/15/2023, effective 01/02/2024
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0130 Sole-source Procurements

(1) Generally, the Treasurer may award a Contract for Goods and Services without competition as a sole-source procurement pursuant to the requirements of ORS 279B.075.

(2) Public Notice. If, but for the determination that the Treasurer may enter into a Contract as a sole-source, the Treasurer would be required to select a Contractor using the selection methods set forth in either ORS 279B.055 or 279B.060, the Treasurer will give public notice that the Goods or Services or class of Goods or Services are available from only one source. The Treasurer shall publish such notice in a manner similar to the public notice of competitive sealed bids under 279B.055(4). The public notice must describe the Goods or Services to be acquired by a sole-source procurement, identify the prospective Contractor and include the date, time and place that protests are due. The Treasurer will provide at least seven (7) days from the date of such notice to protest the sole-source determination.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279B.075 & ORS 279A.050(5)
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0135 Emergency Procurements

The Treasurer may award a Contract as an emergency procurement pursuant to the requirements of ORS 279B.080. The Treasurer will competitively procure Goods and Services in an emergency using a process that is reasonable and appropriate under the circumstances.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279B.080 & ORS 279A.050(5)
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0140 Special Procurements

(1) Generally. The Treasurer may award a Contract as a special procurement pursuant to the requirements of ORS 279B.085.

(2) Public Notice. The Treasurer will give public notice in the same manner as public notice under ORS 279B.055(4). The public notice will describe the Goods or Services or class of Goods or Services to be acquired through the special procurement. The Treasurer must provide at least seven (7) days from the date of the notice for affected persons to protest the special procurement.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279B.085 & ORS 279A.050(5)
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0145 Discretionary Exempt Procurements

When a Procurement conducted by the Treasurer is Exempt, the Treasurer will generally follow the requirements and procedures set forth in ORS chapter 279B. However, the Treasurer may employ other processes that the Treasurer deems practical or convenient, including direct selection and negotiation, as the Treasurer determines are necessary or desirable to achieve the state’s financial management public policy goals.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.025(2)(p) & ORS 279A.050(5)
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0147 Purchases Through Federal Programs

(1) The Treasurer may purchase goods and services through federal programs described in ORS 279A.180 without competitive sealed bidding, competitive sealed proposals or other competition required under ORS 279B.050 to 279B.085, provided that the Treasurer follows the procedures set forth in this rule.

(2) Procedures. To purchase through a federal program, the Treasurer must document in its procurement file that:

(a) The Treasurer has complied with OAR 137-045-0010 to 137-045-0090, and if it is required, obtained a legal sufficiency review or exemption from the Department of Justice; and

(b) The Treasurer is informed of the federal program procurement process, including:

(A) Voluntary and Direct Contract. The Treasurer and contractors participate voluntarily. The contractors make direct deliveries to the Treasurer and retain the right to decline orders on a case-by-case basis, for any reason, within a five-day period of receipt of that order;

(B) Funding Fee. The price of a federal program contract includes a GSA industrial funding fee to cover GSA administrative costs to operate the federal program;

(C) New Contract. When a contractor accepts an order from the Treasurer, a new contract is formed. The contract's terms and conditions are incorporated by reference; and

(D) Additional Terms and Conditions. The Treasurer may add to its contract such significant, substantial contract terms and conditions as are required by state statutes or rules, if such additions do not conflict with the federal program's contract terms and conditions. Examples of such terms and conditions include, but are not limited to:

(i) Prompt Payment. The Treasurer may apply the terms and conditions of Oregon's prompt payment law to its contracts, but if the Treasurer fails to make this addition, then the Treasurer may be subject to the Federal Prompt Payment Act, 31 U.S.C. sec. 3901 et seq., as implemented at subpart 32.9 of the Federal Acquisition Regulation (FAR);

(ii) Commercial Terms. Patent indemnity and other commercial terms and conditions may be added if they do not conflict with the federal program's terms and conditions; and

(iii) Conflict Resolution. The Treasurer may revise the contract's dispute resolution provision to use Alternative Dispute Resolution to the extent authorized by law.

History

Statutory/Other Authority: ORS 178.050 & ORS 279A.025(2)(p)
Statutes/Other Implemented: ORS 279A.025(2)(p) & OAR 279A.180
OST 4-2026, adopt filed 07/06/2026, effective 07/06/2026
OST 2-2026, temporary adopt filed 03/04/2026, effective 03/04/2026 through 08/28/2026

Or. Admin. R. 170-002-0150 Offers

(1) An Offer submitted in response to a competitive Procurement is irrevocable, valid and binding on the Offeror for not less than 30 days after the Closing unless otherwise specified in the Solicitation Document, or the Offer is modified or withdrawn as allowed under these rules. The Treasurer may elect to accept an Offer at any time after Closing and prior to the Award date, if any, specified in a Procurement. The Treasurer’s Award constitutes acceptance of the Offer and binds the Offeror to enter into a Contract on the terms that are at least as favorable to the Treasurer as those set forth in the Offer.

(2) Following the Closing, the Treasurer may negotiate any Contract terms or conditions with any Offeror if the Treasurer determines that negotiation is in the Treasurer’s best interests. The Treasurer may include the parameters of any permitted negotiations in its Procurement. Offerors are obligated to negotiate in good faith on those terms or conditions that the Treasurer or the Solicitation Document have reserved for negotiation.

(3) Contingent Offers. Except to the extent the Offeror is authorized to propose certain terms and conditions under a Solicitation Document, an Offeror may not make its Offer contingent upon the Treasurer's acceptance of any terms or conditions (including specifications) other than those contained in the Solicitation Document.

(4) Offeror's Acknowledgment. By signing and submitting its Offer, the Offeror acknowledges it has read and understands the terms and conditions contained in the Solicitation Document and that it accepts and agrees to be bound by the terms and conditions of the Solicitation Document.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065, ORS 279B.055 & ORS 279B.60
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0155 Electronic Procurements

(1) The Treasurer may conduct all phases of a Procurement, including providing public notice and receiving Offers, by electronic methods as provided in a Solicitation Document, or any other written instructions on how to participate.

(2) Any Offeror electronically submitting an Offer to the Treasurer agrees to conduct business with the Treasurer electronically. All communication about the Procurement will be done through the Treasurer’s electronic procurement system.

(3) The Treasurer will use and accept electronic signatures. The use of electronic signatures must be consistent with applicable statutes and rules. If an Offeror or Contractor resides in a country, territory, or jurisdiction that does not recognize electronic signatures, the Treasurer will not use or accept electronic signatures.

(4) Offerors must register with the Treasurer’s electronic procurement system before submitting electronic Offers. The Offeror must agree to the terms, conditions, or other requirements of the Solicitation Document or other requirements governing the Procurement process.

(5) The Offeror must submit an electronic Offer on or before the Closing date and time identified in the Solicitation Document. The date and time stamp assigned by the Treasurer’s electronic procurement system determines whether an electronic Offer is submitted timely. The opening and closing time of all Procurements is Pacific Time, whether Pacific Daylight Time, or Pacific Standard Time.

(6) If the Treasurer’s electronic procurement system does not allow one or more Offerors to submit electronic Offers, the Treasurer may cancel or extend the Procurement. The Treasurer will provide notice to potential Offerors of the cancellation or extension through the electronic procurement system once the system becomes available.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065 & ORS chapter 84
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0160 Offer Preparation

Any Offeror submitting an Offer must sign the Offer, and include any information, forms or other documents required by the Solicitation Document. An Offeror must sign any correction or erasure in its Offer prior to the Closing date and time as permitted by the Solicitation Document.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0165 Late Offers, Late Withdrawals, Late Modifications

The Treasurer will not consider late Offers, late withdrawals or late modifications of an Offer received after the Closing date and time, unless otherwise provided in these rules or the Solicitation Document.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0170 Mistakes

(1) An Offeror may not correct or withdraw an Offer for an error in judgment. If the Treasurer finds mistakes in an Offer after opening, but before Contract Award, the Treasurer may take the following action:

(a) Waive, or permit an Offeror to correct, a minor informality, such as:

(A) Submit the correct number of signed Offers, or correct the number of other documents required under the Solicitation Document.

(B) Sign the Offer in the designated block, or electronically, evidencing the intent to be bound.

(b) Correct a clerical error if the error is evident on the face of the Offer or other documents submitted with the Offer, such as typographical mistakes, errors in extending unit prices, transposition errors, or arithmetical errors.

(2) The Treasurer may permit an Offeror to withdraw an Offer after the Closing after considering the following criteria:

(a) The nature of the error.

(b) That the error is not a minor informality.

(d) That the Offeror acted in good faith in submitting an Offer that contained errors.

(e) That the Offeror acted without gross negligence in submitting the Offer.

(f) That the Offeror will suffer substantial detriment if the Treasurer does not permit the Offeror to withdraw its Offer.

(g) That withdrawal of the Offer will not create a substantial hardship on the Treasurer or the public.

(h) That the Offeror promptly gave the Treasurer notice of the claimed error.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0175 Cancellation, rejection, delay of invitations for bids or requests for proposals

(1) Any Procurement may be canceled, or any or all bids or proposals may be rejected in whole or in part, when the cancellation or rejection is in the Treasurer’s best interest. The reasons for the cancellation or rejection must be made part of the Procurement file. The Treasurer is not liable to any Offeror for any loss or expense caused by or resulting from the cancellation or rejection of Procurement, bid, proposal or Award.

(2) Any Procurement may be delayed or suspended when the delay or suspension is in the Treasurer’s best interest. The Treasurer is not liable to any Offeror for any loss or expense caused by or resulting from the delay or suspension of Procurement or Award.

(3) The Treasurer may at any time before Contract execution withdraw an Award if the Treasurer determines that it is in the Treasurer’s best interest to do so. The Treasurer will document in its file related to the Award the reasons for the withdrawal. The Treasurer is not liable to any Offeror for any loss or expense resulting from an Award withdrawal.

(4) The Treasurer may, at any time after a Procurement cancellation or following Award withdrawal conduct a new Procurement with the same or revised terms, conditions, and specifications as used in the cancelled Procurement.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279A.065
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Or. Admin. R. 170-002-0300 Protest Filing and Judicial Review

(1) This rule applies to both Exempt Procurements and Contracts, and Procurements and Contracts for Goods and Services.

(2) Before seeking judicial review, an affected person must file a written protest with the Treasurer. An affected person may file a protest in the manner described in ORS 279B.400, 279B.405, and 279B.410.

(3) The affected person must file their protest within 10 days of the Treasurer’s action that gives rise to the right to file a protest.

(4) The Treasurer will make findings and issue its determination within 60 days of receiving the protest.

(5) If the protester disagrees with the Treasurer’s decision, the protester may file judicial review of a protest decision by the Treasurer in the manner described in ORS 279B.415 and ORS 279B.420.

History

Statutory/Other Authority: ORS 279A.065
Statutes/Other Implemented: ORS 279B.400, ORS 279B.405, ORS 279B.410, ORS 279B.415, ORS 279B.420 & ORS 279A.065
OST 2-2023, amend filed 12/15/2023, effective 01/02/2024
OST 1-2018, adopt filed 02/27/2018, effective 03/02/2018

Division 40 PUBLIC FUNDS COLLATERALIZATION RULES

Or. Admin. R. 170-040-0020 Expenses of Administration Paid by Depositories

For the services, duties and activities of the Office of the State Treasurer (OST) performed under ORS Chapter 295, the OST shall charge depositories for the costs incurred by the OST based on a fixed fee plus a pro rata share of the remaining costs according to the amount of public funds deposits held by a depository. Each depository shall pay any fee amounts owed to OST by the time and in accord with the terms set forth in an invoice received from OST. If the invoice amount exceeds $200, payment shall be made by electronic funds transfer (EFT) in the manner and to the account designated by OST in its invoice. If, for some reason, a depository is unable to make payment by EFT and chooses to remit by check, a penalty, not to exceed five (5) percent of the amount of the payment with a maximum penalty of $50, may be assessed to the depository.

History

Statutory/Other Authority: ORS 293.525 & 295.106
Statutes/Other Implemented: ORS 293.525 & 295.106
OST 1-2013, f. & cert. ef. 4-2-13
OST 1-2009, f. & cert. ef. 4-10-09
OST 2-2008, f. 6-27-08, cert. ef. 7-1-08

Or. Admin. R. 170-040-0030 Approval of Loan Repayment Obligations Pledged by Depositories

(1) Loan repayment obligations owed by a county, city, school district, port district or other public body in the State of Oregon may be pledged by a depository as collateral only after the depository has received written approval from the Office of the State Treasurer (OST). However, the OST will not accept requests for and approve such loans as collateral, unless and until written notice is provided to depositories that, from a date designated in the notice, OST will begin to accept such requests and evaluate the acceptability of such loans as collateral. In the event OST approves such loans as collateral, the loans will be valued at seventy-five percent of their outstanding principal amount for purposes of calculating whether adequate collateral has been pledged by a depository with its custodian, as required under ORS Chapter 295.

(2) After receipt of the notice described above, the depository shall submit a written request to the OST containing the following information:

(a) The name of the payment obligor under the loan;

(b) The original principal balance of the loan;

(d) The maturity date for the loan;

(e) Whether the loan may be repaid prior to maturity;

(f) The credit rating (if applicable) of the general obligations of the obligor;

(g) The credit enhancement (such as insurance), if any, for the loan;

(h) Whether an event of default has ever occurred under the loan; and

(i) Whether the obligor has defaulted with respect to the payment of principal or interest on any of its loans or similar obligations within the preceding 10 years or during the period of its existence if that is less than 10 years.

(3) The OST will permit a loan to be pledged as security only if:

(a) The public body has not been in default with respect to the payment of principal or interest on any of its loans within the preceding 10 years or during the period of its existence if that is less than 10 years;

(b) If rated by a rating agency, the public body’s general obligations have a credit rating of AA or Aa;

(d) If the above referenced ratings are not available, OST determines, based on the information submitted to it, that the loan is of sufficiently high credit quality that it may be pledged as collateral; and

(e) The unpaid principal amount of the loans pledged does not exceed 30% of the depository’s collateral.

History

Statutes/Other Implemented: ORS 295.001(19)(f)
OST 1-2013, f. & cert. ef. 4-2-13
OST 2-2008, f. 6-27-08, cert. ef. 7-1-08

Or. Admin. R. 170-040-0040 Approval of Bond Anticipation Notes Pledged by Depositories

(1) Bond anticipation notes issued, sold or assumed by an authority under ORS 441.560 may be pledged as collateral by a depository only after the depository has received written approval from the Office of the State Treasurer (OST). However, the OST will not accept requests for and approve such bond anticipation notes as collateral, unless and until written notice is provided to depositories that, from a date designated in the notice, OST will begin to accept such requests and evaluate the acceptability of such notes as collateral.

(2) After receipt of the notice described above, the depository shall submit a written request to the OST containing the following information:

(a) The name of the note issuer;

(b) The original principal balance of the note;

(d) The maturity date of the note;

(e) Whether the note may be repaid prior to maturity;

(f) The credit rating (if applicable) of the issuer;

(g) The credit enhancement (such as insurance), if any, of the note;

(h) Whether an event of default has ever occurred under the note; and

(i) Whether the issuer has defaulted with respect to the payment of principal or interest on any of its notes or similar obligations within the preceding 10 years or during the period of its existence if that is less than 10 years.

(3) The OST will permit a note to be pledged as security only if:

(a) The issuer has not been in default with respect to the payment of principal or interest on any of its obligations within the preceding 10 years or during the period of its existence if that is less than 10 years;

(b) If rated by a rating agency, the issuer’s general obligations have a credit rating of AA or Aa;

(d) OST determines, based on the information submitted to it, that the note is of sufficiently high credit quality that it may be pledged as collateral.

(4) If the OST determines that there is an insufficient market in bond anticipation notes issued, sold or assumed by an authority under ORS 441.560 to provide for the efficient trading and liquidation of such bond anticipation notes, OST will value bond anticipation notes issued, sold or assumed by an authority under 441.560 at seventy-five percent of their outstanding principal amount for purposes of calculating whether adequate collateral has been pledged by a depository with its custodian, as required under ORS Chapter 295.

History

Statutes/Other Implemented: ORS 295.001(19)(g)
OST 1-2013, f. & cert. ef. 4-2-13
OST 2-2008, f. 6-27-08, cert. ef. 7-1-08

Or. Admin. R. 170-040-0050 Public Officials’ Notification of Depositories

Each public official shall maintain on file with the Office of the State Treasurer the name and address of each depository in which the public official deposits public funds and shall update such information at least annually or within three business days after the effective date of a change in any depository.

History

Statutes/Other Implemented: ORS 295.006(2)(3)
OST 1-2013, f. & cert. ef. 4-2-13
OST 2-2008, f. 6-27-08, cert. ef. 7-1-08

Or. Admin. R. 170-040-0060 Accounts in Financial Institutions Outside Oregon

The Office of the State Treasurer may establish demand deposit accounts in financial institutions outside this state for the purpose of accepting deposits of funds related to the state investments in geographical areas respectively serviced by the institutions. Such accounts shall be deposited only in financial institutions that are well-capitalized according to the classifications of its primary federal regulatory authority.

History

Statutes/Other Implemented: ORS 295.205(2)
OST 2-2008, f. 6-27-08, cert. ef. 7-1-08

Or. Admin. R. 170-040-0070 Approval for a Depository to Hold Excess Public Funds

The Office of the State Treasurer may approve the request of a depository to hold public funds in excess of the limits provided in ORS 295.048(1)(a) through (c), only if:

(1) The depository deposits collateral valued at 100% of the amount of such excess public funds deposits; and

(2) The depository demonstrates to the satisfaction of the State Treasurer that allowing such excess deposits provides benefits to one or more depositors, does not jeopardize public funds, and that the depository has a plan for the orderly elimination of such excess deposits within 90 days.

History

Statutes/Other Implemented: ORS 295.048(4)
OST 1-2013, f. & cert. ef. 4-2-13
OST 2-2008, f. 6-27-08, cert. ef. 7-1-08

Or. Admin. R. 170-040-0080 Custodian Must Meet Statutory Requirements

(1) A depository may designate the Federal Home Loan Bank (“FHLB”) or any insured institution or trust company that has been approved by the State Treasurer and otherwise meets the criteria of ORS 295.001(6)(b) (an “approved institution”) only if, and so long as, the FHLB or approved institution demonstrates to the satisfaction of the State Treasurer that it complies with the duties of a custodian required under 295.001 to 295.108 (the “statutory requirements”).

(2) If the State Treasurer determines that an approved institution has failed to comply with the statutory requirements, the State Treasurer shall revoke the prior approval granted under ORS 295.001(6)(b)(C) and remove the institution from the organizations that the State Treasurer has approved to serve as custodians.

(3) If the State Treasurer determines that the FHLB or an approved institution has failed to comply with the statutory requirements, it will issue a notice to all depositories informing the depositories of the State Treasurer’s determination. After the State Treasurer has issued such notice, a depository may not use the FHLB or approved institution subject to the notice as its custodian and, as soon as practicable, shall enter into an agreement with a successor custodian and transfer all securities held by the FHLB or formerly approved institution to the successor custodian.

(4) If the State Treasurer later determines that the FHLB or an insured institution or trust company is eligible to serve as a custodian because it has demonstrated to the satisfaction of the State Treasurer that it is capable of fulfilling the statutory requirements, the State Treasurer will issue a notice informing depositories of its determination and that the FHLB or insured institution or trust company subject to the notice is eligible to serve as a custodian, provided the insured institution or trust company has also been approved by the State Treasurer under ORS 295.001(6)(b)(C).

(5) The State Treasurer will not designate an insured institution or trust company to serve as a custodian under ORS 295.001(6)(b)(C) unless it demonstrates to the satisfaction of the State Treasurer that it is capable of fulfilling the statutory requirements of a custodian.

History

Statutes/Other Implemented: ORS 295.001(6)
OST 1-2013, f. & cert. ef. 4-2-13
OST 2-2008, f. 6-27-08, cert. ef. 7-1-08

Or. Admin. R. 170-040-0090 Weekly Reporting Requirement for Depositories at 110% Collateralization

Depositories ordered to collateralize their public funds deposits at 110% by the State Treasurer are required to submit a new Treasurer Report weekly. The weekly reporting requirement shall remain in effect until such time as the depository no longer holds public funds deposits over the FDIC limit or the State Treasurer removes the 110% collateralization requirement.

History

Statutory/Other Authority: ORS 295.018(1) & 295.061(3)
Statutes/Other Implemented: ORS 295
OST 1-2013, f. & cert. ef. 4-2-13
OST 6-2008, f. & cert. ef. 11-28-08
OST 5-2008(Temp), f. & cert. 10-2-08 thru 3-30-09

Or. Admin. R. 170-040-0100 Reporting Requirement for Depositories with Decreased Net Worth and/or Capitalization Level

A depository that files reports with the State Treasurer according to ORS 295.061(1) is required to submit a new Treasurer Report to the State Treasurer within three business days of:

(1) The date on which the depository’s net worth is reduced by an amount greater than 10 percent of the amount shown on its most recent Treasurer Report.

(2) The date on which a depository ceases to be well capitalized and becomes adequately capitalized or undercapitalized, or ceases to be adequately capitalized and becomes undercapitalized.

History

Statutory/Other Authority: ORS 295.061(2)(a) & 295.061(2)(b)
Statutes/Other Implemented: ORS 295
OST 1-2013, f. & cert. ef. 4-2-13
OST 6-2008, f. & cert. ef. 11-28-08

Or. Admin. R. 170-040-0110 Monthly Reporting Requirement for Depositories at Increased Collateralization Level

Depositories ordered to collateralize their public funds deposits at an increased level, but less than 110%, by the State Treasurer are required to submit a new Treasurer Report monthly. The monthly reporting requirement shall remain in effect until such time as the depository no longer holds public funds deposits over deposit insurance limits or the State Treasurer removes the increased collateralization requirement. The monthly report is in addition to the quarterly Treasurer Report that is statutorily required.

History

Statutory/Other Authority: ORS 295.018(1)(b) & 295.061(1)
Statutes/Other Implemented: ORS 295
OST 1-2013, f. & cert. ef. 4-2-13
OST 6-2009, f. & cert. ef. 11-19-09
OST 4-2009(Temp), f. & cert. ef. 10-13-09 thru 3-31-10

Division 50 ENDOWMENT CARE FUNDS

Or. Admin. R. 170-050-0010 Approved Investments

The following classes of securities are approved for investment of moneys deposited in endowment care funds after July 5, 1947, up to the indicated maximum percentage of the total endowment care funds: Class of Security — Permitted Percentage of Total Endowment Care Fund:

(1) United States Government Bonds and Federal Agency paper — 100 percent.

(2) Savings deposits and time certificates of deposit with financial institutions to the extent the deposit is fully insured by an agency of the federal government — 100 percent.

(3) Savings deposits and time certificates of deposits with financial institutions in amounts exceeding federal insurance provisions, to the extent such funds are collateralized by corporate or municipal bonds bearing a rating of BAA or higher — 100 percent.

(4) Corporate Bonds — Industrial, bearing Grade AAA, AA, or A rating — 100 percent.

(5) Corporate Bonds — Utilities, bearing Grade BAA or higher — 25 percent.

(6) First mortgages on real property, except those where the mortgagor is any cemetery association, business, or authority as defined in ORS 97.010, or any officer, director, employee, or other associate thereof — 50 percent.

(7) Investment Companies registered under the Investment Companies Act of 1940 which restrict their investments to the following fixed income instrument: obligations of the U.S. government and its agencies; obligations of Federal Reserve member banks; and commercial paper rated A-1 or P-1, and corporate bonds, excluding convertibles — 100 percent.

(8) Corporate stock listed on the New York Stock Exchange, or bank stock, where the corporation has shown growth in earnings during 4 out of the past five years — 25 percent.

(9) Investment Companies registered under the Investment Companies Act of 1940 — 25 percent.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 97.820
TD 3-1978, f. & ef. 8-30-78
TD 2-1978, f. & ef. 6-15-78
TD 1-1978(Temp), f. & ef. 4-4-78
TD 10, f. 3-19-75, ef. 4-11-75

Division 55 MUNICIPAL BONDS

Or. Admin. R. 170-055-0001 Definitions and Notice to Treasurer

(1) Terms used in OAR 170-055 shall have the meanings given in ORS chapters 286A and 287A unless otherwise specifically defined herein.

(2) “OST” means the Office of the State Treasurer.

(3) “State agency” means a related agency defined in ORS 286A.001(8).

(4) Whenever notice or information is required to be submitted by statute or rule to the Office of the State Treasurer acting on its own behalf or as staff to the Municipal Debt Advisory Commission or the Private Activity Bond Committee, such notice or information may be submitted:

(i) By electronic submission to: DMD@OST.state.or.us;

(ii) By mail or delivery to: Debt Management Division of the Office of the State Treasurer, 867 Hawthorne Ave SE, Salem, OR 97301-5241; or

(iii) By facsimile to 503-378-2870.

History

Statutory/Other Authority: ORS 286A.005, 287A.195 & 287A.360 - 287A.380.
Statutes/Other Implemented: ORS 286A.095, 287A.195 & 287A.360 - 287A.380.
OST 2-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 7-2008, f. & cert. ef. 12-29-08

Division 60 OREGON MUNICIPAL DEBT ADVISORY COMMISSION

Or. Admin. R. 170-060-0000 Notice of Proposed Rulemaking

Prior to the adoption, amendment, or repeal of any permanent rule, the Chairman of the Commission or their designee shall give notice of the intended action:

(1) In the Secretary of State's Bulletin referred to in ORS 183.360 at least 21 days prior to the effective date of the intended action.

(2) By providing a copy of the Notice to persons on the Commission's mailing list established pursuant to ORS 183.335(7) at least 28 days before the effective date of the rule. Providing a copy means by mail, e-mail, notice of posting to a web-site, or any other means whereby interested parties have timely access to the permanent rule and the intended action.

(3) By providing a copy of the Notice to the following persons, organizations, or publications:

(a) Selected cities, counties, school districts, port districts;

(b) Any district or other interested party as determined by the Commission;

(d) Association of Oregon Counties;

(e) Oregon School Boards' Association;

(f) Oregon Bond Counsel.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 183.355
OST 4-2004, f. & cert. ef. 6-23-04
TD 1-1996, f. & cert. ef. 1-26-96
TD 1-1981, f. & ef. 12-18-81

Or. Admin. R. 170-060-0001 Definitions

Terms used in OAR 170-060 shall have the meanings given in ORS Chapter 287A unless otherwise specifically defined herein:

(1) Definitions.

(2) "Counterparty" means an entity with whom a public body enters into an agreement for the exchange of interest rates.

(3) "Swap policy" means the written policy regarding the use of agreements for the exchange of interest rates adopted by the public body.

(4) "MDAC" means the Oregon Municipal Debt Advisory Commission.

(5) “OST” means the Office of the State Treasurer.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 183.355
OST 7-2008, f. & cert. ef. 12-29-08

Or. Admin. R. 170-060-1010 Terms, Conditions, and Reporting Requirements for an Agreement for Exchange of Interest Rates

(1) Public bodies shall only enter into agreements for the exchange of interest rates as authorized by, and in compliance with, ORS 287A.335.

(2) Amount. The notional amount of an agreement that relates to outstanding borrowing may not exceed the outstanding principal amount of the borrowing when the agreement is entered into. The notional amount of an agreement that relates to a borrowing that the public body expects to issue in the future may not exceed the principal amount of the borrowing reasonably anticipated to be outstanding when payments are required to commence under the agreement (as evidenced by a copy of the resolution, minutes of the board or other authorizing directive of the director or board as required by section 3 of this rule).

(3) Authorization. With respect to an obligation or obligations that a public body has issued or will issue (as evidenced by a copy of the resolution, minutes of the board or other authorizing directive of the director or board), subject to ORS 287A.335 or as the same may be amended in the future, the public body may designate the particular obligation to which an agreement relates after execution of the agreement. Such a designation after execution of the agreement shall be considered an agreement modification, and the public body shall notify the MDAC of such modification in accordance with this rule.

(4) Swap Policy. The public body shall have adopted a swap policy as part of its ongoing responsibility to manage its debt obligations. In adopting a swap policy, the public body should review and consider the current edition of the Government Finance Officers Association Recommended Practice: "Use of Debt-Related Derivatives Products and the Development of a Derivatives Policy" and the "MDAC Sample Interest Rate Swap Policy". Included in the swap policy, the public body shall provide a general description of risks related to agreements for exchange of interest rates and the means by which the public body will address those risks. The swap policy shall also provide that an analysis of the risks and benefits of each agreement shall be presented to the governing body prior to executing such agreement.

(5) MDAC Notice. The public body shall notify the MDAC of the execution of an agreement for the exchange of interest rates by delivering to the OST, as provided in OAR 170-055-0001(3), within 30-days of its execution, the following:

(a) An MDAC Form 3.

(b) An executed copy of the resolution, minutes of the board or other authorizing directive of the director or board, specifically authorizing the public body to engage and participate in an agreement for the exchange of interest rates. The authorization shall state the reason that the public body is authorizing the agreement, shall include a finding that the agreement is being executed for permitted purposes and complies with the authorizing act and this rule.

(d) The legal opinion, if any, addressing the validity of the public body's obligations under the agreement for the exchange of interest rates that is delivered in connection with the agreement.

(6) Terms. An agreement shall contain terms and conditions consistent with the swap policy adopted by the public body including, but not limited to:

(a) The notional amount of the agreement;

(b) Payment terms;

(d) Insurance, collateral or other assurances of payment provided in compliance with ORS 287A.335 or as the same may be amended in the future;

(e) Provisions for termination in advance of the scheduled term;

(f) Events of default and related remedies;

(g) Assurances that the counterparty will maintain a minimum rating with respect to its termination payment obligations in one of the top three rating categories without gradation by at least two nationally recognized rating agencies or that the counterparty's obligations will be collateralized;

(h) Modifications to standard ISDA swap documentation, as specified in the Schedule as may be required by the public body's policy or governing law;

(i) Limitations on allowable collateral and frequency of the valuation of such collateral; and

(j) Agreement valuation methodology.

(7) Ratings Reduction. The public body shall notify the MDAC of any material change in the public body's obligations or benefits under the agreement for the exchange of interest rates that result from a reduction in the ratings of the public body, a counterparty or guarantor.

(8) Modification or Termination. If after executing an agreement for the exchange of interest rates, the agreement is modified or terminated for any reason prior to its stated end date, the public body shall notify the MDAC within 30-days after completion of the modification and identify the reasons for such termination or modification and the anticipated change in obligation to the public body resulting from the termination or modification.

History

Statutory/Other Authority: ORS 287A.335
Statutes/Other Implemented: ORS 287A.335
OST 7-2008, f. & cert. ef. 12-29-08
OST 1-2006, f. & cert. ef. 6-1-06
Reverted to OST 7-2004, f. & cert. ef. 11-18-04
OST 2-2005(Temp), f. 10-5-05, cert. ef. 10-6-05 thru 4-4-06
OST 7-2004, f. & cert. ef. 11-18-04
OST 6-2004(Temp), f. 7-12-04, cert. ef. 7-13-04 thru 12-30-04

Division 61 ISSUANCE OF BONDS

Or. Admin. R. 170-061-0000 Notice and Reporting Requirements by Public Bodies When Issuing Bonds

(1) Terms used in OAR 170-061 shall have the meanings given in ORS Chapters 286A and 287A unless otherwise specifically defined herein.

(2) Definitions.

(a) “MDAC” means the Oregon Municipal Debt Advisory Commission, including OST when acting as staff for the MDAC pursuant to 287A.632(3).

(b) “OST” means the Office of the State Treasurer.

(c) "Bond marketing date" is the date the public body and underwriter or placement agent agree on the market terms of the bonds. For competitive bid bonds this is the date bids are opened and the bonds are awarded to public bidders pursuant to a published notice of bond sale. For negotiated sales or private placements this means the date the public body gives the verbal award to the underwriter or placement agent.

(d) "Called bonds" are bonds for which the public body has exercised the option or requirement to redeem before the stated maturity date. The call date is the date the bond may be redeemed.

(e) "Closing" means the date the bonds are delivered to the initial bond purchaser and the public body receives payment for the bonds.

(f) "Delivery date" means the date shown by the United States Postal Service or other delivery services' cancellation mark or, if provided electronically, the delivery date is the date shown as electronically received by the OST.

(g) “Governing body” means the person, board, commission, council, officer or other body authorized to direct the issuance of bonds.

(h) “Issuer” means a public body or the State Treasurer.

(i) "Official statement" means the document published by a state agency or public body that discloses material information on the issue of bonds including the purposes of the issue, repayment methods, and the financial, economic and social characteristics of the issuing government. A final official statement is printed after the final terms of the bonds are available.

(j) “Paying officer” means the public officer, other than a fiscal or paying agent, to who bonds may be presented for payment.

(k) “Public body” means those entities described in ORS 287A.001 and an intergovernmental entity formed pursuant to ORS 238.695.

(l) “State agency” means a related agency defined in ORS 286A.001(8).

(m) "True Interest Cost" (TIC) means the annual discount rate that, when used to discount all debt service payments on the issue to the date of initial delivery of the issue, using a compounding interval equal to the interest payment periods for the issue, results in the aggregate present value of such debt service payments being equal to the original purchase price (including accrued interest) of the issue.

(n) “Independent SEC-registered advisor” has the meaning given inORS 238.697(4).

(o) “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.

(p) “Public Offering” means a sale for which an issuer publicizes the upcoming bond issue, provides the timeframe and platform for which bids will be accepted, and provides any additional guidelines or details related to the bond issue and for which the winning bidder(s) generally is the bidder who has offered the lowest total interest costs, including all costs of issuance and underwriter fees.

(q) “Private Placement” means a sale in which funds are provided through direct negotiation with one or more private or governmental entities, effectively providing a loan that must be repaid over time. Private placements do not require many of the disclosure requirements found in public offerings and are not publicly issued or publicly traded.

(r) “Limited Offering” means a sale in which the bonds are offered and sold to a limited number of investors that meet certain established standards for qualifying as a purchaser of the bonds and the offering is exempt from the provisions of Securities and Exchange Commission Rule 15c2-12 because the bonds are sold in authorized denominations of $100,000 to no more than 35 persons each of whom the underwriter reasonably believes:

(A) has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investment; and

(B) is not purchasing for more than one account or with a view to distributing the securities.

(s) “Pension Bond Assessment” means the statistically based assessment from an independent economic or financial consulting firm required under ORS 238.697(1)(a).

(t) “MDAC Form 1” means the report of a public body filed as set forth in OAR 170-055-0001(4) providing notice of publicly offered and limited offering bond sales, which shall include the information set forth in section (3) of this rule.

(u) “MDAC Form 2” means the report of a public body filed as set forth in OAR 170-055-0001(4) providing notice of the results of the sale of publicly offered and limited offering bond sales, which shall include the information set forth in section (8) of this rule.

(v) “MDAC Form PB 1” means the report of a public body filed as set forth in OAR 170-055-0001(4), which shall include the information set forth in section (5) of this rule.

(w) “MDAC Form PB 2” means the annual report filed by a public body that has issued Pension Obligation Bonds as required by section (9)(a) of this rule.

(3) Notice of bond sales. The MDAC Form 1 must include preliminary bond sale information such as: the issuing entity, type of bond, anticipated bond marketing date, bond par amount, project or purpose of the bond issue, source of revenues used to repay the bonds, anticipated closing date, bond counsel, financial advisor and other summary information identified on MDAC Form 1.

(4) MDAC Form 1 Timing. The MDAC Form 1 must be filed:

(a) at least 30 days prior to the bond marketing date for any public body that is issuing Pension Obligation Bonds, whether by public offering, limited offering or private placement;

(b) at least 10 days prior to the bond marketing date for all other bond sales.

(5) MDAC Form PB1. At least 30 days before issuing Pension Obligation Bonds, the public body issuing such bonds shall file the MDAC Form PB1 as set forth in OAR 170-055-0001(4). The MDAC Form PB1 shall include the following information:

(a) the Pension Bond Assessment that is required by ORS 238.697(2) to be transmitted to the State Treasurer; and

(b) confirmation of compliance with ORS 238.697(1)(b)(A) and (B)

(6) Confirmation of notice. After receipt of the notice required under section 3 and 5 of this rule, the MDAC shall provide a confirmation letter that includes a statement that the filing of the MDAC Form 1 and, if applicable, the MDAC Form PB1 complies with OAR 170-061-0000 and is conclusive evidence of such compliance. Compliance letters are sent to bond counsel. Noncompliance letters state the reason for non-compliance and are sent to the public body and its bond counsel.

(7) Postponement. For postponed or changed bond sales the public body complies with notice requirements when, on a best efforts basis, it submits an updated MDAC Form 1 or MDAC Form PB1, as applicable, to the MDAC as set forth in OAR 170-055-0001(4).

(8) Reporting results. Any public body issuing bonds shall report bond sale results by submitting MDAC Form 2, and a public body preparing an official statement shall provide a final copy of such official statement, to the MDAC within seven business days after the bond marketing date. Sale results must include all of the information identified on MDAC Form 2. The public body and its bond counsel will receive written notice of non-compliance if sale results are not reported.

(9) Annual Pension Obligation Bond Reporting.

(a)(A) To assist the State Treasurer in complying with its annual reporting obligation under ORS 238.697(3), the OST Debt Management Division will send a letter by October 1 of each year to any public body that has issued Pension Obligation Bonds on or after June 11, 2019, and which has bonds that remain outstanding, requesting that the public body file the MDAC Form PB2 as set forth in OAR 170-055-0000(4) by December 1 of each year.

(B) The MDAC Form PB2 shall include the following information:

(i) The actual interest rate owed over the term of the Pension Obligation Bonds;

(ii) The projected rate of return on the Pension Obligation Bond proceeds, as determined by the Pension Bond Assessment; and

(iii) The actual rate of return on Pension Obligation Bond proceeds in the previous fiscal year and the cumulative rate of return on the Pension Obligation Bond proceed.

(b) In satisfying the requirement to provide the information described under subsection (a)(ii)(3) of this rule, a public body that participates in the Public Employees Retirement System (“PERS”) may request this information from PERS for submission to the State Treasurer on the MDAC Form PB2.

(c) In connection with providing the information described under section (a)(ii)(3) of this rule, a public body that does not participate in PERS may direct its independent investment manager, if any, to provide this information for submission to the State Treasurer of the MDAC Form PB2.

(10) Exceptions. The MDAC, through a vote of the commissioners, may waive any or all provisions of this rule.

[ED. NOTE: To view attachments referenced in rule text, click here to view rule.]

History

Statutory/Other Authority: ORS 287A.634 & 287A.640
Statutes/Other Implemented: ORS 287A.634 & 287A.640
OST 1-2021, amend filed 06/28/2021, effective 07/20/2021
OST 5-2019, amend filed 12/16/2019, effective 12/20/2019
OST 2-2019, temporary amend filed 07/24/2019, effective 08/01/2019 through 01/27/2020
OST 3-2010, f. & cert. ef. 2-2-10
OST 7-2008, f. & cert. ef. 12-29-08
TD 2-1995, f. & cert. ef. 12-26-95
TD 1-1995, f. 6-29-95, cert. ef. 7-3-95
TD 2-1994, f. & cert. ef. 9-9-94
TD 1-1985, f. & ef. 1-24-85
TD 4-1982, f. & ef. 7-7-82
TD 2-1982(Temp), f. & ef. 1-27-82
TD 1-1982(Temp), f. & ef. 1-11-82
TD 2-1981(Temp), f. & ef. 12-23-81

Or. Admin. R. 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.

(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.

History

Statutory/Other Authority: ORS 286A.014, 287A.370 & 287A.634
Statutes/Other Implemented: ORS chapter 287A & ORS chapter 286A
OST 1-2021, amend filed 06/28/2021, effective 07/20/2021
OST 4-2018, amend filed 10/11/2018, effective 10/22/2018
OST 2-2018, temporary amend filed 08/27/2018, effective 08/27/2018 through 02/22/2019
OST 3-2015, f. & cert. ef. 7-10-15
OST 1-2015, f. & cert. ef. 1-22-15
OST 3-2014(Temp), f. 8-13-14, cert. ef. 8-15-14 thru 2-11-15
OST 2-2013, f. & cert. ef. 4-24-13
OST 3-2012(Temp), f. & cert. ef. 12-14-12 thru 5-29-13
Reverted to OST 1-2011, f. & cert. ef. 2-28-11
OST 1-2012(Temp), f. & cert. ef. 1-26-12 thru 7-1-12
OST 1-2011, f. & cert. ef. 2-28-11
Reverted to OST 1-2010, f. & cert. ef. 1-15-10
OST 4-2010(Temp), f. 6-3-10, cert. ef. 7-1-10 thru 12-27-10
OST 2-2010(Temp), f. & cert. ef 1-26-10 thru 7-24-10
OST 1-2010, f. & cert. ef. 1-15-10
OST 5-2009(Temp), f. & cert. ef. 10-30-09 thru 4-27-10
OST 3-2009, f. & cert. ef. 7-21-09
OST 2-2009, f. & cert. ef. 4-22-09
OST 7-2008, f. & cert. ef. 12-29-08
OST 5-2006, f. & cert. ef. 10-25-06
OST 1-2005, f. & cert. ef. 4-22-05
OST 1-1999, f. & cert. ef. 2-1-99
TD 2-1994, f. & cert. ef. 9-9-94
TD 3-1990, f. & cert. ef. 12-21-90

Or. Admin. R. 170-061-0020 Requirements for Notice of Call

(1) Notice of Bond Call. Any public body redeeming bonds prior to their stated maturity shall notify the MDAC of its intention to call bonds no later than the date the first bond is called. The notice to the MDAC shall include as a minimum the:

(a) Name or title of issue;

(b) The public body who sold the bonds;

(d) Original issue amount;

(e) Purpose of issue;

(f) Maturity dates, call dates and principal amounts of the bonds called;

(g) Amount outstanding upon completion of the call;

(h) Coupon interest rate;

(i) Call premium, if any; and

(j) Remaining principal amortization schedule.

(2) Address. The notice required by this rule shall be provided in the manner set forth in OAR 170-055-0001(4).

(3) Exceptions. The OST, at its discretion, may waive any or all provisions of this rule. OST will notify the MDAC of waivers.

History

Statutory/Other Authority: ORS 287A.634
Statutes/Other Implemented: ORS 287A.634
OST 7-2008, f. & cert. ef. 12-29-08
TD 2-1995, f. & cert. ef. 12-26-95
TD 2-1994, f. & cert. ef. 9-9-94
TD 1-1991, f. & cert. ef. 10-30-91

Or. Admin. R. 170-061-0100 Procedures for the Issuance of State of Oregon Economic Development Revenue Bonds Issued under ORS 285B.320 to 285B.371 (EDRB)

(1) Terms and Conditions of Sale. The sale of State of Oregon EDRBs is permitted under the following terms:

(a) Public Offerings. A public offering of EDRBs must meet the requirements of both paragraphs (A) and (B) of this subsection:

(A) An applicant for publicly offered bond financing must receive specific approval from OST. The proposed bond issuance must receive an investment grade rating from a nationally recognized rating agency (Moody's Investors Service, Fitch Ratings or Standard and Poor's Corporation) or receive an equivalent rating through the use of credit enhancement. The investment grade rating requirement may be waived by OST for applicants who are listed on the New York Stock Exchange (NYSE) or the National Association of Securities Dealers Exchange (NASDAQ).

(B) An official statement or disclosure document must be prepared and available for bond purchasers. The cover page must illustrate the rating.

(b) Limited Public Offerings.

(A) An applicant for a limited publicly offered bond financing must receive specific approval from OST and demonstrate compliance with the publicly offered requirements of Section 1(a)(A) above or the proposed offering shall be made only to an "Accredited Investor" (AI) as defined under Section 3(a)(2) of the Securities Act of 1933 or a "Qualified Institutional Buyer" (QIB) as defined under Rule 144A of the Securities Act of 1933 or a "Sophisticated Investor" (SI) as the term is defined in Rule 501 Regulation D under the Securities Act and further described in 17 CFR 230.506(b)(2)(ii) as one who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment. The AI, QIB or SI must agree in writing that the securities are being acquired for investment and are intended to be held for its own account and not with a view to, or for resale in connection with, and distribution or transfer of the bonds, except to another AI, QIB or SI who must enter into a similar written agreement;

(B) An official statement or disclosure document must be made available for bond purchasers. The cover page must illustrate the rating or contain a statement similar to the following: "These securities are to be sold only to "Accredited Investors" as defined under sec. 3(a)(2) of the Securities Act of 1933, or a "Qualified Institutional Buyer" as defined under Rule 144A of the Securities Act of 1933, or a "Sophisticated Investor" as the term is defined in Rule 501 Regulation D under the Securities Act and further described in 17 CFR 230.506(b)(2)(ii) as one who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment".

(c) Private Placements. An applicant for a privately placed bond financing must receive specific approval from OST. The proposed offering must be made only to an AI, QIB or SI. The AI, QIB or SI must agree in writing that the securities are being acquired for investment and are intended to be held for its own account and not with a view to, or for resale in connection with, and distribution or transfer of the bonds, except to another AI, QIB or SI who must enter into a similar written agreement;

(2) Applications Submitted to the OST.

(a) Applications and any additional information or requested supporting materials must be submitted to OST at a minimum, seven business days prior to the Oregon Economic and Community Development Commission's (“Commission”) meeting at which a proposal is expected to be considered for financing eligibility;

(b) OST will endeavor to give either preliminary approval or disapproval at not later than seven business days after the Commission meeting that approves financing eligibility. Preliminary approval will be based on the nature of the direct economic benefit expected to be produced by the project and in compliance with Oregon Revised Statutes and this rule;

(A) The bond market for the types of bonds proposed for issuance;

(B) The terms and conditions of the proposed issue; and

(D) Evidence of the project's final approval by the Commission.

(d) Notice of final approval or disapproval will be provided within ten business days of the meeting at which the Commission grants final approval.

(3) Appointment of Bond Counsel for EDRB Issues. The State must be represented by its own bond counsel appointed under ORS 285B.344 and 286A.130 for all EDRB issues. The applicant will be responsible for all fees and expenses of bond counsel and must retain other counsel, if representation is desired, to represent the applicant in connection with the EDRB issuance. If an applicant wishes to use a particular firm as bond counsel that, at the time, is not under contract with the Oregon Economic and Community Development Department or OST, it may request that the department or OST contract with such firm. The bond counsel engaged by OST or the department must meet the following requirements;

(a) The law firm must be listed in the most current issue of the Bond Buyer's Directory of Municipal Bond Attorneys (the "Red Book");

(b) The law firm must have an established residence within the state of Oregon.

(A) It understands it has been engaged as counsel to the State of Oregon, who is its client,

(B) That the firm will represent solely the interests of the State of Oregon in connection with the EDRB issuance and

(C) And that the firm has all licenses, permits or authorizations necessary to perform such work for the State of Oregon;

(d) OST is satisfied that the individual(s) performing the work, from the standpoint of experience, work and previous opinions issued, can responsibly represent the interests of the State of Oregon.

(e) The firm has particular knowledge or experience with respect to the applicant, the business activities of the applicant or the purpose for which moneys derived from the sale of the EDRBs will be used.

(4) MDAC Form. The Oregon Economic and Community Development Department shall submit to OST a completed MDAC Form 2 within five days of the closing of the transaction.

(5) Exceptions. OST, upon showing sufficient cause, may waive any or all of the provisions of this rule.

History

Statutory/Other Authority: ORS 285B.344, 286A.005 & 286A.130
Statutes/Other Implemented: ORS 285B. 320 - 285B.371
OST 7-2008, f. & cert. ef. 12-29-08
OST 3-2006, f. & cert. ef. 8-4-06
TD 2-1988, f. & cert. ef. 4-8-88
TD 1-1988(Temp), f. 2-17-88, cert. ef. 2-18-88

Or. Admin. R. 170-061-0200 Election to Issue Bonds Under Laws Prior to 2008 (“Prior Laws”)

(1) Election For State Agencies. A state agency may request that the State Treasurer elect to issue bonds on behalf of the agency under the Prior Laws, without regard to Chapter 783 Oregon Laws 2007, by submitting a written request for the election to OST on or before the date that is forty-five (45) days before the scheduled sale date for the bonds. The ability to elect Prior Laws for bond issuance provided for in this administrative rule expires January 2, 2010.

(2) Demonstrate Need. The request shall demonstrate the need for the election by describing why the agency's bonds cannot or should not be issued under the provisions of Chapter 783, including a description of the problem, if any, in Chapter 783 that led to the agency's request. The State Treasurer may elect to issue bonds under the Prior Laws if the state agency demonstrates that:

(a) An approving opinion of bond counsel cannot be provided under Chapter 783 but may be provided under the Prior Laws;

(b) The agency's bonds may be issued at a substantially lower cost under the Prior Laws than under Chapter 783;

(c) A credit enhancement or other financing mechanism that would substantially improve the overall financing structure of the bond sale may be used under the Prior Laws but not under Chapter 783; or

(d) Any other reason that would result in the agency's bonds being issued at a substantially lower cost or under a structure or terms that are substantially better for the agency or the State of Oregon if the bonds are issued under the Prior Laws rather than Chapter 783. An agency shall promptly provide such additional information or documentation as OST may request to assist OST in making a determination as to whether an election should be made. OST will determine whether to make the election on or before thirty (30) days after receipt of the request for an election from a state agency. If OST fails to make a determination within that time, the agency's request will be deemed to be denied.

(3) Public Body Election. A public body may elect in writing to issue bonds under the Prior Laws, without regard to Chapter 783 Oregon Laws 2007, on or before the date that is fifteen (15) days before the scheduled sale date for the bonds. The ability to elect Prior Laws for bond issuance provided for in this administrative rule expires January 2, 2010. The public body shall promptly provide the OST with a copy of the written election. The written election shall include a description of the problem, if any, in Chapter 783 that led to the public body's request and demonstrate the need for the election because the public body finds that one or more of the following circumstances exists:

(a) An approving opinion of bond counsel cannot be provided under Chapter 783 but may be provided under the Prior Laws;

(b) The public body's bonds may be issued at a substantially lower cost under the Prior Laws than under Chapter 783;

(c) A credit enhancement or other financing mechanism that would substantially improve the overall financing structure of the bond sale may be used under the Prior Laws but not under Chapter 783; or

(d) Another reason or circumstance exists that would result in the public body's bonds being issued at a substantially lower cost, or under a structure or terms that are substantially better for the public body, if the bonds are issued under the Prior Laws rather than Chapter 783. When determining whether to make the election authorized under this rule, the public body shall confer with the OST. A public body shall promptly provide such additional information or documentation as the State Treasurer may request with respect to an election made under this rule.

History

Statutory/Other Authority: Ch. 783 OL 2007 (HB 3265)
OST 7-2008, f. & cert. ef. 12-29-08
OST 3-2007, f. & cert. ef. 12-27-07

Or. Admin. R. 170-061-0300 Selection of Underwriters and Advisors by the State Treasurer

(1) Underwriters. OST may select underwriters for the State’s bond programs either through a direct appointment and negotiated process with a single firm or with multiple firms or through the issuance of requests for proposals for a single firm or multiple firms. OST may determine to select one or more underwriters for each bond finance program operated by a state agency. Generally, underwriting firms will be selected to participate in a syndicate of underwriters for a bond finance program for a period not to exceed three years, unless at the discretion of OST circumstances exist to extend such period. If OST issues requests for proposals, such proposals shall be published on the website of the OST and sent to all firms on the Treasurer’s Underwriter Bidders List. Any firm interested in receiving requests for proposals for underwriters must provide their name, address, e-mail, telephone number and names of contact individuals to the OST with a request to be added to the Underwriter Bidders List.

(2) Financial and other Advisors or Service Providers. OST may select financial advisors, bond counsel and other providers of services in connection with the State’s bond programs either through a direct appointment and negotiated process with a single firm or with multiple firms or through the issuance of requests for proposals for a single firm or multiple firms. OST may determine to select one or more service providers for each bond finance program operated by a state agency.

History

Statutory/Other Authority: ORS 286A.005
Statutes/Other Implemented: ORS 286A.025, 286A.130 & 286A.132.
OST 7-2008, f. & cert. ef. 12-29-08

Or. Admin. R. 170-061-0400 Lost, Stolen or Destroyed Bonds or Interest Coupons

(1) Payment Under Bondholder Agreement. A paying officer shall pay any lost, mutilated or stolen bond or interest coupon as provided in the indenture or other agreement with bond owners executed when the bond was issued. If not provided for in the original indenture or agreements, the procedures outlined in this rule shall apply.

(2) Payment of Matured Bond. A paying officer shall pay the principal of and interest on any bond at or after maturity if the asserted owner of the instrument:

(a) Submits an affidavit that describes the following items in sufficient detail for the paying officer to determine the accuracy and veracity of the statements in the affidavit and that the bond has not already been paid:

(A) The bond;

(B) The circumstances surrounding the acquisition of the bond(s); and

(b) Surrenders the bond, if it is mutilated and in the possession of the asserted owner; and

(c) The asserted owner furnishes an indemnity instrument executed by a surety company licensed to do business in the state for the face amount of the bond plus interest due thereon.

(3) Affidavit. If the asserted owner does not have personal knowledge of the information that must be contained in the affidavit required under subsection (2)(a) of this section, the person having the personal knowledge may make the affidavit.

(4) Indemnity. If the face amount of a bond plus interest due thereon is $1,000 or more, a surety company licensed to do business in the state of Oregon must execute the indemnity bond required under subsection (2) of this section.

(5) Issuance of Duplicate prior to Maturity. If a bond has not yet matured, the governing body shall execute and deliver a duplicate to the asserted owner of such bond when such asserted owner:

(A) The bond;

(B) The circumstances surrounding the acquisition of the bond(s); and

(b) Surrenders the Bond, if it is mutilated and in the possession of the asserted owner; and

(c) The asserted owner furnishes an indemnity instrument executed by a surety company licensed to do business in the state of Oregon for the face amount of the bond plus interest due and to become due on the bond; and

(d) Deposits with the issuer a sum sufficient to pay the expenses of issuing a duplicate bond.

(6) Affidavit. If the asserted owner does not have personal knowledge of the information that must be contained in the affidavit required under this rule, the person having such personal knowledge may make the affidavit.

(7) Waiver. If the asserted owner of a lost, mutilated or destroyed bond that was registered provides an affidavit, certification or other reliable proof that the paying officer or governing body reasonably finds protects the issuer from conflicting claims for payment under the registered bond, the paying officer may waiver the requirements of this section with respect to that registered bond.

(8) Form of Duplicate. If the paying officer issues a duplicate bond, it shall be in the same form and amount and bear the same serial or CUSIP number, date of issue and date of maturity as the original bond. If the bond has interest coupons attached, only interest coupons that have not matured under the terms of the original bond as of the date the duplicate is issued shall be attached to the duplicate. The officer shall indorse the word “DUPLICATE” and the date its issuance upon the face of any duplicate bond and upon the face of any attached interest coupon. The paying officer shall sign the duplicate on behalf of the issuer.

(9) Waiver of Indemnity Instrument. The paying officer may waive the requirement of an indemnity instrument imposed by this rule if the asserted owner of the bond furnishes an undertaking for the face amount of the bond plus all interest due and to become due on the bond to protect the issuer from loss or liability resulting from any demand or payment of the principal of or interest on such bond and:

(a) The asserted owner surrenders a mutilated bond that is so complete that any missing portion thereof could not form the basis of a valid claim against the issuer: or

(b) The asserted owner of the bond is the State of Oregon in its individual or fiduciary capacity or a public body that is not in default on the payment of any of its outstanding obligations.

History

Statutory/Other Authority: ORS 286A.005
Statutes/Other Implemented: ORS 286A.005
OST 7-2008, f. & cert. ef. 12-29-08

Division 62 ADVANCE REFUNDING PLAN

Or. Admin. R. 170-062-0000 Procedure for Submission, Review and Approval of an Advance Refunding Plan or Forward Current Refunding Plan

(1) Plan Contents and Filing. Every public body (as defined in ORS 287A.001(14) must submit its plans for an advance refunding or forward current refunding (the “Refunding Plan”) and receive approval by the Office of the State Treasurer (“OST”), as provided in this rule and ORS 287A.370. The Refunding Plan request should include the name, phone number, U.S. mailing and e-mail address for the public body and for the public body’s bond counsel, Municipal Advisor (“MA”), and underwriter. The Refunding Plan contains the following components:

(a) A description of the bonds to be refunded, including: date and premium, if any, when each is first callable; par amount originally issued, current amount outstanding, proposed amount and maturities to be refunded; and the dated date;

(b) Authorizing Ordinance/Resolution;

(d) Municipal Debt Advisory Committee (“MDAC”) Forms 1, 2 and 3, as applicable;

(e) Final official statement or agreement with a financial institution, as applicable;

(f) Issuer’s Arbitrage/Tax Certificate, if applicable;

(g) Escrow verification report, if applicable;

(h) Letter from MA to the public body as described in section (2) of this rule;

(i) Bond counsel legal opinion; and

(j) Any additional materials that may be required by OST in support of the advance refunding or forward current refunding request.

(2) Municipal Advisor required.

(a) A public body must employ an independent registered MA whose function is to advocate for the public body and advise them on the refinancing transaction that is the subject of the Refunding Plan. The MA must be registered with the Securities and Exchange Commission as required under 17 CFR § 240.15Ba1-2. The MA may not also serve as the underwriter in the same negotiated bond sale as required in Rule G-23 of the Municipal Securities Rulemaking Board.

(b) Prior to closing, the public body and the OST must receive from the MA a letter stating that the MA:

(A) Is currently registered with the SEC as an MA and meets the requirements in subsection 2(a) of this rule;

(B) Has reviewed the assumptions included in the Refunding Plan; and

(C) Has provided a recommendation on the desirability or undesirability of completing the Refunding Plan and the reasons therefor. Forward current Refunding Plans must also include a description of the suitability of the public body for conducting a forward current refunding.

(3) OST Approval Procedure.

(a) A Refunding Plan containing items in subsections 1(a) – 1(j) of this rule must be received by OST not less than five business days prior to the bond closing to allow for review and approval. The OST will complete its review within five business days after receipt of all required items. A Refunding Plan will be approved if the required documents under subsection (1) of this rule are included; and

(b) Near final draft items in subsections 1(a) – 1(j) above may be submitted in lieu of finalized documents with the understanding that finalized documents will be provided within five business days following the bond closing.

(4) Administrative Expenses. To reimburse OST for the services, duties and activities of OST in connection with reviewing the Refunding Plan, fees and expenses will be charged to public bodies as identified in OAR 170-061-0015.

(5) Ongoing Evaluation. OST evaluates long term trends in Oregon debt issuance. Adverse trends associated with local government refundings may result in a review and revision of the factors used by OST to evaluate refundings with the goal of diminishing potential undesirable impacts upon the higher priority "new money" bond issues.

(6) Waiver of Certain Provisions. OST may waive certain provisions of this rule to accommodate unusual circumstances.

(7) Submission. Refunding Plans should be submitted to OST as provided in OAR 170-055-0001(4).

(8) Through its review and approval of a Refunding Plan, OST is not acting as a fiduciary or municipal advisor to a public body, is not providing advice with respect to the structure, timing, terms or other similar matters concerning the Refunding Plan and expects the public body to rely on the advice of its MA with respect to such matters.

[Publications: Publications referenced are available from the Agency.]

History

Statutory/Other Authority: ORS 287A.365
Statutes/Other Implemented: ORS 287A.360 - 287A.380
OST 4-2018, amend filed 10/11/2018, effective 10/22/2018
OST 2-2018, temporary amend filed 08/27/2018, effective 08/27/2018 through 02/22/2019
OST 1-2017, f. & cert. ef. 2-23-17
OST 4-2016, f. & cert. ef. 6-30-16
OST 1-2016, f. & cert. ef. 2-10-16
OST 2-2015, f. & cert. ef. 7-10-15
Reverted to OST 2-2011, f. & cert. ef. 4-1-11
OST 2-2012(Temp), f. & cert. ef. 11-19-12 thru 5-15-13
OST 2-2011, f. & cert. ef. 4-1-11
OST 5-2010(Temp), f. 11-29-10, cert. ef. 12-1-10 thru 5-29-11
OST 7-2008, f. & cert. ef. 12-29-08
OST 2-2006, f. & cert. ef. 8-4-06
OST 5-2004, f. & cert. ef. 6-23-04
TD 2-1994, f. & cert. ef. 9-9-94
TD 2-1990, f. 9-18-90, cert. ef. 9-19-90
TD 2-1986, f. & ef. 6-16-86

Division 63 OREGON SCHOOL BOND GUARANTY PROGRAM

Or. Admin. R. 170-063-0000 Oregon School Bond Guaranty Program

(1) Definitions. For purposes of this rule, the following definitions shall apply:

(a) "OST" means the Office of the State Treasurer.

(b) The "Act" means the Oregon School Bond Guaranty Act set forth in ORS 328.321 to 328.356.

(c) "Authorized District Official" means the chairperson of the board, the superintendent, president, or business administrator for the School District, or other designee of the board.

(d) “Business Day” means any day on which the offices of the State Treasurer are open to the public for the conduct of substantially all of the powers and duties of the agency. Saturdays, Sundays, or state holidays or any other day recognized by state government as a holiday or a day on which the State Treasurer’s offices are officially closed to the public shall not be considered a Business Day.

(e) "Certificate of Qualification" means a letter from OST pursuant to ORS 328.331(3).

(f) "Determination of Ineligibility" means a letter from OST pursuant to ORS 328.336.

(g) "Guaranty Program" means the school bond guaranty program established by the Act.

(h) "Nationally Recognized Bond Counsel Firm" means a bond counsel firm listed in the most recent publication of The Bond Buyer's Municipal Market Place.

(i) "Qualified Bonds" means bonds that are originally issued as tax credit bonds under the Internal Revenue Code and any bonds resulting from a conversion of such tax credit bonds to an interest bearing format over and above interest payments that may be due and payable under the original terms of such tax credit bonds.

(j) "Qualified Paying Agent" means a paying agent acceptable to OST who agrees to comply with the applicable requirements of the Act and provides a letter to OST acknowledging as much.

(k) "School District" or “District” means a common or union high school district, an education service district, or a community college district.

(l) “State School Aid” means the State School Fund Grant described in ORS 327.008(2), plus amounts received from the Common School Fund under 327.410, plus amounts received from federal forest revenues under 294.060, plus amounts received from state managed forests under 530.115.

(m) “Repayment Assurance Agreement” means an agreement between the State of Oregon, acting by and through its Office of the State Treasurer and its Department of Education (the “State”) and a “District” in which the District agrees that if the State pays under the guaranty the District will enter into a subsequent repayment agreement with respect to the amount(s) paid by OST.

(n) Terms not otherwise specifically defined herein shall have the meanings given in the Act. For purposes of calculating outstanding bonds or other outstanding borrowings as required under this rule, any borrowings that are defeased as provided in ORS 287A.195(1)(d)(B) shall be excluded and shall not be included in the amount of an outstanding borrowing.

(2) Request for Certificate of Qualification to Participate in Guaranty Program. School Districts may request a Certificate of Qualification at any time during the year by filing a Request for Certificate of Qualification. Such requests, however, must be submitted no less than 30 days prior to sale of the bonds for which the guaranty, if granted, will apply. Requests, and all other written communications pursuant to the Guaranty Program, shall be submitted to OST as provided in OAR 170-055-0001(4), and shall include:

(a) The name, county, and district number (if applicable) of the requesting School District;

(b) The name of the business administrator or other contact person for the requesting School District;

(d) A statement of whether any of the School District's previously issued and outstanding debt is covered by the Guaranty Program;

(e) A copy of the requesting School District's most recent audited financial statements, audit opinion, and management letter; and a statement by an Authorized District Official that they have not been contacted and are not participating in any investigation by an oversight agency or, alternatively, documentation of any conclusions reached by such agency regarding their activities.

(f) A listing of outstanding general obligation debt and associated debt service schedules, for debt issued by the School District since the date of its most recent financial audit;

(g) A copy of the School District’s Board adopted policy or internal procedure that addresses post issuance compliance with federal tax and securities laws.

(h) A certificate, signed by an Authorized District Official:

(A) Stating whether the requesting School District has ever failed to pay debt service on any of its bonds, certificates of participation, or other financial obligations when due, and explaining the circumstances and resolution of any such defaults or failures;

(B) Describing current lawsuits against the School District challenging the ability or authority of the School District to issue bonds or that may materially affect the ability of the School District to make scheduled debt service payments on its bonds when due;

(C) Stating that the requesting School District has filed its current budget document(s) with the Oregon Department of Education, and in accordance with Oregon Local Budget Law;

(D) Stating the amount of debt the School District is authorized by law to incur, and stating that the requesting School District is within this limit;

(E) Describing the possible repayment structure of all bonds the School District has requested be covered by the guaranty during the period of the requested Certificate of Qualification, including any Qualified Bonds and refunding bonds. Such repayment structure shall cover the estimated debt service schedule and, for Qualified Bonds, include any scheduled deposits to a sinking fund and the interest rate to which such bonds may be converted, if they may be converted to an interest bearing format over and above interest payments that may be due and payable under the original terms of such bonds;

(F) Attesting to the accuracy and completeness of the materials provided; and

(G) Stating that the School District has engaged a Qualified Paying Agent, who, under the terms of the agreement between the two parties (the “Paying Agent Agreement”), has agreed to provide the School District with a written notification by January 15 of each year of the required debt service amounts (including any scheduled deposits to a sinking fund for Qualified Bonds) which are due in the then-current fiscal year and the following two fiscal years, such that the School District may have the proper information to levy adequate amounts for such payments coming due in the following fiscal years. For example, a notification provided by January 15, 2010 shall include information on debt service due in the current FY 2010 year (July 1, 2009 through June 30, 2010), the FY 2011 year (July 1, 2010 through June 30, 2011), and FY 2012 year (July 1, 2011 through June 30, 2012).

(i) A non-refundable application processing fee as set forth in OAR 170-061-0015;

(j) An authorizing resolution of the District that expressly authorizes the District to participate in the Guaranty Program and that affirmatively pledges the taxing power and full faith and credit of the District to payment of any payments made by the State Treasurer pursuant to ORS 328.341; and

(k) Any additional materials that may be required by OST in support of the request for participation in the Guaranty Program.

(3) Review of Request for Certificate of Qualification. Upon receipt of a request for a Certificate of Qualification, OST shall determine whether all items listed in section (2) of this rule have been provided, whether such items are current, and whether such items demonstrate that the requesting School District is likely to be able to repay any amounts paid by OST under ORS 328.341. To make its determination, OST may request additional information from the School District, as well as from any other person or entity that collects information pertaining to the financial well-being of the requesting School District.

(4) Issuance of Certificate of Qualification. Upon determining that a School District is eligible to participate in the Guaranty Program, OST shall issue a Certificate of Qualification to the School District, if the District has entered into a Repayment Assurance Agreement with OST. A Certificate of Qualification will not apply to Qualified Bonds unless the School District indicated in its request for a Certificate of Qualification that it planned to issue Qualified Bonds under the Certificate of Qualification. OST shall act upon a School District’s request for a Certificate of Qualification within 10 business days after receipt of a request under section (2) of this rule. The Certificate of Qualification:

(a) Shall evidence the School District's immediate qualification of the bonds requested in its application for the Guaranty Program contingent upon compliance with section (6) and all other sections of this rule for each bond issue requested for guaranty under the Act;

(b) Be valid for one year from the date of its issuance;

(c) May be applied to any or all general obligation bonds or general obligation refunding bonds described in its application and issued by the School District during such one-year period that comply with this rule and the Act, except Qualified Bonds for which specific approval must be noted as set forth in OAR 170-061-0015(4)(d). A bond shall be considered issued as of its dated date.

(d) Will specifically state whether it applies to Qualified Bonds issued by the School District during the period of its validity.

(5) A School District that has received a Certificate of Qualification, but did not request Qualified Bonds to be included under the Certificate of Qualification, may submit an amended request at least one month prior to the scheduled issuance date for any Qualified Bonds requesting an amended Certificate of Qualification that specifically covers the Qualified Bonds, which request shall include the information required for such bonds in OAR 170-063-0000(2). OST shall act upon such request within 5 business days.

(6) School Districts to Provide Information Specific to Each Bond Issued Under the Program. A School District which has received a Certificate of Qualification may, while the Certificate of Qualification is in effect, obtain the state's guaranty of a series of its bonds under the Guaranty Program, by:

(a) Fully complying with Oregon Administrative Rule 170-061-0000 (Notice and Reporting Requirements by Public Bodies When Issuing Bonds), including providing notification on MDAC Form 1 to OST at least 10 business days prior to the marketing of any bonds referencing participation in the Guaranty Program, for the bonds which will be guaranteed (this may be submitted simultaneously with information described in section (2) of this rule); and

(b) Submitting the following documents to OST at least 5 business days prior to the closing of the bonds to which the guaranty will apply:

(A) A copy of a resolution adopted by the board or governing body of the School District, authorizing the School District to issue the bonds and participate in the Guaranty Program;

(B) An opinion from a Nationally Recognized Bond Counsel Firm that the bonds, when issued, will be general obligation bonds as defined in the Act, and will be valid and binding obligations of the issuer;

(C) A certificate stating that no litigation is pending or threatened against the School District, questioning the authority of the School District to issue the bonds or levy taxes to pay the bonds;

(D) A specific statement as to whether any of the bonds will be Qualified Bonds; and

(E) Any additional materials that may be required by OST in support of the request for participation in the Guaranty Program, including but not limited to, any information or agreement requested by OST with respect to creation of sufficient debt service funds, assurance that any bond insurance, pledge of security or other credit enhancement required for issuance of the Certificate remains in effect and available, or other repayment mechanisms to pay any outstanding bonds, including Qualified Bonds or to repay OST when payment is due.

(7) Letter of Confirmation. No later than the day on which the bonds are scheduled to close, OST shall, if the Certificate of Qualification is in effect and the School District has complied with section (6)(a) and (6)(b) of this rule, issue a Letter of Confirmation identifying the series of bonds to which the guaranty shall apply, and stating that the guaranty shall apply to that series of bonds if the series of bonds closes within 15 business days after the date of the letter, and there is filed with bond counsel a certificate, signed by an Authorized District Official and dated the date of the closing, stating that no litigation is pending or threatened against the School District which questions the authority of the District to issue the bonds or levy taxes to pay the bonds. If the series of bonds described in the letter of confirmation is closed within that 15 business day period, and the non-litigation certificate is filed with bond counsel as required by this Section, the series of bonds shall be guaranteed under the Guaranty Program, and the guaranty shall not be affected by any denial or revocation pursuant to section (10) of this rule.

(8) Guaranty Fees. School Districts whose bonds are guaranteed by the state shall submit to OST, within 10 business days of closing of any guaranteed bonds, a fee as set forth in OAR 170-061-0015.

(9) Ratings. OST will undertake to have the Oregon School Bond Guaranty Program rated by one or more of the major debt rating agencies. School Districts may contact the Debt Management Division of OST to determine which agencies have rated the program. School Districts proposing to issue bonds under the Guaranty Program may:

(a) Engage, at their own expense, one or more of the rating agencies to apply the rating of the Guaranty Program to their bonds; and

(b) At their discretion, and at their own expense, choose to obtain an underlying rating on the bonds.

(10) Denial or Revocation of Qualification/Determination of Ineligibility. OST may deny a School District's request for a Certificate of Qualification, or revoke a previously issued Certificate of Qualification, and issue a Determination of Ineligibility in accordance with the Act, if:

(a) The School District fails to meet the provisions outlined in the Act or any of the requirements outlined in this rule;

(b) The State has ever paid, pursuant to the Guaranty Program, any principal of or interest on any of the School District's bonds; or

(c) OST has reason to question the financial integrity of the School District, including but not limited to, whether sufficient funds exist to repay any outstanding Bonds, including Qualified Bonds, when payment is due or to repay the State of Oregon for any payments made by OST under ORS 328.341.

(11) Guaranty Final Upon Issuance. Pursuant to ORS 328.336, issuance of a Determination of Ineligibility shall not affect the validity of the state's guaranty of any outstanding bonds issued under a Letter of Confirmation pursuant to section (7) of this rule.

(12) Reference to Guaranty. School Districts with a valid Certificate of Qualification, and that have complied with section (6) and all other sections of this rule, shall evidence the State's guaranty of the School District's bonds by:

(a) Referencing the guaranty on the cover of the preliminary official statement(s) and official statement(s), or other offering document(s), for the applicable bond(s);

(b) Referencing the guaranty on the face of the School District's applicable bond(s); and

(c) Including language describing the guaranty (to be provided by OST) in the School District's preliminary official statement(s) and official statement(s), or any other offering document(s), for the applicable bond(s). For bonds that are sold through a private placement, or otherwise, without an offering document that includes language describing the guaranty, the School District must include in a lender letter or similar acknowledgement from the initial bond purchaser language describing the guaranty (to be provided by OST) and a requirement that such language will be provided to any subsequent purchaser of the bond. Language supplied by OST must be used in its entirety and may not be modified or amended.

(13) School Districts to Report Changes Affecting Qualification. School Districts who have had bonds guaranteed under the Guaranty Program shall promptly notify OST if at any time there are material changes or occurrences that might affect the School District's eligibility to qualify or maintain its qualification to participate in the Guaranty Program, including but not limited to:

(a) Failure to adopt a resolution or ordinance that formally adopts the budget, sets appropriations, and if needed, levies property taxes in accordance with Oregon local budget law;

(b) Failure to pay debt service on any outstanding bond, certificate of participation, or similar financial obligation; or

(c) Failure to establish or levy for debt service scheduled (including any sinking fund deposits) for any outstanding bonds, including Qualified Bonds, or a material change in any other repayment mechanism for outstanding bonds, including Qualified Bonds.

(14) Notice to OST of debt service payments. School Districts who are unable to transfer scheduled debt service payments to a Qualified Paying Agent 15 days prior to the payment date and Qualified Paying Agents who have not received sufficient funds 10 days prior to the payment date, shall provide notice to OST as provided in OAR 170-055-0001(4) and by telephone to (503) 378-4930 or email to DMD@ost.state.or.us.

(15) Notice to OST of sinking fund deposits. School Districts shall provide written verification that they have made any required sinking fund deposits for Qualified Bonds by May 1 of each year to their Qualified Paying Agents and such Qualified Paying Agent shall promptly notify OST if they do not receive such annual verification.

(16) Repayment. Respective School Districts are responsible for paying all of their obligations guaranteed by the State under the Guaranty Program and for the advance funding of any debt service fund established for such obligations. Any funds paid by the State on behalf of a School District under the Guaranty Program shall be recovered by OST in a manner consistent with the Act.

(17) Reporting on Debt Service Fund. Any School District with outstanding Qualified Bonds guaranteed under the Guaranty Program shall report to the OST at least annually the amount of moneys paid into the School District’s debt service fund to pay the Qualified Bonds together with a calculation demonstrating that such advance payments are scheduled to be fully funded and sufficient to repay the Qualified Bonds in full when payment is due. To the extent moneys are not scheduled to be paid into the debt service fund on an annual basis, the School District in its notification shall demonstrate that current balances in the debt service fund, along with any future deposits, will be sufficient to repay the Qualified Bonds in full when due. School Districts with outstanding Qualified Bonds that are subject to conversion to taxable interest bearing bonds and any Qualified Paying Agents for such Qualified Bonds shall promptly notify OST of such conversion as provided in OAR-170-055-0001(4) and by telephone to (503) 378-4930 or email to DMD@ost.state.or.us.

(18) Interest. OST will charge interest in connection with the recovery of funds under the Act. Any interest charged will be in a manner consistent with the Act.

(19) Penalty. In addition to charging interest, OST may impose a penalty on a School District for which the State made a payment under the Guaranty Program. Any penalty imposed will be consistent with the Act.

(20) Exceptions. OST may waive any or all provisions of this rule to the extent provided by law. This rule shall be effective on the date it is adopted by OST and filed with the Secretary of State and its requirements shall apply to any Certificates of Qualification that are in effect on such date.

History

Statutory/Other Authority: ORS 328.321 - 328.356
Statutes/Other Implemented: ORS 328.321 - 328.356 & 328.331
OST 2-2020, amend filed 10/23/2020, effective 11/16/2020
OST 5-2019, amend filed 12/16/2019, effective 12/20/2019
OST 2-2017, f. & cert. ef. 2-23-17
OST 3-2016, f. & cert. ef. 5-25-16
OST 2-2016(Temp), f. & cert. ef. 2-12-16 thru 8-8-16
OST 2-2014, f. & cert. ef. 4-11-14
OST 1-2014(Temp), f. & cert. ef. 1-15-14 thru 7-14-14
OST 1-2010, f. & cert. ef. 1-15-10
OST 5-2009(Temp), f. & cert. ef. 10-30-09 thru 4-27-10
OST 7-2008, f. & cert. ef. 12-29-08
Reverted to OST 2-1999, f. 6-22-99, cert. ef. 7-1-99
OST 1-2000(Temp), f. 10-31-00, cert. ef. 10-31-00 thru 4-27-01
OST 2-1999, f. 6-22-99, cert. ef. 7-1-99
OST 3-1998(Temp), f. 12-14-98, cert. ef. 1-2-99 thru 6-30-99

Division 71 PRIVATE ACTIVITY BOND COMMITTEE PRIVATE ACTIVITY BONDS

Or. Admin. R. 170-071-0005 Allocation of Private Activity Bond Limit

(1) Definitions.

(a) “CAP” means the state’s private activity bond volume limit.

(b) "Committee" means the Private Activity Bond Committee established pursuant to ORS 286a.615.

(d) “OST” means the Office of the State Treasurer.

(e) "Private Activity Bonds" has the meaning given in Section 141 of the Internal Revenue Code of 1986.“OST” means the Office of the State Treasurer.

(2) Meetings of the Committee. Committee meetings will be held as necessary, and on dates determined by the Committee to be consistent with the efficient allocation of the CAP, with public notice given as required by law. Committee meetings are open to the general public and may be held in any location permitted under the public meetings law, ORS 192.610 to 192.690, where the Committee deems appropriate. The Committee reserves the right to change its meeting schedule as allowed by the Oregon Public Meetings Law.

(3) Allocation Requests. Applications for current year CAP must be submitted no earlier than 30 days prior to the year for which the allocation is requested. Requests must be received no later than 10 business days before the scheduled meeting of the Committee at which the request is to be considered. Private activity bond issuers not specifically granted CAP by the legislature must submit requests for CAP to the Committee. Issuers who have been granted a CAP allocation by the legislature may also apply to the Committee for additional CAP. Each applicant for CAP must submit with its application a fee in the amount set forth in OAR 170-061-0015. CAP requests may be made for a specific project or for an amount to be further allocated by the requestor among a class of projects or activities that meet the allocation criteria. CAP requests and all communications must be sent to the Committee through the OST as provided in OAR 170-055-0001(4) and include:

(a) The name of the governmental bond issuer,

(b) The title of the obligation to be issued,

(d) The amount of the allocation request,

(e) The date of any purchase commitment if such commitment has been made,

(f) The name and address of the original purchaser(s) of the obligation if such purchase has been made;

(g) The name, address and telephone number of the principal user(s) of the proceeds from the issue;

(h) The anticipated sale date of the issue;

(i) The anticipated closing date of the issue;

(j) The name, address and phone number of bond counsel;

(k) The section and paragraph of the Internal Revenue Code, as identified by bond counsel, under which the bonds are deemed private activity bonds;

(l) How the project or activity for which an allocation is requested meets statutory standards;

(m) The expected number of jobs created or saved as a result of the allocation;

(n) The expected number of housing units to be constructed or renovated as a result of the allocation, (describe how the affordability requirements of the Internal Revenue Code and your local requirements, if applicable, are to be met); and

(o) Any additional material, as required by the Committee, in support of the requested allocation.

(4) Suballocation. State agencies with current CAP allocations may choose to suballocate any amount of the agency’s allocation to another issuer provided that the allocation is used for the same class of projects or activities for which the allocation was made to the agency. An issuer receiving a suballocation must comply with the requirements set forth in section (9) of this rule by providing a report to the Committee each quarter by April 1, July 1, and October 1, through the OST as provided in OAR 170-055-0001(4). An issuer receiving CAP pursuant to a suballocation pursuant to this section (4) shall be subject to all limitations, conditions, and requirements of this rule and for the use of such CAP imposed on the agency making the suballocation.

(5) Allocation Standards. The purpose of private activity bonding in this state is to maximize the economic benefits of such bonding to the citizens of this state. To this end, the Committee shall make allocations that are expected to further economic development, housing, education, redevelopment, public works, energy, waste management, transportation and other activities that the Committee determines will benefit the citizens of the state. The Committee, in determining whether an allocation is made to a project or class of projects or activities, will consider criteria including but not limited to the following:

(a) Support projects that increase the number of family wage jobs in Oregon,

(b) Promote economic recovery in small cities heavily dependent on a single industry,

(d) Utilize educational resources available at institutions of higher education,

(e) Support development of the state's small businesses, especially businesses owned by women and members of minority groups,

(f) Encourage use of Oregon's human and natural resources in endeavors, which harness Oregon's economic comparative advantages.

(6) Decision Factors. The Committee shall consider the following factors in reaching its allocation decision:

(a) The amount of CAP remaining within the Committee's allocation discretion and the total amount of unused CAP remaining at the time the request is received;

(b) The amount of allocation requested;

(d) The type of bond issuer making the request.

(7) Allocation Methods.

(a) The Committee may grant more or less than the originally requested amount of CAP. Issuers must submit requests in the form and manner described in section (3) of this rule.

(b) At the Committee’s discretion, a portion of their CAP may be reserved for the last six months of the calendar year.

(8) Committee Decision Final. Issuers have the right to submit additional information, germane to their request, to the Committee at its meeting described in section (6) of this rule. Action of the Committee is final, however, if a CAP request is denied, a new application may be re-submitted through the procedures outlined in this rule.

(9) Bond Closing Fee and Post-Allocation Report. Issuers to whom current CAP allocations have been made under this rule must submit to the Committee, within 150 days after receiving such allocation or by December 15 of the current calendar year, whichever is earliest, a confirmation of bond closing. The Issuer shall pay the respective fees set forth in ORS 170-061-0015 to OST. In the event an issuer fails to file written confirmation of bond closing as required by this section, the CAP allocation shall automatically lapse. Bond closing confirmations must be delivered to the Committee as provided in OAR 170-055-0001(3) and includes:

(a) The name of the governmental bond issuer,

(b) The title of the obligation issued,

(d) The date of closing;

(e) The date of the bond allocation;

(f) The name and address of the individual submitting the bond closing confirmation; and

(g) Any additional material, which may be required by the Committee in support of the closing confirmation.

(10) Lapse or Extension of Allocation. Lapse of an allocation does not preclude the issuer from applying for a subsequent allocation for the same project. Subsequent allocation requests require a subsequent application fee as required by 170-061-0015(4). Issuers may, under compelling circumstances, request an extension of time to their initial 150-day period. Such requests must be filed with the Committee for approval or denial of the extension. Extension requests do not require subsequent application fees. All current year CAP allocations automatically lapse on December 15 of the calendar year for which the allocation is made, unless the issuer who has received the allocation files with the Committee a binding commitment to purchase and close the bond issue on or before December 31.

(11) Carry Forward Allocations.

(a) The Committee, on behalf of the state's agencies, commissions, and governmental units, may elect to carry forward all unused CAP. To receive a carry forward CAP allocation, an issuer must file a carry forward request with the Committee not later than December 15 or earlier than September 30 of the current calendar year. The Committee will require information necessary for it to determine whether such carry forward request qualifies under the Internal Revenue Code and associated regulations. The Committee, not later than January 31 of the following year, shall make carry forward allocations to eligible issuers for specified purposes. Carry forward requests must include the information required in section (3) of this rule and be submitted with the application fee set forth in OAR 170-061-0015.

(b) An issuer receiving a carry forward allocation must forward to the Internal Revenue Service a document indicating the carry forward election made to that issuer by the Committee, in such manner and format proscribed by the Internal Revenue Service and any relevant state or federal regulations.

(c) It is the responsibility of the issuers to whom carry forward CAP is granted to file Form 8328 “Carry Forward Election of Unused Private Activity Bond Volume Cap” with the Internal Revenue Service Center, Ogden, UT 84201 on or before February 15 of the year in which the carry forward is granted, in order to validate the carry forward with the federal government. A signed copy of the issuer's filing with the Internal Revenue Service must also be sent to the Committee on or before February 15 of the year in which the carry forward CAP is granted.

(d) Use Report. Issuers to whom carry forward CAP is granted must submit to the Committee, within 30 days of closing, a confirmation of CAP use and bond closing information including:

(A) The name of the governmental bond issuer;

(B) The title of the obligation issued;

(D) The date of closing;

(E) The date of the carry forward bond allocation;

(F) The name and address of the individual submitting the bond closing confirmation; and

(G) Any additional material, which may be required by the Committee in support of the closing confirmation.

(e) Carry Forward Allocation Fees. The issuer shall pay the respective fees set forth in OAR 170-061-0015 to OST.

(12) Annual Needs Survey. The Committee during the final quarter of each calendar year will inquire of the private activity bond issuers of the state as to their anticipated private activity bond issuance and the need for private activity bond allocation in the ensuing year. To be taken into consideration by the Committee for future allocation, issuers should provide their information to the Committee on or before December 15 of the calendar year prior to the year for which private activity bond projections are made.

(13) Additional Allocation. The Committee may allocate amounts, subject to the standards set forth in subsection (5) of this rule, among issuers without a request for allocation from the issuer in the event additional bond limit becomes available, because of changes in federal law or otherwise, that has not been specifically allocated to an issuer by the Legislative Assembly.

(14) Exceptions. The Committee, at its discretion, may waive any or all provisions of this rule.

History

Statutory/Other Authority: ORS 286A.005 & 286A.615
Statutes/Other Implemented: ORS 286A.015 & 286A.615
OST 4-2024, amend filed 07/26/2024, effective 07/29/2024
OST 2-2024, temporary amend filed 05/24/2024, effective 05/24/2024 through 11/19/2024
OST 7-2008, f. & cert. ef. 12-29-08
OST 4-2008, f. & cert. ef. 8-28-08
OST 3-2008(Temp), f. & cert. ef. 7-9-08 thru 1-4-09
Reverted to OST 4-2006, f. & cert. ef. 10-25-06
OST 2-2007(Temp), f. & cert. ef. 11-20-07 thru 4-15-08
OST 4-2006, f. & cert. ef. 10-25-06
OST 1-2001, f. 7-23-01, cert. ef. 8-1-01
TD 1-1997, f. & cert. ef. 7-23-97
TD 2-1995, f. & cert. ef. 12-26-95
TD 2-1994, f. & cert. ef. 9-9-94
TD 4-1988, f. & cert. ef. 12-30-88
Reverted to TD 3-1986, f. & ef. 9-18-86
TD 3-1988(Temp), f. & cert. ef. 6-14-88
TD 3-1986, f. & ef. 9-18-86

Division 80 OREGON RETIREMENT SAVINGS PROGRAM

Or. Admin. R. 170-080-0001 Notice Rule for Rulemaking, Model Rules of Procedure

(1) Notice Rule for Rulemaking. Before adopting, amending or repealing any permanent rule, the Board will give notice of the intended action:

(a) In the Secretary of State's Bulletin referred to in ORS 183.360 at least 21 days before the effective date of the rule;

(b) By e-mailing a copy of the notice to persons on the Board's mailing list established pursuant to ORS 183.335(8) at least 28 days before the effective date of the rule;

(c) By mailing a copy of the notice to the legislators specified in ORS 183.335(15) at least 49 days before the effective date of the rule; and

(d) By mailing or furnishing a copy of the notice to the list of interested parties compiled and maintained by the State Treasurer.

(2) Model Rules of Procedure. The Attorney General’s Model Rules of Procedure as set forth in OAR 137, Divisions 1 through 4, are adopted as rules of procedure for administrative rulemaking and other administrative law functions as exercised by the Board in respect to the Program.

(3) Collaborative Dispute Resolution Model Rules. The Attorney General's Collaborative Dispute Resolution Model Rules, as set forth in OAR 137 Division 5, to the extent not inconsistent with the Act or the Code, are adopted by the Board as its rules for dispute resolution.

History

Statutory/Other Authority: ORS 183.335, 183.341 & 183.502
Statutes/Other Implemented: ORS 183.341, 183.502 & 178.220–178.245
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0002 Confidentiality and Inadmissibility of Mediation Communication

The policies and procedures of the Oregon State Treasurer set forth in OAR 170 in regard to confidentiality and inadmissibility of mediation communication, to the extent not inconsistent with the Act or the Code, are adopted as the policies and procedures of the Board.

History

Statutory/Other Authority: ORS 36.224, 183.335, 183.341 & 183.502
Statutes/Other Implemented: ORS 36.224, 36.228, 36.230 & 36.232
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0005 Inspection, Certification or Copying Public Records

The policies and procedures of the Oregon State Treasurer set forth in OAR 170, Division 2 in regard to inspection, certification or copying of public records, to the extent not inconsistent with the Act or ORS Chapter 178, are adopted as the policies and procedures of the Board.

History

Statutory/Other Authority: 178.050
Statutes/Other Implemented: ORS Ch 183 & 192.410–192.505
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0010 Administration

(1) Policy. The Board intends that, consistent with ORS Section 178.210(1)(p), the Program be operated, and these rules be construed, in a manner consistent with applicable guidance provided by the U.S. Department of Labor relating to payroll deduction IRA programs that are not pension plans under Title I of the Employee Retirement Income Security Act (ERISA) including, but not limited to, 29 CFR Sections 2509.99-1, 2510.3–2(d).

(2) Definitions. All capitalized terms used in these rules shall be as defined in the Act. Where a conflict is found to exist between a definition stated in these rules and the corresponding definition in the Act, the statutory definition shall apply. As used in these rules, unless the context indicates otherwise:

(a) “Act” means ORS 178.200 to 178.245, as amended from time to time.

(b) “Automatic Contribution Plan” means a program that allows a Participating Individual to contribute funds to a Program Roth or Traditional IRA at regular intervals through electronic transmission. Contributions shall be deemed to be made at regular intervals if they are made at least quarterly.

(d) “Board” means the Oregon Retirement Savings Board established in ORS 178.200(1).

(e) “Certificate of Exemption” means a truthful statement by an authorized representative of an Employer that it offers a Qualified Plan to some or all of its Employees.

(f) “Client Employer” means a client of a Worker Leasing Company that obtains services of Leased Workers as defined in OAR 436-050-0005.

(g) “Code” means the Internal Revenue Code and any regulations, rulings, announcements, or other guidance issued thereunder, as amended.

(h) “Compensation” means W-2 wages, as defined in 26 CFR 1.415(c)-2(d)(4).

(i) “Distribution” means any distribution of funds from an IRA established pursuant to the Program.

(j) “Employee” means any person 18 years of age and older working in an Employment, as defined herein.

(k) “Employer” means any employing unit which employs one or more individuals in an Employment in each of 18 separate weeks during any calendar year, or in which the employing unit’s total payroll during any calendar quarter amounts to $1,000 or more.

(l) “Employer of Record” means the business associated with the Business Identification Number (BIN), or if unavailable, the Federal Employer Identification Number (FEIN), listed on an Employee’s or Participating Employee’s W-2.

(m) “Employment” means any employment subject to ORS Chapter 657 provided that, notwithstanding the exemptions from the definition of Employment contained in Chapter 657, for the purposes of the Program, Employment includes:

(A) Agricultural labor, as defined in ORS 657.045; and

(B) Commissioned positions, as defined in ORS 657.085, 657.087(1) and (2), and 657.090.

(n) “Enrollment Date” means either:

(A) the Initial Enrollment Date, for Participating Employees hired on or before the Facilitating Employer’s required Registration Date; or

(B) a date not more than 60 days following start of employment, for Participating Employees hired after the Facilitating Employer’s required Registration Date.

(o) “Executive Director” means the Executive Director of the Oregon Savings Network.

(p) “Exempt Employer” means an Employer who offers a Qualified Plan to some or all of its Employees; and

(A) has filed a valid and current Certificate of Exemption pursuant to procedures established by the Board; or

(B) has received a notice of presumed exemption, as provided in OAR 170-080-0020.

(q) “Facilitating Employer” means an Employer whose Registration Date has passed and who is not an Exempt Employer.

(r) “Initial Enrollment Date” means the date not more than 60 days after the Facilitating Employer’s required Registration Date, by which a Facilitating Employer must initially enroll its Participating Employees.

(s) “IRA” means the individual retirement account established by a Participating Individual or by or for a Participating Employee under the Program.

(t) “IRS” means the Internal Revenue Service of the United States Treasury Department.

(u) “Minimum Initial Contribution” means the minimum Non-Payroll Contribution required for a Participating Individual to establish a Program IRA.

(v) “Non-Payroll Contributions” means contributions other than Payroll Deduction Contributions, rollover contributions, or transfer contributions.

(w) “Number of Employees” means the number of employees as submitted on the Employer’s Oregon Quarterly Tax Report (Form OQ): Number of covered workers for Unemployment Insurance, in accordance with OAR 170-080-0015.

(x) “Participating Employee” means any person who is an Employee of a Facilitating Employer, enrolled in the Program, maintains a Program IRA and is not a Participating Individual..

(y) “Participating Individual” means any person who is in the Program independent of an employment relationship with a Facilitating Employer, maintains a Program IRA, and is not a Participating Employee.

(z) “Payroll Date” means the date that an Employee’s Compensation is paid to the Employee by the Employer through the payment of cash, issuance of a check, electronic funds transfer or other method.

(aa) “Payroll Deduction Contributions” means contributions made by a Participating Employee or Participating Individual pursuant to a payroll deduction.

(bb) “Program” means the Oregon Retirement Savings Program established by the Board pursuant to ORS 178.205(1).

(cc) “Program Administrator” means a third party administrator chosen by the Board to assist in carrying out the requirements of the Act.

(dd) “Qualified Plan” means a retirement plan qualified under the Code section 401(a), section 401(k), section 403(a), section 403(b), section 408(k), section 408(p), section 413(c), section 414(f), or a governmental plan qualified under section 457(b) of the Code. For purposes of this rule, a payroll deduction IRA program as defined in 29 CFR 2510.3-2(d) is not a Qualified Plan.

(ee) “Registration Date” means, for each Employer, the date by which the Employer is required to register with the Program or file a Certificate of Exemption, in accordance with OAR 170-080-0015.

(ff) “Roth IRA” means an individual retirement account as defined in Code section 408A.

(gg) “Standard Elections” means the default Program elections applicable to a Participating Employee who has not opted for different elections, as specified in OAR 170-080-0030.

(hh) “Target Date Fund” means a professionally-managed fund containing a mix of investments that invests based on the employee’s age and/or projected retirement date.

(ii) “Traditional IRA” means an individual retirement account as defined in Code section 408(a).

(jj) “Worker Leasing Company” (also known as a Professional Employer Organization or PEO) means a person who provides workers, by contract and for a fee, to work for a client and is licensed as a Worker Leasing Company by the Oregon Department of Consumer and Business Services.

History

Statutory/Other Authority: ORS 178.200–178.245
Statutes/Other Implemented: ORS 178.200–178.245
OST 1-2019, amend filed 04/04/2019, effective 04/09/2019
OST 5-2018, temporary amend filed 10/16/2018, effective 10/20/2018 through 04/10/2019
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, amend filed 10/24/2017, effective 10/24/2017
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0011 Executive Director

The Executive Director is responsible for the day-to-day operations of the Program and for carrying out such duties and responsibilities as assigned by the Board.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200 to 178.245
OST 6-2017, adopt filed 10/24/2017, effective 10/24/2017

Or. Admin. R. 170-080-0015 Employer Registration and Employee Enrollment

(1) Registration

(a) Except as provided in subsection (e), each Employer shall register with the Program or file a Certificate of Exemption on or before the Registration Date.

(b) Unless otherwise permitted by the Program Administrator, the Registration Date for an Employer shall be as follows:

(A) An Employer employing one hundred (100) or more Employees: November 15, 2017.

(B) An Employer employing at least fifty (50) but no more than ninety-nine (99) Employees: May 15, 2018.

(D) An Employer employing at least ten (10) but no more than nineteen (19) Employees: May 15, 2019.

(E) An Employer employing at least five (5) but no more than nine (9) Employees: November 15, 2019.

(F) An Employer employing three (3) or four (4) Employees: March 1, 2023.

(G) An Employer employing one (1) or two (2) Employees: July 31, 2023.

(H) Client Employers, as defined in 170-080-0010: July 31, 2023.

(I) An annual wave of new Employers: July 31 of each year.

(c) In determining the Number of Employees for the purposes of this section, Employers shall use data as submitted on the 2016 4th quarter Oregon Quarterly Tax Report (Form OQ): Number of covered workers for Unemployment Insurance, except under the following circumstances:

(A) An Employer who first meets the definition of Employer after January 1, 2017 will use the number of employees submitted on the Employer’s most recently filed Form OQ;

(B) At the Program Administrator’s discretion, an Employer with a valid business reason may use data from a more recent Form OQ.

(d) To register with the Program, a Facilitating Employer shall use the internet portal established by the Program Administrator to provide the following information:

(A) Employer name and assumed business name, if any;

(B) Employer Identification Numbers (Federal Employer Identification Number and Business Identification Number);

(D) Name, title, telephone number and email address of an individual designated by the Employer as the Program’s point of contact;

(E) Number of Employees; and

(F) Any other information reasonably required by the Program for the purposes of administering the Program.

(e) An Employer who received a notice of presumed exemption from the Program Administrator, as specified in OAR 170-080-0020, is not required to take any further action as long as it continues to offer a Qualified Plan to some or all of its Employees.

(f) New Employers: the Registration Date for an Employer who first meets the definition of Employer after July 1, 2017, shall be the later of:

(A) the date specified in subsection (1)(b) above, or

(B) July 31 of each year.

(g) The Registration Date for an Exempt Employer that ceases to offer a Qualified Plan to some or all of its Employees shall be the later of:

(A) the date specified in subsection (1)(b) above, or

(B) 90 days after the Exempt Employer ceases to offer a Qualified Plan to some or all of its Employees.

(h) A Facilitating Employer who lacks access to the internet may register with the Program by alternate means established by the Program Administrator.

(2) Employee Enrollment through a Facilitating Employer

(a) On or before the Initial Enrollment Date, and on or before the Enrollment Date for each subsequently hired Employee, a Facilitating Employer shall enroll its Employees using the Program Administrator’s internet portal or other means of data transmittal specified and validated by the Program Administrator. The Facilitating Employer shall provide the following information for each Employee no more than 30 days after the Registration Date (for Employees hired on or before the Registration Date) and no more than 30 days following the start of Employment (for Employees hired after the Registration Date):

(A) Full legal name;

(B) Social security number or taxpayer ID number;

(D) Mailing address;

(E) Employee’s designated email address; and

(F) Any other information reasonably required by the Program for the purposes of administering the Program.

(b) In order to allow for Employees to establish an IRA through an automatic enrollment process, the Board shall establish procedures with the Program Administrator for the execution or adoption of such documents as are necessary or appropriate to establish an IRA for such Employee. If the Employee has not opted out after notice of the opportunity to opt out was sent to the Employee using the contact information on file with the Program, and the opt-out period has lapsed, then an IRA will be established for such Employee pursuant to directives and procedures established by the Board.

(c) Automatic Employee enrollment occurs 30 days after the Facilitating Employer provides the information in OAR 170-080-0015(2)(a), unless the Employee and Facilitating Employer agree to an earlier date.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200 to 178.245
OST 1-2023, amend filed 02/08/2023, effective 02/15/2023
OST 4-2021, amend filed 07/02/2021, effective 07/12/2021
OST 1-2020, amend filed 05/11/2020, effective 05/13/2020
OST 4-2019, temporary amend filed 10/16/2019, effective 10/16/2019 through 04/12/2020
OST 1-2019, amend filed 04/04/2019, effective 04/09/2019
OST 5-2018, temporary amend filed 10/16/2018, effective 10/20/2018 through 04/10/2019
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, amend filed 10/24/2017, effective 10/24/2017
OST 5-2017(Temp), f. & cert. ef. 6-22-17 thru 12-18-17
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0020 Employer Exemptions

(1) An authorized representative of an Employer may file a Certificate of Exemption with the Program by certifying, through the Program Administrator’s internet portal or other means of data transmittal specified and validated by the Program Administrator, that the Employer offers a Qualified Plan to some or all of its Employees.

(2) A Certificate of Exemption is valid so long as the Employer continues to offer a Qualified Plan to some or all of its Employees. If the Employer ceases to offer a Qualified Plan to some or all of its Employees, it is required to notify the Program Administrator and register with the Program on or before the Registration Date, as listed in this OAR 170-080-0015.

(3) The Program Administrator shall, from time to time, compare Form 5500 (Annual Return/Report of Employee Benefit Plan) filings with the database of Employers and Exempt Employers.

(a) For an Employer identified as offering a Qualified Plan to some or all of its Employees, or an Exempt Employer identified as continuing to offer a Qualified Plan to some or all of its Employees, the Program Administrator may send written notice of presumed exemption from the Program.

(b) If the Program Administrator determines that the Employer or Exempt Employer no longer offers a Qualified Plan to some or all of its Employees, or is not identified as having a current Form 5500 on file with the U.S. Department of Labor, the Program Administrator may send written notice directing the Employer or Exempt Employer to either file a Certificate of Exemption or register with the Program.

(4) The exemption of an Exempt Employer that received a notice of presumed exemption is valid so long as the Exempt Employer continues to offer a Qualified Plan to some or all of its Employees. If the Employer ceases to offer a Qualified Plan to some or all of its Employees, it is required to notify the Program Administrator and register with the Program on or before the Registration Date, as listed in this OAR 170-080-0015.

History

Statutory/Other Authority: ORS 178.200 - 178.245
Statutes/Other Implemented: ORS 178.200–178.245
OST 1-2020, amend filed 05/11/2020, effective 05/13/2020
OST 4-2019, temporary amend filed 10/16/2019, effective 10/16/2019 through 04/12/2020
OST 1-2019, amend filed 04/04/2019, effective 04/09/2019
OST 5-2018, temporary amend filed 10/16/2018, effective 10/20/2018 through 04/10/2019
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0025 Responsibilities in Joint or Co-employment Circumstances

(1) With respect to any Employee or Participating Employee in a joint or co-employment relationship, except as provided in subsection 2, the terms “Employer” and “Facilitating Employer” shall mean the Employer of Record.

(2) With respect to any Employee or Participating Employee provided by a Worker Leasing Company, who is not provided on a temporary basis, as described in OAR 436-050-0420, the term “Employer” and “Facilitating Employer” shall mean the Client Employer.

(3) Notwithstanding the foregoing, with respect to any Employee or Participating Employee of a Worker Leasing Company who is not a Leased Worker as defined in OAR 436-050-0005, the terms “Employer” and “Facilitating Employer” shall mean the Worker Leasing Company.

(4) Nothing in this rule shall prohibit a Worker Leasing Company and a Client Employer from entering into an agreement under which the Worker Leasing Company may assist the Client Employer in the performance of some or all of the Client Employer’s responsibilities under these rules.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200 to 178.245
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, amend filed 10/24/2017, effective 10/24/2017
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0030 Standard and Alternate Elections for Contributions; Automatic Increases; Ceasing Contributions; Requesting Participation

(1) Standard Elections. An Employee who has not provided notice as specified in this section shall participate using the following Standard Elections:

(a) Contribution to the Program at an initial rate of 5% of Compensation;

(b) Auto-escalation at the rate of an additional 1% of Compensation each year until a maximum of 10% is reached;

(A) An employee’s initial contributions will be held in an investment for a set period of time (hold period) as determined by the Board and outlined in the program disclosure booklet. On the last day of the hold period, or on the next business day following the hold period, all of the employee’s contributions made during the hold period will be transferred to the appropriate Target Date Fund;

(B) All subsequent contributions will be invested in a Target Date Fund; and

(d) The Program account will be a Roth IRA and contributions will occur on a post-tax basis.

(2) Alternate Elections

(a) An Employee who does not wish to participate using the Standard Elections shall notify the Program Administrator, in a form or format established by the Program, and within the 30 days prior to their Enrollment Date, that:

(A) The Employee wishes to participate in the Program:

(i) at an initial contribution rate different from the Standard Elections, which shall be a percentage of available Compensation expressed as any whole number (i.e. three (3) percent but not three and one-half (3.5) percent). The minimum contribution rate is 1% and the maximum contribution rate is 100% of available Compensation, up to the IRS annual contribution limits; or

(ii) at an initial contribution rate different from the Standard Elections, expressed as a specific whole dollar amount. The Program Administrator will establish the minimum contribution. The maximum contribution rate is 100% of available Compensation, up to the IRS annual contribution limits; or

(iii) at an initial contribution rate consistent with the Standard Elections but without auto-escalation; or

(iv) at an initial contribution rate different from the Standard Elections and without auto-escalation.

(B) The Employee is opting out of the Program.

(b) A Participating Employee may change contribution elections by notifying the Program Administrator of the change request, in a form or format established by the Program. This change shall be effected on the Participating Employee’s payroll as soon as administratively practicable, but within 30 days of receipt of a notice of change.

(c) An Employee who wishes to select an investment option other than that provided by the Standard Elections shall notify the Program Administrator, in a form or format established by the Program, that the Employee wishes to participate in the Program by investing future contributions directly into another fund or funds offered by the Program, which selection shall be effected as soon as administratively practicable.

(d) A Participating Employee may change investment elections for any portion of the balance of the Program by notifying the Program Administrator of a requested change in investment elections, either in writing, electronically, or in any other form permitted by the IRS, to be effected as soon as administratively possible.

(e) An Employee who wishes to select a Traditional IRA shall notify the Program Administrator, in a form or format established by the Program, that the Employee wishes to participate using a Program Traditional IRA.

(f) The Facilitating Employer will process Program Traditional IRA contributions on a post-tax basis.

(3) Ceasing Contributions or Requesting Participation

(a) A Participating Employee may cease contributions to the Program by notifying the Program Administrator of intent to cease making contributions and revoking the authorization of the Facilitating Employer to make contributions on their behalf. The Participating Employee will give notice of this revocation, in a form or format established by the Program, to the Program Administrator.

(b) An Employee of a Facilitating Employer who initially opted out of participation in the Program may become a Participating Employee by completing and delivering, in a form or format established by the Program, instructions to initiate participation to the Facilitating Employer. The request shall be effective on the Employee’s payroll following notification as soon as administratively practicable, not to exceed 30 days.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200 to 178.245
OST 3-2021, amend filed 07/02/2021, effective 10/18/2021
OST 1-2019, amend filed 04/04/2019, effective 04/09/2019
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, amend filed 10/24/2017, effective 10/24/2017
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0035 Contributions

(1) Beginning 30 days following the Enrollment Date, and in accordance with a Participating Employee’s election under OAR 170-080-0030, the Facilitating Employer shall, on each Payroll Date, transfer from the Participating Employee’s Compensation for contribution to the Participating Employee’s IRA:

(a) 5% of Compensation; or

(b) The Participating Employee’s elected contribution rate, if different from the Standard Elections; or

(2) Notwithstanding subsection (1), amounts deducted by the Facilitating Employer pursuant to this Rule shall not exceed the amount of the Participating Employee’s Compensation remaining after any payroll deductions required by law to have higher precedence, including a court order, are made by the Facilitating Employer.

(3) Amounts deducted by the Facilitating Employer pursuant to this rule shall be transmitted to the Program Administrator as specified by the Program, as soon as administratively possible, not to exceed seven (7) business days from the date of deduction. Failure to transmit the amount as required constitutes an unlawful deduction under ORS 652.610(4).

(4) Beginning January 1, 2019, the Facilitating Employer shall increase the deduction specified in subsection (1) of this Rule for each Participating Employee who has not opted out of auto-escalation:

(a) For a Participating Employee who elected a percentage of available Compensation, the Facilitating Employer shall increase the amount by an additional 1% of Compensation per year until the total deduction has reached 10% of Compensation.

(b) For a Participating Employee who elected an initial contribution rate expressed as a specific dollar amount, the Facilitating Employer shall increase the amount using a schedule or rate established by the Board.

(5) Auto-escalation will occur on January 1 each year for Participating Employees who:

(a) Are contributing less than 10% of Compensation; and

(b) Completed the initial Payroll Deduction Contribution specified in subsection (1) of this Rule on or before July 1 of the prior year.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200–178.245
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, amend filed 10/24/2017, effective 10/24/2017
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0036 Non-Payroll Contributions

(1) Any Participating Employee or Participating Individual may choose to make Non-Payroll Contributions to the Program.

(2) Such contributions must not exceed, in combination with Payroll Deduction Contributions, the annual IRA contribution limit as determined by the Code and related rules promulgated by the IRS, and must be delivered to the OregonSaves IRA trustee in accordance with procedures determined by the Board and approved by the Program Administrator.

(3) The Program Administrator will establish the minimum contribution.

(4) Non-Payroll Contributions may be made electronically or by personal check.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200 to 178.245
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, adopt filed 10/24/2017, effective 10/24/2017

Or. Admin. R. 170-080-0040 Distributions and Distribution Requests

(1) A Participating Employee, Participating Individual, or Beneficiary may request a Distribution of all or a portion of funds from a Program Roth or Traditional IRA at any time by submitting a completed distribution request to the Program Administrator, in a form or format established by the Program and permitted by the IRS.

(2) A Program IRA Distribution shall be subject to any applicable state and federal income tax obligations and may be subject to penalties under the Code.

History

Statutory/Other Authority: ORS 178.215(7)
Statutes/Other Implemented: ORS 178.200–178.245
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0045 Program Administration Fees and Expenses

(1) The Board will charge each IRA a Program administrative fee that may consist of an asset-based fee, an annual fee, or transaction fees.

(2) The Board will from time to time review, adjust, and notify Participating Employees and Participating Individuals of changes to Program Administration fees.

History

Statutory/Other Authority: ORS 178.205 & ORS 178.225
Statutes/Other Implemented: ORS 178.200 to 178.245
OST 4-2021, amend filed 07/02/2021, effective 07/12/2021
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0050 Employer Guidelines

(1) A Facilitating Employer is not a fiduciary to this program. Facilitating Employers shall:

(a) Collect contributions and remit those amounts promptly to the Program Administrator or its designee;

(b) Provide information to the Program Administrator, as described in OARs 170-080-0015, 170-080-0020, and 170-080-0030;

(c) Retain the notice of any Employee elections or election changes pursuant to any action defined in OAR 170-080-0030 for a period not less than three (3) years from the date of the notice. Facilitating Employers may choose to comply with this requirement by allowing the Program Administrator to maintain such documentation on their behalf, either electronically, or in any other medium allowable under applicable law;

(d) Record the Participating Employee’s elections and election changes in its payroll system in a manner that enables the Facilitating Employer to make accurate deductions from the Participating Employee’s paycheck;

(e) Make clear that the Facilitating Employer’s involvement in the Program is limited to collecting contributions and remitting them to the Program Administrator or its designee, and that the Facilitating Employer does not provide any additional benefit or promise any particular investment return on Employee savings; and

(f) Remain neutral about the Program.

(2) Facilitating Employers shall not:

(a) Contribute to the Program;

(b) Require, endorse, or discourage employee participation in the Program; and

(3) Facilitating Employers may, if they choose:

(a) Provide additional general information and other educational materials that explain the

advisability of retirement savings, including the advantages of contributing to an IRA; and

(b) Answer Employee inquiries about the mechanics of the IRA payroll deduction.

(4) Facilitating Employers should refer other inquires to the Program Administrator or as otherwise directed by the Board.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200 to 178.245
OST 4-2021, amend filed 07/02/2021, effective 07/12/2021
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0055 Distribution of Materials to Employees

(1) After the Facilitating Employer submits the Employee information in accordance with OAR 170-080-0015(2)(a), the Program Administrator will distribute informational materials directly to Employees. The Program Administrator will provide a Facilitating Employer a set of informational materials about the Program upon completion of the Facilitating Employer’s registration in the online portal. The Program Administrator will provide the materials to the Facilitating Employer by supplying the internet address where such materials may be accessed or, upon request of the Facilitating Employer, will provide the materials in hard copy form.

(2) Upon request of the Employee, the Facilitating Employer will provide the Employee a set of hard copy materials or supply the internet address where such materials may be accessed. The Facilitating Employer will provide the materials in the manner requested by the Employee.

(3) The informational materials will include the following information:

(a) The benefits and risks associated with making contributions to a Program IRA;

(b) Instructions describing how to make contributions to the Program, including the Standard Elections applicable if the Participating Employee does not make other elections;

(d) Investment alternatives available under the Program and instructions describing how to make or change an investment election;

(e) The process for requesting a Distribution of retirement savings from the Program;

(f) How to obtain additional information about the Program, including the fees associated with the Program;

(g) That the Facilitating Employer does not endorse or recommend the Program;

(h) That Employees and Participating Employees seeking financial advice should contact financial advisers, that Facilitating Employers are not in a position to provide financial advice, and that Facilitating Employers are not liable for decisions Employees and Participating Employees make regarding the Program;

(i) That the Program is not an employer-sponsored retirement plan;

(j) That Employee participation in the Program is completely voluntary;

(k) That information on IRAs outside of the Program is available from other sources;

(l) That neither the value of a Program IRA, nor the rate of return are guaranteed by the state, the Facilitating Employer, or anyone else;

(m) That by Standard Election, contributions under the Program are made to a Roth IRA, and that a Roth IRA may not be appropriate for all individuals; and

(n) That the Program has a Traditional IRA option and summarizing the tax implications, withdrawal penalties, conversion details, and enrollment process for a Traditional IRA.

History

Statutory/Other Authority: ORS 178.200–178.245
Statutes/Other Implemented: ORS 178.200–178.245
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, amend filed 10/24/2017, effective 10/24/2017
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0056 Individual Participation

(1) An individual who is 18 years of age and older and is eligible to contribute to an IRA under the Code may choose to participate in the Program as a Participating Individual.

(2) An individual may become a Participating Individual by:

(a) Completing and delivering, in a form or format established by the Program, instructions to initiate enrollment using the internet portal established by the Program Administrator; and

(b) Establishing an Automatic Contribution Plan; or

(3) Participating Individuals shall receive individual participation-specific Program materials from the Program Administrator at the time of enrollment. The Program Administrator will deliver the informational materials electronically, unless the Participating Individual elects to receive a set of hard copy materials.

(4) A Participating Individual who works for an Exempt Employer will make Non-Payroll Contributions unless the Exempt Employer agrees to process Payroll Deduction Contributions.

(5) Exempt Employers who agree to process Payroll Deduction Contributions for Participating Individuals are not Participating Employers. Exempt Employers are solely responsible for determining whether their payroll deduction IRA programs satisfy IRS and DOL requirements for exemption from ERISA.

(6) The Program Administrator will establish the minimum contribution rate for a Participating Individual through an Automatic Contribution Plan.

(7) A Participating Individual with an Automatic Contribution Plan may make additional Non-Payroll Contributions to a Program IRA.

(8) The Participating Individual is responsible for ensuring that annual contributions do not exceed the annual IRA contribution limit as determined by the Code and related rules promulgated by the IRS. Contributions must be delivered to the OregonSaves IRA trustee in accordance with procedures determined by the Board and approved by the Program Administrator.

(9) The Board will establish a default election for Participating Individuals.

History

Statutory/Other Authority: ORS 178.200-178-245
Statutes/Other Implemented: ORS 178.200-178-245
OST 3-2018, adopt filed 10/11/2018, effective 10/19/2018

Or. Admin. R. 170-080-0057 Rollovers and Transfers

The Board shall establish procedures with the Program Administrator through which a Participating Employee, Participating Individual, or Beneficiary may roll over or transfer all or a portion of a Program IRA account to a different retirement savings vehicle in accordance with the Code. In addition, Program IRAs may receive rollovers and transfers from other retirement savings vehicles in accordance with the Code.

History

Statutory/Other Authority: ORS 178.200-178.245
Statutes/Other Implemented: ORS 178.200-178.245
OST 3-2018, adopt filed 10/11/2018, effective 10/19/2018

Or. Admin. R. 170-080-0058 Termination of Facilitating Employer Status through Program Exemption

(1) A Facilitating Employer who begins offering a Qualified Plan must notify the Program Administrator at least 60 days prior to the cessation of Payroll Deduction Contributions.

(2) Unless otherwise elected by the Participating Employee, Program IRAs will remain in the Program after the Facilitating Employer certifies its exemption and Participating Employees may continue to make contributions as Participating Individuals pursuant to OAR 170-080-0056.

(3) The Program Administrator will notify Participating Employees of the Facilitating Employer’s termination of participation in the Program and provide further instructions for future interaction with their Program IRAs.

(4) The Facilitating Employer must inform Participating Employees of their intention to terminate participation in the Program at least 30 days prior to cessation of Payroll Deduction Contributions. The Program Administrator will provide hard copy informational materials to the Facilitating Employer for distribution to Participating Employees.

History

Statutory/Other Authority: ORS 178.200-178.245
Statutes/Other Implemented: ORS 178.200-178.245
OST 3-2018, adopt filed 10/11/2018, effective 10/19/2018

Or. Admin. R. 170-080-0060 Technical Assistance to Employers

The Program Administrator will provide a range of tools and technical assistance for Employer use. Facilitating Employers shall advise the Program Administrator if they desire technical assistance in completing Program requirements.

History

Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200–178.245
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0061 Account Closure

A Program IRA account may be closed by a process established by the Board if:

(1) No funds have been deposited into the account for at least 18 months; and

(2) All funds from the Participating Employee’s or Participating Individual’s account have been withdrawn pursuant to OAR 170-080-0057; or

(3) All funds from the Participating Employee’s or Participating Individual’s account have been rolled over or transferred pursuant to OAR 170-080-0058.

History

Statutory/Other Authority: ORS 178.200-178.245
Statutes/Other Implemented: ORS 178.200-178.245
OST 3-2018, adopt filed 10/11/2018, effective 10/19/2018

Or. Admin. R. 170-080-0062 Abandoned Accounts

A Program IRA will be presumed abandoned according to the unclaimed property law of the state of the last known address of the Participating Employee or Participating Individual. If the last known address of the Participating Employee or Participating Individual is in Oregon, the provisions of the Uniform Disposition of Unclaimed Property shall apply (ORS 98.302 to 98.436). If there is no last known address of the Participating Employee or Participating Individual in the Program records, federal common law shall determine the state with the first priority claim.

History

Statutory/Other Authority: ORS 178.200-178.245
Statutes/Other Implemented: ORS 178.200-178.245
OST 3-2018, adopt filed 10/11/2018, effective 10/19/2018

Or. Admin. R. 170-080-0065 Confidentiality

(1) Confidentiality . The Board will treat Individual IRA account information as confidential, including without limitation, names, addresses, telephone numbers, personal identification information, contributions, and earnings.

(2) Written release .

(a) The Board may disclose an individual’s Program IRA account information to persons or entities other than those described in subsection (4) of this Rule if it receives a signed release from the Participating Employee or Participating Individual consenting to disclosure of some or all of the individual’s Program IRA account information to a specific person or entity. For purposes of this paragraph, “an individual’s Program IRA account information” includes information pertaining to:

(A) the Participating Employee’s or Participating Individual’s IRA account;

(B) Beneficiary designations;

(D) other information contained in any draft court order.

(b) A written authorization to release information is valid indefinitely, unless a specific end date is provided in the written statement.

(3) Subpoena . A subpoena for information available from the Program must be made out to the State of Oregon, Oregon Retirement Savings Program. The Program reserves the right to object to any subpoena on the grounds that the subpoena fails to provide a reasonable time for preparation and travel, is otherwise unreasonable or oppressive, or that service was improper, in addition to any other basis legally available. To facilitate prompt processing, copies of subpoenas should be served at the Office of the State Treasurer. Faxed subpoenas are not acceptable.

(4) Disclosure . The Board may disclose anonymized data which does not include information that is identifiable to an individual Participating Employee, Participating Individual, Beneficiary, or Employer for purposes of research associated with the Program. The Board may disclose information that it is required to disclose under the Oregon Public Records Law. The Board may disclose an individual’s Program IRA account information to the Program Administrator, the providers of investments for the Program, regulatory agencies to the extent disclosure is required by law, and to other persons or entities to the extent the Board determines disclosure is necessary to administer the Program.

History

Statutory/Other Authority: ORS 178.220
Statutes/Other Implemented: ORS 178.200–178.245
OST 3-2018, amend filed 10/11/2018, effective 10/19/2018
OST 6-2017, amend filed 10/24/2017, effective 10/24/2017
OST 3-2017, f. & cert. ef. 4-19-17

Or. Admin. R. 170-080-0066 Board Authority

If, after three attempts to bring an Employer into compliance, the Board has reasonable grounds to believe that an Employer has not registered with the Program to facilitate payroll deductions in compliance with ORS 178.250, the Board may file a complaint requesting that the Commissioner of the Bureau of Labor and Industries investigate the Employer in accordance with ORS 659A.820.

History

Statutory/Other Authority: ORS 178.200 to 178.255
Statutes/Other Implemented: ORS 659A.820, ORS 178.205(h), ORS 178.245 & ORS 178.250
OST 1-2023, adopt filed 02/08/2023, effective 02/15/2023

Division 130 PROCEDURE TO RECOVER ESCHEAT PROPERTY

Or. Admin. R. 170-130-0000 Purpose

These rules prescribe the procedures to recover Escheat Property held by the Treasurer as provided for by ORS 98.319,112.055, 114.555, 116.193, 116.203, 708A.430, 722.262, 723.466, any form of non-probate administration of an Escheat Property, and property received by the Department of State Lands pursuant to ORS 179.540–179.550 prior to October 4, 1997.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 178.050
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-130-0005 Definitions

For the purposes of these rules, unless the context requires otherwise, the capitalized words and phrases used in these rules have the same meaning a provided in ORS 111.005 and:

(1) "Agent" means a person, other than a Personal Representative, who may file a Petition to recover Escheat Property on behalf of a Claimant.

(2) “Claim” in the context of these rules means the act of asserting a lawful entitlement to Escheat Property.

(3) “Claimant” means a Person or Personal Representative of an Estate making a Claim to recover Escheat Property.

(4) “Escheat Property" means Property that has been transferred to the state and held by the Treasurer and includes proceeds.

(5) “Estate Administrator” mean the Treasury employee appointed by the Treasurer to protect decedents’ assets and administer estates under ORS chapters 111 to 119.

(6) "Licensed Finder" means any person who independently searches for and finds Persons that may file a Petition to Claim a right to recover Escheat Property for a fee paid by the Claimant and is licensed by the Department of Public Safety Standards and Training under ORS 703.430.

(7) "Issue" includes adopted children and their Descendants and, when used to refer to Persons who take by Intestate succession, includes all lineal Descendants, except those who are the lineal Descendants of living lineal Descendants.

(8) "Known heir" means an Heir who has been identified and found.

(9) “Person” means individuals, corporations, associations, firms, partnerships, limited liability companies, joint stock companies, and public bodies as defined in ORS 174.109.

(10) “Petition” means a written request made by a Claimant or an Agent to determine whether Claimant is lawfully entitled to Escheat Property.

(11) "Property" has the same meaning as ORS 111.005(27), and includes the proceeds realized from the sale of Personal Property or Real Property.

(12) “Treasurer” means the State Treasurer as established under Article VI, section 4 of the Oregon Constitution or the State Treasurer’s designee.

(13) “Treasury” means the Oregon State Treasury, which is the administrative branch of the Office of the State Treasurer.

(14) “U.S. Savings Bonds” means Personal Property that meets the following:

(a) U.S. savings bonds, series A, B, C, D, E, F, G, H, J, AND K, AND U.S. savings notes, governed by 31 C.F.R. 315;

(b) Definitive U.S. savings bonds, series EE and HH, governed by 31 C.F.R 353; and

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 98.319 & ORS 111.005
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-130-0010 Claimant's Burden of Proof and Responsibility

(1) The Claimant must prove by a preponderance of the evidence that the Claimant or Claimant’s Estate is legally entitled to Escheat Property.

(2) The Claimant is responsible to produce evidence sufficient to establish a lawful entitlement to Escheat Property. Each document submitted to support a Petition must:

(a) Be the original document;

(b) Be a copy certified by the custodian of the original record; or

(3) The Claimant may voluntarily provide the Claimant’s full or partial (i.e., last four digits) social security number to the Treasurer. The Treasurer will only:

(a) Use the social security number to verify the Claimant’s entitlement to Escheat Property; and

(b) Release Claimant’s social security number when required by law or court order.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 98.319 & ORS 116.235
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-130-0015 Petition to Recover Escheat Property

(1) To recover escheat property, the Claimant must file a:

(a) Claim for US Savings Bonds under OAR 170-140-0140; or

(b) Petition as required under this rule.

(2) The petition must be verified by a notary and include:

(a) The Claimant’s:

(A) Full legal name;

(B) Age; and

(b) The Decedent’s name and date of death. For the purposes of this rule, the Decedent’s date of death is presumed to be:

(A) The date shown on the Decedent's death certificate; or

(B) Any similar record issued by:

(i) The jurisdiction where the death occurred; or

(ii) An agency of the federal government.

(d) A statement that the Petition is being filed within:

(A) Ten years of the Decedent’s death; or

(B) Eight years of the entry of a judgment or order escheating the property to the state.

(e) A statement that the Claimant is lawfully entitled to the property and that the Claimant claims the property as:

(A) An Heir;

(B) A Devisee;

(D) The Personal Representative of the Estate of an Heir, Devisee, or Distributee.

(f) A description of the Property of which the Claimant is asserting a lawful entitlement.

(g) Explain the circumstances that when the Property escheated to the state, the Claimant:

(A) Had no knowledge or notice thereof; or

(B) Was unable to prove entitlement to the Escheat Property and has subsequently acquired new evidence of the entitlement.

(h) Immediately above the signature of the person filing the petition and in prominent letters (e.g., bold type), include one of the following declarations under the penalty of perjury in lieu of an affidavit:

(A) If the declaration is made within the United States, “I hereby declare that the above statement is true to the best of my knowledge and belief, and that I understand that it is made for use as evidence in court and is subject to penalty of perjury.”; or

(B) If the declaration is made outside the United States as defined in ORS 194.805(1), “I declare under penalty of perjury under the laws of Oregon that the foregoing is true and correct, and that I am physically outside the geographic boundaries of the United States, Puerto Rico, the United State Virgin Islands, and any territory boundaries of the United States, Puerto Rico, the United States Virgin Islands, and any territory or insular possession subject to the jurisdiction of the United States. Executed on the ____ (day) of ____ (month), ____ (year) at ________ (city or other location), ________ (country).”

(i) The date the petition was signed and the signature of one of the following:

(A) The Claimant; or

(B) The Agent of the Claimant.

(3) The following documents must be attached to and submitted with a Petition:

(a) The Claimant’s current photo identification, or other satisfactory proof of identity.

(b) An acknowledged indemnification agreement signed by the Claimant and acceptable to the Treasurer.

(A) Certified copies of birth, death, or marriage certificates that establish the familial relationships of the Heirs to the Decedent; and

(B) A genealogical chart of the Decedent showing the relationship of all the Decedent’s Heirs. If the chart shows a familial line has lapsed, then the chart must include:

(i) Whether Descendants exist and any supporting evidence the line lapsed by death;

(ii) Whether Heirs in a line have been identified or found;

(iii) The efforts Claimant made to identify or find Heirs; and

(iv) All known information on each lapsed line.

(4) The Claimant or Agent may attach and submit the following documents with the petition that verify and establish the relationship of the Heirs to the Decedent:

(a) Bureau of Census Records;

(b) Published obituaries and funeral notices;

(d) Church documents showing birth, death, baptism, or marriages;

(e) Applications for Social Security cards, naturalization records, employee pension plans or any records containing the signature an Heir or the Claimant and listing any designated beneficiaries, other family members or parents;

(f) Court records and duly authenticated records of proceedings conducted before domestic and foreign courts to show the Heirs of the Decedent and the entitlement of the Claimant to the Escheat Property.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 98.319 & ORS 116.235
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-130-0020 Requirements for Filing a Petition

(1) To file a claim to recover US Savings bonds, a Claimant or Agent must file a claim under OAR 170-140-0140.

(2) To file a petition to recover Escheat Property under ORS 116.253, a Claimant or Agent must file a petition with the Treasurer within:

(a) Ten years after the death of the Decedent; or

(b) Eight years after the entry of a judgement or an order escheating the Property to the State.

(3) A Petition is filed on the date the Treasurer receives the petition.

(4) The Claimant or Agent may file the completed Petition and supporting documents by:

(a) Attaching the Petition and supporting documents attached to an email to claims@ost.state.or.us; or

(b) Mailing or delivering the Petition and supporting documents to the following address:

(5) If a Personal Representative signs and files a Petition, a certified copy of the order appointing the Personal Representative must be included with the Petition.

(6) If an Agent signs and files a Petition, the Agent must include the original Power of Attorney or other written acknowledgement given by each Claimant authorizing the Agent to file the petition on the Claimant’s behalf. The Claimant’s signature on the Power of Attorney must be notarized.

(7) When a Licensed Finder is the Agent described in section (4) of this rule, the Licensed Finder must:

(a) Be licensed as an Investigator by the Department of Public Safety Standards and Training under ORS 703.430.

(b) Submit a copy of the current license with an initial Petition filed by the Licensed Finder as an Agent. Subsequent Petitions filed by the Licensed Finder must include the current license number on the Power of Attorney.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 98.319 & ORS 116.235
OST 3-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-130-0025 Claimant's Recoverable Amount

When an administrative or judicial decision that determines the Claimant is entitled to Escheat Property becomes final, the Claimant will receive the Escheat Property’s value minus:

(1) The Treasurer’s actual costs and expenses incurred to review a petition, including attorney fees;

(2) The Treasurer’s actual costs and expenses incurred to administer an estate, including attorney fees;

(3) Any taxes owed on the property;

(4) Any charges due the Department of Human Services;

(5) Any costs to prepare administrative deeds and assignment of contracts;

(6) All interest earned from the Escheat Property or uncashed warrant; and

(7) Any other fees, taxes, or charges allowed or required under Oregon laws or rules.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS Chapters 113 and 114, ORS 116.203, ORS 116.253, ORS 708A.430, ORS 708A.655, ORS 722.262, ORS 722.660, ORS 723.466 & ORS 723.844
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-130-0030 Request a Contested Case Hearing

(1) A Claimant who disagrees with a decision of the director regarding the entitlement to recover Escheat Property may file a request for a contested case hearing before the Office of Administrative Hearings.

(2) A request for a contested case hearing must be filed within 60 days of the date of the Treasurer’s decision.

(3) The request for a contested case hearing must:

(a) Be in writing;

(b) Identify the issues of law or fact being contested; and

(d) The Claimant may file the request for contested case hearing by:

(A) Emailing the request to claims@ost.state.or.us; or

(B) Mailing or delivering the request to the following address:

(4) The Treasurer will refer the contested case to the Office of Administrative Hearings as provided under OAR 137-003-0515 and 137-003-0520. The administrative law judge may only issue a Proposed and Final Order.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 183.341, 183.464 & 183.635 (as amended by section 56, chapter 678, Oregon Laws 2019)
OST 4-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Division 135 ADMINISTRATION OF ESTATES

Or. Admin. R. 170-135-0000 Purpose

These rules provide uniform procedures for the administration of estates of Decedents who die Intestate without Known Heirs or with some missing Heirs and of Testate Estates with missing Heirs or missing Devisees in accordance with Oregon Revised Statutes 111 through 119. These rules shall be liberally construed to secure just and speedy determination of the assets, liabilities, net worth, and disposition of Decedents' estates.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 178.050
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0005 Definitions

For the purposes of these rules, unless the context requires otherwise, the capitalized words and phrases used in these rules have the same meaning as provided in ORS 111.005 and:

(1) “Claiming Successor” has the same meaning as ORS 114.505(2).

(2) “Estate Administrator” is an employee of the Treasurer appointed to administer and protect the assets of an estate.

(3) “Known Heir” has the same meaning as ORS 113.238(3).

(4) “Person” means individuals, corporations, associations, firms, partnerships, limited liability companies, joint stock companies, including Business Entities, and public bodies as defined in ORS 174.109, including Governmental Entities. Examples of a Person includes:

(a) Friends and neighbors of the Decedent;

(b) Care centers, nursing homes, and hospitals;

(d) Attorneys;

(e) Guardians; or

(f) Conservators.

(5) "Probate" means the court procedure that encompasses all matters and proceedings pertaining to administration of estates as described in ORS 111.085, including but not limited to appointment and qualification of Personal Representatives, determination of heirships, construction of wills, and the administration, settlement and distribution of estates of decedents. As to the estate of a decedent, "settlement" includes, the full process of administration, distribution and closing.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 178.050
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0010 Providing the Treasurer Notice

(1) Notice of Matter in Probate . When a Personal Representative is required to provide notice or deliver Property to the Treasurer under ORS 113.045(1) and (2), or 116.203, the Personal Representative must mail or deliver the notice or Property to:

(2) Under ORS 116.203, the Personal Presentative must mail or deliver to the Treasurer:

(a) A copy of the order of escheat, final distribution order, or small estate affidavit;

(b) The Property;

(d) The relationship of the Heir or Devisee to the Decedent.

(3) Notice of Intestate Decedent with no Heirs . Except as provided in section (4) of this rule, a Person must notify the Estate Administrator for the Treasurer within 48 hours of learning the Decedent died Intestate and did not have Known Heirs.

(4) Notice by Funeral Director . A funeral director must notify the Estate Administrator within two work days after receipt of a Decedent’s body when it appears the Decedent died intestate and without Known Heirs.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 111.045, ORS 113.238 & ORS 116.203
OST 6-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0015 Duty to Maintain Decedent's Property

(1) Except as provided by ORS 708A.430 and 723.466, a Person may not dispose of or diminish any assets of the estate of a Decedent, unless approved by the Treasurer, when the Decedent:

(a) Died Intestate; and

(b) Did not have a Known Heir.

(2) Section (1) of this rule:

(a) Applies to a guardian or conservator for the Decedent; and

(b) Does not apply to:

(A) A Personal Representative appointed under ORS 113.085(3); or

(B) An affiant authorized under 114.520 to file an affidavit under 114.515.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 113.328
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0020 Funeral Arrangements

(1) A funeral director:

(a) May not initiate any Funeral arrangements without prior approval from the Estate Administrator appointed by the Treasurer. The Treasurer retains discretion of what to approve;

(b) May complete applications for Social Security, Veterans Administration, or other available death benefits after consulting with the Estate Administrator; and

(c) Must itemize Funeral costs associated with each service provided by the funeral director, which includes, but is not limited to:

(A) Funeral costs;

(B) Cemetery costs;

(D) Burial costs; and

(E) Any other service proposed and provided by the funeral director.

(2) The types of services for a plain and decent Funeral is determined by considering:

(a) Amount of assets available in the estate;

(b) The expressed desires of the decedent's friends and associates concerning appropriate Funeral services;

(d) The prominence of the decedent in the local community.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 113.242
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0025 Replacing the Estate Administrator as Personal Representative

(1) A Person claiming to be an Heir of a Decedent whose Property is under the administration of the Treasurer must submit to the Estate Administrator acceptable proof to substantiate kinship to the Decedent.

(2) Acceptable proof under section (1) of this rule includes, but is not limited to:

(a) Certified copies of death and birth certificates;

(b) Genealogical search records;

(d) Funeral notices;

(e) Baptism records, and

(f) Family Bibles.

(3) The Treasurer may continue to administer the estate until the Estate Administrator determines that evidence submitted is sufficient to prove that the Person is legally entitled to the Decedent's assets. If other heirs are identified but not located, the Treasurer may continue to administer the estate in order to protect the interest of the missing Heirs and the Common School Fund, or if administration of the Estate is substantially complete and the Estate Administrator and the Known Heirs agree that it is in the best interests of the estate for the Treasurer to complete the administration.

(4) If the Treasurer has filed a Probate and an Heir is subsequently identified and found, the Heir must file a substitution of Personal Representative with the Probate Court to assume the responsibility of administering the estate. The Heir must provide a Court certified copy of the order of substitution to the Treasurer.

(5) If the administration is by a Small Estates Affidavit, the Heir must file an amended Small Estates Affidavit with the Court to assume responsibility of administering the estate, which shows that the Heir is taking over control and responsibility of the estate from the Treasurer, and submit a Court certified copy to the Treasurer.

(6) Any person who wishes to petition the court for appointment as a personal representative for the estate of a decedent who died wholly intestate and without known heirs shall submit a written request to the Treasurer. The estate administrator may authorize the appointment of another person to act as personal representative if:

(a) The estate administrator determines the estate is insolvent; or

(b) The estate administrator determines that the appointment is the most cost-effective method to administer the estate and protect the assets of the estate.

(7) The Estate Administrator will turn over the assets, less the Treasurer’s administrative costs and attorney fees, to the Claiming Successor or successor Personal Representative, including all bills and claims against the estate.

History

Statutory/Other Authority: ORS 178.050 & ORS 114.520
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0030 Disclaiming an Interest in Estate or Property

(1) When a Person disclaims all or a partial interest in an estate under the Uniform Disclaimer of Property Interests Act (ORS 105.623 to 105.649) and the Treasurer is the Personal Representative or is otherwise administering the estate, the Person must deliver a disclaimer to the Treasurer.

(2) When a Person is an Heir that was previous unknown disclaims all or a partial interest in an estate under the Uniform Disclaimer of Property Interests Act (ORS 105.623 to 105.649), the Person must deliver a disclaimer to the Treasurer.

(3) To be effective, a disclaimer must:

(a) Be in writing or otherwise recorded by inscription on a tangible medium or by storage in an electronic or other medium in a manner that allows the disclaimer to be retrieved in perceivable form;

(b) Declare that the Person disclaims the interest in the Property or in the power of the Property;

(d) Be signed by the Person making the disclaimer; and

(e) Be:

(A) Emailed to estates.escheat@ost.state.or.us; or

(B) Mailed or delivered to:

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 114.520
OST 5-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0035 Requirements for Small Estates

A creditor of an intestate estate without heirs who is a Claiming Successor must first request written authorization from the Treasurer before filing a small estate affidavit. The request must be:

(1) Emailed to estates.escheat@ost.state.or.us; or

(2) Mailed or delivered to:

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 114.520
OST 7-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-135-0040 Request for Contested Case Hearing

(1) Any Person aggrieved by a decision of the Treasurer under these rules that is not a matter subject to Probate or Small Estate Affidavit, the Person may request a contested case hearing.

(2) The request must:

(a) Be filed within 60 days of the date of the Treasurer’s decision;

(b) Be in writing;

(d) Provide a summary of the evidence asserted in the petition.

(3) The Person must file the request for contested case hearing either by:

(a) Emailing the request to escheat.estates@ost.state.or.us; or

(b) Mailing or delivering the request to the following address:

(4) The Office of Administrative Hearings will conduct the contested case hearing as provided under OAR 137-003-0515 and 137-003-0520. The Administrative Law Judge may only issue a Proposed and Final Order.

(5) No new evidence may be submitted at the contested case hearing. If new evidence is discovered after the request is filed, the administrative law judge must remand the case to the Treasurer for further review.

History

Statutory/Other Authority: ORS 178.050
Statutes/Other Implemented: ORS 114.520
OST 8-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Division 140 UNCLAIMED PROPERTY CLAIMS

Or. Admin. R. 170-140-0000 Purpose

These rules establish:

(1) Fees required or allowed under ORS chapter 98; and

(2) Requirements and procedures for making a Claim to recover Property.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.422 & ORS 178.050
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0001 Applicability

(1) These rules to recover Unclaimed Property under OAR 170-140-0100 through 170-140-0140 (the “Rules for Recovery of Unclaimed Property”) apply to Claims made under the Treasurer’s statutory authority or by agreement with the Treasurer and another Entity.

(2) The Treasurer may waive procedural requirements when justice so requires.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.422 & ORS 178.050
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0005 Definitions

For the purposes of these rules, unless the context requires otherwise, the capitalized words and phrases used in these rules have the following meanings:

(1) "Agent" means a Person who files a Claim on behalf of, and not in the stead of, a Claimant to recovery Property. “Agent” includes, but is not limited to:

(a) A guardian;

(b) A conservator;

(d) A contracted vendor.

(2) “Business Entity” includes a sole-proprietor, domestic or foreign limited liability company, corporation, professional corporation, foreign corporation, domestic or foreign nonprofit corporation, domestic or foreign cooperative corporation, profit or nonprofit unincorporated association, business trust, domestic or foreign general or limited partnership, or trust.

(3) “Claim” means the act of asserting a lawful entitlement to Unclaimed Property.

(4) "Claimant" means a Person asserting the legal entitlement to Unclaimed Property and includes, but is not limited to:

(a) The Owner;

(b) An heir, devisee, or distributee of a Decedent;

(d) A Bankruptcy Trustee;

(e) A Personal Representative;

(f) A Creditor who has been issued a Writ of Garnishment;

(g) Attorney-in-Fact; or

(h) Other Person legally authorized to act in the stead of a Person claiming legal entitlement to Unclaimed Property.

(5) “Entity” includes a Business Entity and a Governmental Entity.

(6) "Finder's List of Unclaimed or Escheat Property" means a report that lists the names of Owners of Unclaimed or Escheat Property in the custody of the Treasurer, and may include additional information that would assist in finding the Owners.

(7) “Governmental Entity” means the federal government, the state, any agency or political subdivision of the state or federal government, or any unit of local government.

(8) "Holder" means a Person, wherever organized or domiciled, who is in possession of Property belonging to another, a trustee, or a Person indebted to another on an obligation.

(9) "Licensed Finder" means any Person who independently searches for and finds the Owners of Unclaimed or Escheat Property for a fee paid by the Owner who is licensed by the Oregon Department of Public Safety, Standards and Training under ORS 703.430.

(10) “Military Medal” means a medal or decoration awarded to a service member for military service.

(11) "Owner" means the Person whose name appears on the records of the Holder as the Person entitled to Property held, issued or owing by the Holder, a depositor in case of a deposit, a beneficiary in case of a trust other than a deposit in trust, or payee in case of other intangible Property, or a Person having a legal or equitable interest in Property.

(12) “Person” means individuals, corporations, associations, firms, partnerships, limited liability companies, joint stock companies, including Business Entities, and public bodies as defined in ORS 174.109, including Governmental Entities.

(13) “Property” means Unclaimed Property and the proceeds from the sale of Unclaimed Property.

(14) “Reporting Date” means the date the safe deposit box contents are received by the Treasurer.

(15) “Successor” means a Person who by ancestry or law is next to be legally entitled to the Property of another Person.

(16) “Treasurer” means the State Treasurer as established under Article VI, section 4 of the Oregon Constitution or the State Treasurer’s designee.

(17) “Treasury” means the Oregon State Treasury, which is the administrative branch of the Office of the State Treasurer.

(18) "Unclaimed Property" means any asset that is reported or delivered to the Treasurer under ORS 98.352 because the Owner cannot be found by the company or person holding the asset.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.422 & ORS 178.050
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0010 Maximum Percentage of Costs

When the total value of Property of a verified Claim is $100.00 or more, the Treasurer may deduct a maximum of ten percent of the total value for the cost of locating the Owners under ORS 98.356(4).

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.356
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0015 Proof of Safe Deposit Fee Payment or Waiver

(1) Unless waived, a Claimant must pay outstanding rental fees owed to a financial institution when the contents of a safe deposit box were delivered the Treasurer as abandoned or Unclaimed Property before the Treasurer will release the contents or proceeds from the contents to the Claimant.

(2) When the contents of a safe deposit box were delivered to the Treasurer within the five years preceding the Claim, the Claimant must provide proof that the fees under section (1) were paid or waived. Proof may include, but is not limited to:

(a) Safe deposit box rental receipt;

(b) A waiver of the rental fee issued by the financial institution; or

(c) If the proof required under subsection (a) or (b) of this rule is not available, the Claimant may submit testimonial evidence, including an affidavit.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.328
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0020 Finder's List of Unclaimed and Escheat Property

(1) Any Person may request a Finder’s List of Unclaimed and Escheat Property.

(2) To complete the request, the Person must:

(a) Submit the request electronically through the Treasurer’s Electronic Payment Gateway.

(b) Email the completed Finder’s List Order Form to claims@ost.state.or.us; or

(3) The Person must pay the fee of not less $150.00 prior to receiving the report. The report will not be released for 20 calendar days unless the request is by credit card, debit card, electronic check, money order, or cashier’s check at the time the request is made.

(4) No Person who purchases a Finder’s List of Unclaimed and Escheat Property from the Treasurer may publicly publish any detail from the lists that is not available on the Treasurer’s unclaimed property website.

[You may order a Finder's List from Treasurer’s website at https://www.oregon.gov/treasury/electronic-payment-gateway/Pages/default.aspx]

History

Statutory/Other Authority: ORS 98.050 & ORS 178.050
Statutes/Other Implemented: ORS 98.050
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 1-2024, temporary amend filed 01/22/2024, effective 01/22/2024 through 07/19/2024
OST 9-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0100 Information Required on Property Claim Form

(1) To be complete, the Property Claim form must include the following information:

(a) The Claimant’s name:

(A) If the Claimant is an individual, the Claimant’s first and last names; or

(B) If the Claimant is an Entity, the Entity's legal name.

(b) The Claimant’s current mailing address;

(d) A current and reliable phone number for the Claimant;

(e) A current email address for the Claimant, if available;

(f) Prior names or alias(es) of the Claimant, if applicable; and

(g) Previous address(es) of the Claimant, if applicable.

(h) A description of:

(A) The nature of the Property being claimed; and

(B) The Claimant’s interest in the Property.

(2) If the claimed Property is co-owned by another Person, the completed Property Claim form may include the co-Owner’s:

(a) Name:

(A) If the co-Owner is an individual, the co-Owner’s first and last names; or

(B) If the co-Owner is an Entity, the Entity’s legal name.

(b) The co-Owner’s current mailing address;

(d) A current and reliable phone number for the co-Owner;

(e) A current email address for the co-Owner, if available;

(f) Prior names or alias(es) of the co-Owner, if applicable; and

(g) Previous address(es) of the co-Owner, if applicable.

(3) The Property Claim form must include a declaration immediately above the Claimant’s signature and in prominent font as follows:

(4) If the total value of the Property being claimed is more than $2,500.00, the Claimant’s signature must be notarized.

(5) If the Claimant is not the original Owner, then the Claimant must provide a description of the relationship between the Claimant and the original Owner.

(6) If the Claimant is the heir or devisee of a deceased Owner, the Claimant must provide a description of the Claimant’s relationship to the deceased Owner.

(7) To help expedite the Claim, the Claimant may voluntarily provide the Claimant’s full or partial (i.e., last four digits) Social Security number to the Treasurer. The Treasurer will use the Social Security number to verify the Claimant’s entitlement to the claimed Property and will not disclose Claimant’s Social Security number unless required to do so by law or court order.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.392
OST 3-2026, amend filed 03/18/2026, effective 03/20/2026
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0105 Required Attachments to Property Claim Form

The Claimant must provide all the documents or other records required under this rule as attachments to the Property Claim Form or uploaded through the online Unclaimed Property Portal.

(1) Original Owner . If the Claimant is the original Owner, the Claimant must provide:

(a) The Claimant’s current photo identification or other evidence to prove the identity of the Claimant (e.g., Driver’s license);

(b) Proof of current mailing address; and

(2) Successor of Original Owner . If the Claimant is a Successor of the original Owner, the Claimant must provide the Claimant’s current photo identification or other evidence to prove the identity of the Claimant (e.g., Driver’s license), proof of current mailing address, and sufficient evidence to establish:

(a) The original Owner’s legal entitlement to the claimed Property; and

(b) Sufficient evidence to establish the Claimant’s legal entitlement to the claimed Property as a Successor.

(3) Heirs . If the Claimant is an heir of a Decedent, the Claimant must provide:

(a) When the value of the Property is $1,000.00 or more, but not more than $10,000:

(A) an Affidavit in Lieu of Probate: or

(B) Evidence of probate or the filing of probate under ORS chapters 111, and 113 – 117.

(b) When the value of the Property is more than $10,000.00, evidence of probate or the filing of probate under ORS chapters 111, and 113 – 117.

(A) A copy of the former owner’s death certificate;

(B) A copy of the former owner’s will, if any;

(C) A statement that the estate is not being probated and that a small estate affidavit is not being filed for the estate;

(D) The identity of each beneficiary of the claim;

(E) The proportion of the surplus distributable to each beneficiary; and

(F) Signatures of all beneficiaries of the claim acknowledging their participation in the claim.

(G) If there are multiple heirs, an heir who has occupied the property as a primary residence for more than one year is presumed to have authority to receive the surplus on behalf of all heirs, in the absence of a written agreement among heirs or objection by the heir.

(H) If there are multiple heirs who occupied the property as a primary residence for more than a year, the heir who occupied the property at the time of foreclosure has priority if the Treasurer receives multiple claims from heirs who occupied the property as their primary residence for more than a year.

(4) Creditor . If the Claimant is a creditor of a Property Owner, the Claimant must provide:

(a) A valid Writ of Garnishment; and

(b) Any other evidence sufficient to establish the Claimant is legally entitled to the claimed Property.

(5) Purchaser of a Negotiable Instrument . If a Claimant purchased a negotiable instrument (e.g., cashier’s check, money order, certified check, traveler’s check), from the Owner (i.e., the payee), the Claimant must provide:

(a) the Claimant’s current photo identification or other evidence to prove the identity of the Claimant (e.g., Driver’s license);

(b) Proof of current mailing address; and

(c) The negotiable instrument, lost instrument bond if required by the Treasurer, or evidence of payment satisfying the obligation to the payee.

(6) Claim for Securities . If the Claimant is claiming securities, the Claimant must provide:

(a) the Claimant’s current photo identification or other evidence to prove the identity of the Claimant (e.g., Driver’s license);

(b) Proof of current mailing address;

(d) The Owner’s social security number as provided by the United States Security and Exchange Commission under 17 CFR § 240.17a-3.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.932 & ORS 312.125
OST 3-2026, amend filed 03/18/2026, effective 03/20/2026
OST 1-2025, temporary amend filed 09/25/2025, effective 10/01/2025 through 03/29/2026
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0110 Required Attachments when Claim Filed on Behalf of a Claimant

In addition to the requirements under OAR 170-040-0105, an Agent or Employee filing a Claim on behalf of a Claimant must provide all the documents or other records required under this rule.

(1) Generally . An Agent must provide an original, unredacted Power of Attorney or other written, unredacted and notarized statement provided by each Claimant authorizing the Agent to file a Claim on behalf of the Claimant.

(2) Licensed Finder . The Licensed Finder must provide the following documents with the Property Claim Form:

(a) An original, unredacted Power of Attorney or other written and notarized statement provided by each Claimant authorizing the Licensed Finder to file a Claim on behalf of the Claimant;

(b) A copy of the Licensed Finder’s Investigator license issued by the Oregon Department of Public Safety, Standards and Training under ORS 703.430; and

(c) An unredacted contract and affidavit, if separate from the contract, signed by each Claimant for the specified types of Property as determined by the Treasurer.

(3) Guardian or Conservator . The Person filing a Claim on behalf of an incapacitated Person or a minor must provide a certified copy of the guardianship or conservatorship appointment.

(4) Employee on behalf of a Business or Governmental Entity . The Person filing a Claim on behalf of a Business Entity or Governmental Entity must provide the following documents with the Property Claim Form:

(a) Evidence of the Claimant’s Business Tax ID or Federal Tax ID number; and

(b) An original statement delegating the authority to the Employee to file a Claim on behalf of the Entity on the Entity’s letterhead. The delegation must be signed by an individual authorized to bind the Entity, such as an officer of the corporation, the director of a state agency, county executive, or city manager, managing member of the limited liability company, or partner of a partnership; and

(5) Agent on behalf of a Business or Governmental Entity . The Person filing a Claim on behalf of a Business Entity or Governmental Entity must provide the following documents with the Property Claim Form:

(a) Evidence of the Claimant’s Business Tax ID or Federal Tax ID number;

(b) If the Entity directs the Treasurer to deliver Property to the Agent rather than the Entity, then evidence of the Agent’s Federal Tax ID number;

(c) An original Power of Attorney authorizing the Agent to submit a Claim on behalf of the Entity. The Power of Attorney must be signed by an individual authorized to bind the Entity, such as, an officer of the corporation, director of a state agency, county executive, or city manager, managing member of the limited liability company, or partner of a partnership; and

(d) An original statement on the Entity’s letterhead signed by an individual authorized to bind the Entity, such as an officer of the corporation, the director of a state agency, county executive, or city manager, managing member of the limited liability company, or partner of a partnership, that:

(A) Recites the authority of the individual to bind the Entity;

(B) Acknowledges that the individual has executed a Power of Attorney authorizing the Agent to submit a Claim on behalf of the Entity;

(D) Directs the Treasurer to whom payment should be delivered if any Property is due the Entity under the Claim.

(6) Agent on behalf of a Dissolved Business Entity . The Person filing a Claim on behalf of a Dissolved Business Entity must provide the documents required under section (5) of this rule and the following documents with the Property Claim Form:

(a) If the Business Entity is a corporation or a limited liability company, a copy of the articles of dissolution; or

(b) If the Business Entity is a partnership, a copy of the partnership agreement or other agreement between the partners describing how partnership assets are to be distributed.

(7) Agent on Behalf of a Business Entity in Bankruptcy . The Person filing a Claim on behalf of Business Entity in bankruptcy must provide the documents required under section (5) of this rule and the following documents with the Property Claim Form:

(a) A copy of the order appointing the bankruptcy trustee; and

(b) An original Power of Attorney that authorizes the Agent to submit a Claim on behalf of the trustee in bankruptcy or on behalf of the Person or Entity authorized by the bankruptcy court to make a Claim on behalf of the bankruptcy estate.

(8) Business Entity Formerly in Bankruptcy . The Person filing a Claim on behalf of a Business Entity formerly in bankruptcy must include the documents required under section (4) of this rule and a copy of the order of discharge or other order establishing that the bankruptcy trustee abandoned the bankruptcy estate’s interest in the Unclaimed Property.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.392
OST 3-2026, amend filed 03/18/2026, effective 03/20/2026
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0115 Evidence Supporting a Claim

(1) Generally. The Claimant may submit documents or records to establish a legal entitlement to Property. Documents or other records establishing entitlement include, but are not limited to:

(a) Copies of documents showing addresses, including but not limited to utility bills, tax records, or original correspondence addressed to the Owner at the address reported to the Director;

(b) Passbooks, statements of accounts, canceled checks, deposit slips;

(c) Copy of, or original stock certificate in the Owner's name, copy of prior dividend payment or statement, stock transmittal receipt, brokerage firm statement;

(d) Original insurance policies, premium or dividend statements;

(e) Original deposit slips or receipts;

(f) Original certified or photocopies of court documents;

(g) Newspaper articles including marriage announcements, birth or obituary notices;

(h) Family or church records, baptismal certificates, or personal correspondence;

(i) Public or business records;

(j) Signature verification cards from financial institutions;

(k) Testimonial evidence, including properly notarized affidavits; or

(l) Any other forms of evidence sufficient to meet the burden of proof under the circumstances.

(2) Military Medals. If the Claim is for Military Medals, evidence to prove legal entitlement includes, but is not limited to:

(a) Military discharge documents;

(b) An award certificate of the Military Medal; or

(3) Successor. If the Claimant is a Successor, evidence to prove legal entitlement includes, but is not limited to:

(a) Certified copies of probate documents;

(b) Small estate affidavit;

(d) A will;

(e) A death certificate; or

(f) Letters Testamentary.

(4) Property held for the benefit of a business under an assumed business name (Doing Business As). If the Claim is filed on behalf of an individual, but the Claim relates to Property held for the benefit under an assumed business name or “doing business as”, evidence to prove legal entitlement includes, but is not limited to:

(a) Tax statements; or

(b) Business license.

(5) Records assembled, received, or used by the state in connection with a Claim are exempt from public disclosure per ORS 192.355(46), except to the extent that the Claimant consents to the information’s disclosure.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.392
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 1-2024, temporary amend filed 01/22/2024, effective 01/22/2024 through 07/19/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0120 Filing a Property Claim

(1) A Person may submit a Claim for Property at any time after the Person learns that the Property has been reported to the Treasurer by submitting a completed Property Claim Form and required attachments.

(2) The Person filing the Claim must file under subsection (a) or subsection (b) of this section:

(a) Complete and submit the online Property Claim Form through the Treasurer’s website: https://unclaimed.oregon.gov/; and

(A) When an original document is not required, the Claimant may provide the document through the Treasurer’s website: https://unclaimed.oregon.gov/app/claim-doc-upload;

(B) When an original document is not required and the Claimant does not upload the document through the website, the document must be mailed or delivered under subsection (2)(b); or

(C) When an original document is required, the Claimant must include the assigned Claim number to each document and mail or deliver the document to the Treasurer.

(b) Mail or deliver a complete Property Claim Form with attachments to:

(A) A Claimant may request a Property Claim Form from the Treasurer at claims@ost.state.or.us; or

(B) A Claimant may download a Property Claim Form from Treasury’s website: https://unclaimed.oregon.gov/app/forms.

(3) A Claim is filed on the date the Treasurer receives the completed Property Claim Form.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.392
OST 10-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0125 Incomplete Claims

Only a completed Claim will be processed. A Claim is incomplete until:

(1) The Claimant provides all required information on the Property Claim Form and all required attachments;

(2) The Claimant provides additional or supplemental evidence requested by the Treasurer;

(3) An Entity designates a single Agent or Employee as the authorized Agent of the Entity;

(4) The Claimant surrenders a security certificate, original negotiable instrument, or, if required by the Treasurer, provides a lost instrument bond; or

(5) Two or more Claimants resolve any conflicts between or among the Claimants and notify the Treasurer of the resolution.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.392
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0130 Burden of Proof and Standard of Review

(1) The Claimant must prove legal entitlement to Property by a preponderance of the evidence. The Claimant is responsible for contacting Persons and submitting evidence sufficient to meet the burden of proof. Name similarity alone is not sufficient to prove entitlement to Unclaimed Property.

(2) Whether the Claimant meets the burden of proof is determined by:

(a) The veracity of the evidence;

(b) The age of the evidence;

(d) The existence of any competing evidence for the claimed Property; and

(e) Any other related evidence appropriate under the circumstances of the Claim.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.392 & ORS 98.396
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0135 Claim Disposition

(1) The Treasurer may close a Claim when:

(a) The Claimant fails to complete Property Claim Form, the online Unclaimed Property Portal, or provide required documents within 90 days of the date the Claimant last provided the Claim Form or required Claim documents;

(b) The Claimant fails to provide additional or supplemental evidence within 90 days of the date the Treasurer requested;

(c) An Entity fails to designate a single Agent or Employee as the individual authorized to file a Claim on behalf of the Entity within 90 days of the Treasurer providing notice; or

(d) A conflict exists between or among two or more Claimants who filed Claims for the same Property and does not resolve the conflict with 90 days of the Treasurer providing notice.

(2) The Treasurer will deny a Claim when the Claimant fails to prove by a preponderance of the evidence that the Claimant is legally entitled to the Property.

(3) When the Treasurer finds that the Claimant has sufficiently proven a legal entitlement to the Property, the Treasurer will deliver, or cause to be delivered, the Property due under the Claim. Property will be delivered to or payment issued in the name of the Claimant, except:

(a) Agent . If an Agent filed the Claim, the payment will be issued in the name of the Claimant unless otherwise directed by the Claimant.

(b) Licensed Finder . If a Licensed Finder filed the Claim, the payment will be issued in the name of the Claimant and the Licensed Finder when the Power of Attorney authorizes disbursement to the Licensed Finder. If the Power of Attorney does not authorize disbursement to the Licensed Finder, the payment will be issued in the name of the Claimant.

(c) Heirs . Payment will be issued for the benefit of the Heirs of the decedent (FBO) when the value of the Property is $10,000.00 or less. When the value is more than $10,000.00 the payment will be issued under the probate terms.

(d) Business or Governmental Entity . Issued in the name of the Entity, the Agent, or both as directed by the Entity; or

(e) Assumed Business Name . Issued in the name of the Claimant doing business as the assumed business name.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.396
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-140-0140 Requesting a Contested Case Hearing

(1) A Claimant who disagrees with any proposed decision issued by the Treasurer under OAR 170-140-0135 may request a contested case hearing.

(2) The request must:

(a) Be received within 60 days of the date of the Treasurer’s decision; and

(b) Be in writing;

(3) The Claimant must file the request for contested case hearing either by:

(a) Emailing the request to claims@ost.state.or.us; or

(b) Mailing or delivering the request to the following address:

(4) The Office of Administrative Hearings will conduct the contested case hearing as provided under OAR 137-003-0501 to 137-003-0700.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: ORS 98.402
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 1-2024, temporary amend filed 01/22/2024, effective 01/22/2024 through 07/19/2024
OST 11-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Division 145 ADMINISTRATION OF UNCLAIMED PROPERTY

Or. Admin. R. 170-145-0000 Purpose

The purpose of these rules is to provide consistent procedures for the administration of the Uniform Disposition of Unclaimed Property Act, Oregon Revised Statutes (ORS) 98.302 to 98.436, 98.991 and 98.992, and to ensure that all unclaimed money and Property held in safekeeping are reported and paid over to the Treasurer in an accurate and timely manner.

History

Statutory/Other Authority: ORS 178.050 & ORS 98.422
Statutes/Other Implemented: ORS 178.050 & ORS 98.422
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0005 Definitions

For the purposes of these rules, unless the context requires otherwise, the capitalized words and phrases used in these rules have the same meaning as provided in ORS 98.302 and:

(1) "Capital Gains" means gains or profit realized on the sale or exchange of a capital asset, or the excess of proceeds over cost, or other basis, from the sale of a capital asset.

(2) "Credit Memorandum" or "Credit Memo" means a transaction posted to a customer account which reduced the account balance and is related to a previously posted invoice or charge, correcting and reducing the amount originally charged.

(3) “Descendant” has the meaning given that term in ORS 111.005.

(4) “Distribution” has the meaning given that term in ORS 98.322(1)(a).

(5) "Dividend" means cash which accrues by the earnings of a company and which is paid to the Owner of securities issued by that company.

(6) "Dividend Reinvestment Plan" means additional securities of the same company which are credited to an Owner's account in lieu of cash.

(7) "Dormant" means without Owner generated activity or Owner contact for a prescribed time. See also “Inactive”.

(8) "Due Diligence" means taking reasonable and necessary steps in good faith to locate the rightful Owner of Property before the Property is reported to the state.

(9) “Examination” means examining the records of any Person to determine whether the Person has complied with ORS 98.352. The Treasurer may select a Person to participate in one of the following types of Examination conducted by the Treasurer’s Authorized Representatives:

(a) A full audit;

(b) A limited-scope audit, where only specific property types are reviewed; or

(10) “Government Body” means a court, state or other government, governmental subdivision or agency, law enforcement agency, county fiscal officer, public corporation, public authority, quasi-governmental agency, public officer of this state, political subdivision of this state, or Public Employees' Retirement System.

(11) "Holder" means a Person, wherever organized or domiciled, who is:

(a) In possession of Property belonging to another;

(b) A trustee; or

(12) "Inactive" means a lack of Owner generated activity or Owner contact for a prescribed time. See also “Dormant”.

(13) "Intangible Property" has the same meaning as ORS 98.302(7), and includes, without limitation:

(a) Stored value card balances or similar electronically maintained credit balances;

(b) Virtual currencies (e.g. Bitcoin, etc.); and

(14) “Military Medal” means a medal or decoration awarded to a Service Member for military service.

(15) “Mineral” means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this state.

(16) “Mineral proceeds” includes:

(a) All obligations to pay resulting from the production and sale of minerals, including net revenue interests, royalties, production payments, and joint operating agreements; and

(b) All obligations for the acquisition and retention of a mineral lease, including bonuses, delay rentals, shut-in royalties, and minimum royalties.

(17) "Negative Report" means the Holder did not have any Inactive accounts or other unclaimed assets to report for a particular reporting period.

(18) “Notice” has the same meaning as ORS 98.322(1)(b).

(19) "Person" has the same meaning as ORS 98.302, and includes an estate and a trust.

(20) "Positive Owner Contact" means documented contact between an Owner and the Holder; either generated or initiated by the Owner or in response to the Holder, e.g. email, phone call, letter, personal contact etc. Automated, recurring and/or prescheduled credit and debit transactions do not qualify as Positive Owner Contact.

(21) "Property" has the same meaning as ORS 98.302, and includes Tangible and Intangible Property.

(22) "Reportable" means the appropriate Dormant or Inactive period as set forth in OAR 170-145-0010 after which time an Owner has not claimed his or her asset from a Holder, and the Holder has taken appropriate steps to find the Owner, as described in 170-145-0015.

(23) "Safekeeping Depository" means any leased or rented depository used as a deposit for safekeeping of Tangible or Intangible Property.

(24) “Security” has the same meaning as ORS 98.322(1)(c).

(25) “Service Member” means the Person to whom a Military Medal was initially awarded.

(26) "Tangible Property" means:

(a) Property actually being held in a Safekeeping Depository and includes, but is not limited to:

(A) Contents of safe deposit boxes in financial organizations;

(B) Contents of safekeeping repositories located in hospitals, health-care facilities, motels, hotels, jewelry stores, department stores, professional offices, or any other site where the Holder is acting as a safekeeping custodian for the rightful Owner subject to the following exceptions:

(i) Used personal clothing or similar items with little or no commercial value.

(ii) Items that are hazardous including, but not limited to: batteries, chemicals, explosives, medical waste, ammo, and drugs or similar controlled substances.

(b) Property held for the Owner by a court, state or other government, governmental subdivision or agency, law enforcement agency, public corporation or public authority (for instance unclaimed court exhibits) subject to the following exceptions:

(A) Used personal clothing or similar items with little or no commercial value; and

(B) Items that are hazardous including, but not limited to: batteries, chemicals, explosives, medical waste, ammo, drugs or similar controlled substances.

(27) "Stored Value Card" means an open-loop payment card with a monetary value stored on the card itself. Gift cards defined by ORS 646A.276 are not considered Stored Value Cards.

(28) "Third-party Administrator" is a Person contracted by the Holder to manage and process account records.

(29) “Treasurer” means the State Treasurer as established under Article VI, section 4 of the Oregon Constitution, the State Treasurer’s designee, or the State Treasurer’s Authorized Representative.

(30) “Treasurer’s Authorized Representative” means a Treasury, Department of Consumer and Business Services, or Office of the Secretary of State employee or any other Person under contract with the Treasurer to conduct the Examination.

(31) “Treasury” means the Oregon State Treasury, which is the administrative branch of the Office of the State Treasurer.

(32) “U.S. Savings Bonds” has the same meaning as ORS 98.319.

History

Statutory/Other Authority: ORS 178.050 & ORS 98.302 to 98.436
Statutes/Other Implemented: ORS 98.302 to 98.436 & 98.992
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0010 Determining When Holders Must Report Property

Property becomes Reportable when presumed abandoned under Exhibit A in the table attached to this rule.

[ED. NOTE: To view attachments referenced in rule text, click here to view rule.]

History

Statutory/Other Authority: ORS 178.050 & ORS Chapter 98
Statutes/Other Implemented: ORS 62.720, ORS 98.302 - 98.436 & ORS 98.992
OST 3-2026, amend filed 03/18/2026, effective 03/20/2026
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0015 Holder's Due Diligence Requirements

(1) A Holder must report all Property presumed abandoned under Oregon law to the Treasurer.

(2) When the value of the Property being reported is more than $100.00 for an individual owner, the Holder must comply with section (3) of this rule.

(3) More than 60 days prior to reporting Property presumed abandoned under OAR 170-145-0015, each Holder must:

(a) If the Holder believes it has a valid contact for an Owner (e.g., mailing address, email, phone number),exercise Due Diligence to locate an Owner of the Property or account when the Property or account has been Inactive for the length of time required under ORS 98.302 to 98.436 and 98.992; and

(b) In Due Diligence communication, notify the Owner of:

(A) The type of Property being held;

(B) The process for claiming the Property from the Holder; and

(C) That if the Owner fails to claim the Property, the Holder will report the Property or account to the Treasurer as unclaimed Property.

(c) If the Holder's records indicate the Holder has invalid contact information for an Owner prior to the Property or account reaching the Inactive length of time required under ORS 98.302 to 98.436 and 98.992:

(A) The Holder may look for a better contact and attempt to locate Owner; or

(B) Report Property as unclaimed without additional Due Diligence.

(4) A Holder must clearly demonstrate that it complied with the requirements of this rule by:

(a) Verifying that the Holder has not had any Positive Owner Contact related to:

(A) The subject Property or account; and

(B) Any other Property or account belonging to the Owner (e.g., the trust department of a Financial Institution should contact other departments of the institution);

(b) If the Holder is a credit union or the property is a Security, verify that the Owner has not participated in voting during a regularly scheduled meeting, proxy vote, or other method accepted for voting; and

(A) Verifying that the Owner is not a current employee of the Holder;

(B) Verifying the mailing address, email address, or telephone number of record is correct (e.g., correctly spelled, not missing zip code, digits, or characters,etc.); and

(5) If a Holder is holding any Property presumed abandoned under ORS 98.322, the Holder must clearly demonstrate that it complied with the following requirements:

(a) Holder must send the initial Notice to the Owner by the primary method it uses to communicate with the Owner, either email or standard mail.

(A) If the Holder believes the Owner’s email address is not valid, then the Holder must send Notice by standard mail.

(B) If the Holder primarily communicates by standard mail and has a valid email address, Notice may also be sent by electronic mail, at the discretion of the Holder.

(b) If the initial notice is returned or is undeliverable or the Holder has received no response in 30 days after giving the notice, then the Holder must send an additional notice by first class mail to the Owner’s last known address.

(6) A Holder must retain the records or documentation of its compliance with the requirements of this rule for three years and make the records or documentation available for inspection when requested by the Treasurer.

History

Statutory/Other Authority: ORS 178.050, ORS 98.422 & ORS 98.352
Statutes/Other Implemented: ORS 98.352
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0020 Reporting Form and Format

(1) A Holder must submit reports electronically and in the requested format.

(2) A Holder may not consolidate a subsidiary company’s report with the parent company report.

(3) A single electronic file will be accepted for the company and any related subsidiaries.

(4) Notwithstanding section (1) of this rule, a Holder may request permission to submit a hard-copy report. The request must be in writing and include an explanation of the difficulty of filing electronically. The Holder must follow the form and format required by the Treasurer if the request is approved.

(5) A Holder must file a Negative Report if required by the Treasurer.

(6) A Holder of lawyer trust account funds or interest on lawyer trust account funds must submit a report in writing and remit the funds to the Oregon State Bar. The Oregon State Bar will provide the report data to the Treasurer based on the Treasurer’s instruction.

(7) A Holder of surplus foreclosure funds must submit a report in writing to the Treasurer within 30 days of the date the surplus is determined. The holder must follow the form and format required by the Treasurer.

History

Statutory/Other Authority: ORS 178.050, ORS 98.422 & ORS 98.352
Statutes/Other Implemented: ORS 98.352
OST 3-2026, amend filed 03/18/2026, effective 03/20/2026
OST 1-2025, temporary amend filed 09/25/2025, effective 10/01/2025 through 03/29/2026
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0025 Reporting and Delivery of Property to the Treasurer

(1) Every Person holding funds or other Tangible or Intangible Property, presumed abandoned according to ORS 98.302 to 98.352 must report and pay or deliver all such Property to the Treasurer, except that funds transferred to the General Fund by governmental agencies pursuant to ORS 293.455(1)(a) must only be reported to the Treasurer.

(2) The Holder must designate an employee to serve as contact for the report.

(3) For accounts Inactive as of June 30, the Holder must file the report after October 1, but not later than November 1.

(4) The Treasurer may postpone the reporting date or allow early reporting and payment or delivery upon written request by any Person required to file a report. Such action is at the Treasurer's discretion.

(5) A Holder must report all Property, regardless of value, presumed abandoned according to ORS 98.302 to 98.352 and the timelines established in (3) above.

(a) Reported Property must include the following information, if known:

(A) The complete name, address of record, Social Security number, previous names, and any previous addresses of each listed Owner; and

(B) The type of account, identification number, reference number, last activity or transaction date used to presume abandonment, and any specific description of the Unclaimed Property according to the records of the Holder.

(b) Notwithstanding section (5) of this rule, a Holder may request permission to aggregate property valued at $15.00 or less. The request must be in writing and include an explanation why the detail of the property cannot be reported, If the request is approved, the Holder must report all detail available for the Property such as Owner, contact information, amount due and other identifier that would allow the Treasurer to look for Owners and reunite them with their Property. The Holder may choose to upload this information securely through the Unclaimed Property website or send by letter or fax.

(6) In addition to the information required above, a life insurance company must also report the following information, if known:

(a) The full name of each insured or annuitant, or if a class of beneficiaries is named, the full name of each current beneficiary in the class, and according to the Holder's records;

(b) The address of each beneficiary; and

(7) A Holder of Safekeeping Depositories must comply with the following additional requirements:

(a) The Holder must complete the specific report form for safekeeping contents or include the required information in the Holder's computer-generated format and file the report, separate from the contents, no later than November 1.

(b) In addition to the information required in section (5) of this rule, list each item left in a Safekeeping Depository, and the identity of the Owner. The Holder must include information about the original box if the Holder moved items to a safekeeping area.

(c) In accordance with directions from the Treasurer, the Holder must deliver the package of Safekeeping Depository contents marked "to be delivered unopened," to the Treasurer by certified mail, return receipt requested or hand carried by a courier. The Treasurer must sign a receipt for the unopened package upon delivery to the Treasurer.

(d) The Holder must clearly identify on the package the Holder's complete name, the branch (if applicable), the return address, and name and phone number of contact person.

(e) With the exception of hazardous Tangible Property, the Holder must forward the complete contents of Safekeeping Depositories to the Treasurer intact. The Holder may not convert, substitute or exchange any coins and currency found in the box.

(f) The Holder must inventory contents before remitting Tangible Property to the Treasurer and include inside each package the inventory sheet and Owner information. If the Holder returns any boxes to Owners between reporting and remitting Tangible Property to the Treasurer, the Holder must provide documentation for any boxes returned to Owners.

(g) The Holder must include information about Safekeeping Depository costs in its report to the Department. The Treasurer may require the Owner to furnish proof from the Holder pursuant to OAR 170-145-0015 before a claim for a safe deposit box is approved.

(8) A holder of lawyer trust account funds or interest on lawyer trust account funds must comply with 170-145-0025(5) and the following additional requirements:

(a) Provide written reports to the Oregon State Bar in a format provided by the Treasurer.

(b) Property may not be comingled with other property types.

(9) A holder of surplus foreclosure funds must comply with the following additional requirements:

(a) Provide an itemized accounting of all allowable costs charged against the property when determining the surplus under ORS 312.040.

(b) Provide all documentation collected through the foreclosure process that may aid in the return of funds to the rightful owner.

(A) The complete name, address of record, Social Security number, previous names, and any previous addresses of each listed Owner; and

(10) Any Holder, business association, transfer agent, registrar or other Person acting on behalf of the Holder of an intangible equity ownership interest deemed unclaimed according to ORS 98.322 must, in addition to supplying the information required in section (5) of this rule:

(a) Report and transfer the shares directly to the Treasurer’s designated stockbroker or transfer agent via available electronic medium and include a confirmation of the transfer with the report.

(b) When an electronic method of transfer is not available the Holder must:

(A) Where the original certificate is being held by the Holder for the Owner (i.e., stock or other certificate of ownership of a business association which has been returned to the Holder, who cannot find the Owner), cancel that certificate and issue a replacement certificate of ownership to the Treasurer; or

(B) When the Holder does not hold the original certificate, issue a replacement certificate i.e., a duplicate certificate of ownership or other distribution or stock or other certificates of ownership of a business association issued in the name of the Office of the State Treasurer as custodian of unclaimed Property. The original certificate of ownership is presumed to be in the possession of the missing Owner.

(c) Shares subject to a lien, legal hold, or any other restrictions preventing the holder from receiving, transferring, selling, or otherwise negotiating the shares should not be reported or transferred. This includes securities that are chilled, delisted, frozen, restricted or otherwise non-transferable due to market or regulatory limitations.

(A) Do not report or transfer shares if the cost of liquidation or delivery exceeds the value of the security as of the reporting date. The value should be determined based on each individual issue within a single account. This includes securities that meet both of the following criteria:

(i) A total value under $20 per issue, and

(ii) An individual share price of less than $0.10.

(B) Shares with transfer restrictions should not be reported.

(C) The Holder should maintain the client accounts and if a share gains value sufficient to exceed the cost of liquidation or delivery, it should be reported and remitted during the next reporting period.

(d) In any case, the Holder must report and forward to the Treasurer all outstanding accrued Dividends, along with the certificate.

(11) In addition to providing the information required in section (5) of this rule, a Holder reporting mutual funds in book entry form must:

(a) Transfer the account directly into the Treasurer’s account at the Treasurer’s designated broker dealer and forward a confirmation of account transfer to the Treasurer along with the report; and

(b) Forward future income in the form of cash (for example, Dividends, Capital Gains, etc.) payable to the Treasurer from mutual fund accounts with Dividend Reinvestment Plans.

(12) If the Holder is a dissolved agricultural cooperative, the Holder must forward the original reports detailing unclaimed dissolved agricultural cooperative accounts to the Treasurer along with the funds and file a copy of the report with Oregon State University. The Treasurer must reconcile the report to the delivered funds, deduct the costs as provided for in ORS 62.720 and forward the funds to Oregon State University within 14 working days after receiving the funds.

(13) The receiver or other liquidating agent for a dissolved corporation must prepare a report containing the names and Last-known Addresses of the Persons entitled to such funds.

(14) Before October 1 each year, each state agency must prepare a report of all checks, warrants, and orders drawn by it which have been outstanding for a period of more than two years prior to July 1, and that have not been paid by the State Treasurer. The report must not include checks or orders that have already been paid pursuant to indemnity bonds. The agency must forward the report to the Treasurer before November 1.

(15) After October 1, the State Treasurer may refuse payment of the unpresented checks or orders included in the report, and upon instructions by the issuing agency must:

(a) Transfer and credit the amounts of the unpresented checks or orders dedicated for general funding to the General Fund;

(b) Except for federal funds governed by federal laws and rules as provided in ORS 291.003 and 409.040(2), transfer all other funds to the Treasurer; and

(c) Report information about any payment made to an Owner subsequent to filing the report, but before transferring the funds to the Treasurer.

(16) If the Holder of the unclaimed account is a successor to other Persons who previously held the Property, or if the Holder has had a name change, the Holder must include in the initial report prior known names and addresses of the original or previous Holder.

History

Statutory/Other Authority: ORS 178.050, ORS 98.422, ORS 98.352, ORS 312.040 & ORS 312.125
Statutes/Other Implemented: ORS 98.352, ORS 312.040 & ORS 312.125
OST 3-2026, amend filed 03/18/2026, effective 03/20/2026
OST 1-2025, temporary amend filed 09/25/2025, effective 10/01/2025 through 03/29/2026
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0030 Service Charges and Interest on Deposit Accounts

(1) With respect to any demand, savings or matured time deposit with a Financial Institution, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, mutual investment certificate or any other interest in a Financial Institution, a Holder may not impose any charge or cease payment of interest due to dormancy or inactivity unless:

(a) There is a written contractual agreement between the Holder and the Owner of the account clearly and prominently setting forth the conditions under which a service charge may be imposed, or the payment of interest terminated;

(b) The establishment of a service charge, the change of an existing service charge or the change of a policy pertaining to the payment of interest is uniformly applied to all Dormant or Inactive accounts;

(c) The Holder must give written notice to the Owner at the Owner's Last-known Address whenever an account becomes Inactive; and;

(d) Three months written notice is given by first-class mail to the Last-known Address of the Owner of a Dormant or Inactive account before the Holder may apply a service charge to the account or stop paying interest on that account.

(2) A signature card is not a written contractual agreement for the purposes of subsection (1)(a) of this section, however, the signature card and the written contractual agreement may be contained in one instrument.

(3) A Holder may not deduct from the amount of any instrument subject to ORS 98.308(5) or (6) any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the Holder and the Owner of the instrument pursuant to which the Holder may impose a charge, and the Holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.

(4) Notwithstanding the provisions in subsections (1) to (3) of this section, a Holder may not deduct a service charge or fee or otherwise reduce an Owner's unclaimed account unless:

(a) There is a valid written contract between the Holder and the Owner that allows the Holder to impose a charge;

(b) The service charge or fee is imposed uniformly on all accounts; and

(c) Three months' written notice is given by first-class mail to the Last-known Address of all Owners before the charge or fee is levied.

History

Statutory/Other Authority: ORS 178.050 & ORS 98.422
Statutes/Other Implemented: ORS 98.422
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0035 Holder Request for Reimbursement

If a Holder pays or delivers Property to an Owner or the Holder overpaid or made an error when remitting property to the Treasurer, the Holder may request reimbursement from the Treasurer. The Holder must provide to the Treasurer sufficient evidence to establish the Owner was paid or the Holder made an error or overpayment. The Holder will not be assessed any fees or other service charges by the Treasurer. When the Holder receives the reimbursement, the Holder assumes liability for the asset and holds the Treasurer harmless from all future claims to the Property. If a Holder pays or delivers Property to an Owner, the Holder may request reimbursement from the Treasurer. The Holder must provide to the Treasurer sufficient evidence to establish the Owner was paid. The Holder will not be assessed any fees or other service charges by the Treasurer. When the Holder receives the reimbursement, the Holder assumes liability for the asset and holds the Treasurer harmless from all future claims to the Property.

History

Statutory/Other Authority: ORS 178.050 & ORS 98.422
Statutes/Other Implemented: ORS 98.422
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0040 Holder Examinations

Every Person receiving at least 10 business days written notice is subject to an Examination by the Treasurer:

(1) The Person subject to an Examination must provide all records, without redaction or omission, necessary to determine whether the Person has complied with the requirements of ORS 98.352. Unless authorized by the Treasurer, records must be in an electronic format. The Person or Holder subject to Examination must provide records timely during the Examination.

(2) A Holder subject to an Examination under ORS 98.412(4) must provide all records to the Treasurer or the Treasurer’s Authorized Representative, including those records created or maintained by any Person serving as the Holders’ registrar, paying agent, Third-Party Administrator, or any other Person creating or maintaining records on behalf of the Holder.

(3) The Person or Holder subject to Examination must present all records and accounts requested and include, but are not limited to:

(a) Contractual agreements between depositors and the Financial Institution regarding the deduction of authorized service charges, account increases or decreases, and the cessation of interest payments;

(b) Records of current accounts, Inactive accounts, and accounts that may have been closed and archived;

(c) The Holder's procedures for administering Inactive accounts, including searching for and notifying Owners to ensure compliance with OAR 170-145-0015;

(d) Bank reconciliations, outstanding checklists, check registers, void check listings, and bank statements;

(e) Customer accounts receivable aging reports;

(f) Reports from transfer agents showing the name, address, and last date of positive contact with stockholders;

(g) Uncashed checks;

(h) Journal entries that specifically write off stale dated checks;

(i) Third Party Administrators' contracts, records, and reconciliations; and

(j) Holder trial balance of accounts and/or chart of accounts.

(4) The Holder may not report or deliver any past-due Property directly or through a transfer agent during the Examination unless the Treasurer provides written authorization to do so.

(5) During the Examination, the Holder may not report and remit current annual reports directly to the Treasurer. Instead, the Holder must deliver the reports to the Treasurer’s Authorized Representative between October 1st and November 1st. The representative will review the reports to ensure past-due property is not included. Once the review is complete, the representative will inform the Holder of their findings, instruct the Holder on any needed changes to the report, and provide a new reporting deadline. Current reports will not be considered late when the Holder complies with this requirement and the new deadline.

(6) The Holder must respond to the Treasurer’s preliminary findings by providing a written response within 30 days.

(7) The Holder must deliver to the Treasurer any Property, interest, and penalties due based on final Examination findings within 60 days unless the Holder requests to resolve the dispute through a collaborative dispute resolution process or files a request for contested case hearing. If the Holder fails to request a collaborative dispute resolution process or contested case hearing within the time allowed, the Examination findings and decisions become final. The Holder may request a payment plan or payment period adjustment from the Treasurer.

(8) A Holder that has been subject to an Examination by the Treasurer is required to file an annual Holder’s report even if it is not in possession of Property to report and remit. If the Holder has no Property to report for five consecutive years, the Holder may request permission to stop filing Negative Reports until the Holder has Property to report.

History

Statutory/Other Authority: ORS 178.050 & ORS 98.422
Statutes/Other Implemented: ORS 98.412
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0045 Records Maintenance, Retention, and Disclosure

(1) The Holder is responsible for the content, accuracy, and timeliness of the reports and retention of all records associated with the reports as defined in ORS 98.354 whether the report is filed by the Holder or another Person on behalf of the Holder.

(2) Every Holder must maintain a record of the name and Last-known Address of the Owner and such signature cards and other evidence which would assist in the identification of the owner for three years after the Property has been remitted to the Treasurer.

(3) Except as provided in section (4) of this rule, a Person may not release a list of records within:

(a) Twelve months after the date the Property is Reportable; and

(b) Twenty-four months after the date the Property has been delivered or remitted to the department.

(4) Lists of uncashed warrants, stale dated checks, or other Property held by a Government Body under ORS 98.336 are exempt from public review for 24 months after the Property is remitted to the Treasurer.

(5) Records assembled, received, or used by the state or its audit vendor in connection with a Holder Examination are exempt from public disclosure per ORS 192.355(46).

History

Statutory/Other Authority: ORS 178.050 & ORS 98.422
Statutes/Other Implemented: ORS 98.302 to 98.436 & ORS 98.992
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0050 Request for Collaborative Dispute Resolution

(1) Either the Holder or the Treasurer may request the other to engage in a collaborative dispute resolution process when the findings or decision are based on estimates as described in ORS 98.412(4). Both parties must agree to the process, and either party can terminate the process at any time.

(2) A Holder who disagrees with Examination findings by or a decision of the Treasurer under these rules may request to resolve the dispute through a collaborative process.

(3) The Holder’s request must:

(a) Be filed within 60 days of the date of the Treasurer’s final Examination findings; and

(b) Be in writing.

(4) The Holder must file the request to resolve the dispute through a collaborative process either by:

(a) Emailing the request to holder@ost.state.or.us; or

(b) Mailing or delivering the request to the following address:

(5) The parties may agree to use mediation or other facilitated process to complete the collaborative dispute resolution process.

(6) To preserve the right to a contested case hearing, a Holder must file a request for contested case hearing under OAR 170-145-0055. A Holder’s request to resolve the dispute through a collaborative process does not stay or suspend the time that the Holder may request a contested case hearing.

History

Statutory/Other Authority: ORS 178.050 & ORS 98.422
Statutes/Other Implemented: ORS 183.502
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 12-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0055 Requesting a Contested Case Hearing

(1) A Person who disagrees with any proposed decision issued by the Treasurer under this chapter 170, division 145 may request a contested case hearing.

(2) The request must be:

(a) Received within 60 days of the date of the Treasurer’s decision; and

(b) In writing.

(3) The Person must file the request for contested case hearing either by:

(a) Emailing the request to holder@ost.state.or.us; or

(b) Mailing or delivering the request to the following address:

(4) The Office of Administrative Hearings will conduct the contested case hearing as provided under OAR 137-003-0515 and 137-003-0520.

History

Statutory/Other Authority: ORS 178.050 & ORS 98.422
Statutes/Other Implemented: ORS 98.402 & ORS 98.412
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 13-2022, minor correction filed 03/15/2022, effective 03/15/2022
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Or. Admin. R. 170-145-0100 Voluntary Disclosure Program

(1) The Voluntary Disclosure Program allows a Holder to come into compliance with the reporting and delivery of Property presumed abandoned under ORS 98.302 to 98.436 and these rules without interest or penalty under ORS 98.416(2) and ORS 98.992 during the period the Holder participates.

(2) To participate in the Voluntary Compliance Program, a Holder must meet the following criteria. The Holder:

(a) Has identified that it did not report or underreported Property that was Reportable and deliverable in a prior year;

(b) Is not subject to a current Examination under these rules; and

(c) Has not participated in the Voluntary Compliance Program or the Self-audit Program within the past ten years. The Treasurer may waive this requirement if the Property type is new or associated with a merger or acquisition of a new company.

(3) If the Holder qualifies to participate in the Voluntary Disclosure Program, the Holder must:

(a) Enter into a Voluntary Disclosure Agreement with the Treasurer.

(b) Conduct a complete examination of the Holder’s, the Holder’s subsidiaries or other related entities books and records. Any discovered unclaimed property should be reported regardless of age. Reasonable research to identify unclaimed property must be completed as long as there is reasonable access to past records. At minimum, the review should cover the last six report years;

(d) Disclose the following for each subsidiary or related entity:

(A) The Employer Identification or Tax Identification Number issued by the Internal Revenue Service;

(B) The state of domicile;

(D) The Holder’s corporate/organization structure.

(e) Disclose, in writing, all business policy assumptions, methodologies, and estimation techniques (if applicable) used in the determination of Reportable Property;

(f) Certify that due diligence was followed as required by OAR 170-145-0015;

(g) Certify there are policies and procedures in place for handling and reporting unclaimed property;

(h) Certify the content and accuracy of the records examined to the Treasurer, including the reason for each missing or unavailable record; and

(i) File an electronic report in the form and format required by the Treasurer under OAR 170-145-0020 within 180 days after the Holder enters the Voluntary Disclosure Program.

(4) When the Holder completes the Voluntary Disclosure Program, the Holder remains subject to interest or penalty under ORS 98.416(2) and 98.992 for failing to report, pay, or deliver Property under ORS 98.302 to 98.436 for periods other than those covered by the Voluntary Disclosure Program.

(5) The Treasurer at any time may conduct an Examination of the Holder’s records under ORS 98.412.

History

Statutory/Other Authority: ORS 178.050, ORS 98.302 - 98.436 & ORS 98.992
Statutes/Other Implemented: ORS 98.302 - 98.436 & ORS 98.992
OST 3-2026, amend filed 03/18/2026, effective 03/20/2026
OST 3-2024, amend filed 06/03/2024, effective 06/10/2024
OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024
OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021

Division 150 RURAL HOSPITAL STABILIZATION LOAN GUARANTEE PROGRAM

Or. Admin. R. 170-150-0005 Definitions

(1) “Act” means Oregon Laws 2026, Chapter 111 (HB 4075).

(2) “Applicant” means a Rural Hospital that submits an application, or a person or entity submitting an application on behalf of a Rural Hospital, for a Rural Hospital Stabilization Loan Guarantee.

(3) “Rural Hospital” means a hospital that:

(a) Is governed by a publicly elected board; and

(b) Receives Medicare reimbursement on the basis of diagnostic related groups.

(4) “Rural Hospital Stabilization Loan Guarantee” means a loan guarantee issued pursuant to the loan guarantee program established under the Act.

History

Statutory/Other Authority: ORS 98.422 & ORS 170.050
Statutes/Other Implemented: Oregon Laws 2026, Chapter 111 (HB 4075)
OST 5-2026, adopt filed 07/16/2026, effective 07/16/2026

Or. Admin. R. 170-150-0010 Application

(1) An Applicant requesting issuance of a Rural Hospital Stabilization Loan Guarantee must submit an application for loan guarantee to the State Treasurer, which shall establish the Applicant’s eligibility for a Rural Hospital Stabilization Loan Guarantee in a form and manner prescribed by the State Treasurer.

(2) The deadline for submitting an application for loan guarantee to the State Treasurer is December 31, 2026.

(3) The application for loan guarantee must include supporting documentation demonstrating that the Applicant satisfies all requirements set forth in Section 2 of the Act.

(4) The State Treasurer may request any additional information that it deems necessary in its discretion to evaluate the eligibility of the Applicant for a Rural Hospital Stabilization Loan Guarantee.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: Oregon Laws 2026, Chapter 111 (HB 4075)
OST 5-2026, adopt filed 07/16/2026, effective 07/16/2026

Or. Admin. R. 170-150-0015 Determination of Eligibility

(1) The State Treasurer shall review a timely submitted application for loan guarantee, together with any additional materials or information provided by the Applicant at the State Treasurer’s request, and will approve the application if the Applicant satisfies the requirements for the issuance of a Rural Hospital Stabilization Loan Guarantee as set forth in Section 2 of the Act.

(2) The State Treasurer may deny an application for loan guarantee if the Applicant does not demonstrate, to the satisfaction of the State Treasurer, that the Applicant both:

(a) Meets the definition of a Rural Hospital; and

(b) Satisfies the requirements for the issuance of a Rural Hospital Stabilization Loan Guarantee as set forth in Section 2 of the Act.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: Oregon Laws 2026, Chapter 111 (HB 4075)
OST 5-2026, adopt filed 07/16/2026, effective 07/16/2026

Or. Admin. R. 170-150-0020 Issuance of Guarantee

Upon approval of a Complete Application, the State Treasurer will issue a Rural Hospital Stabilization Loan Guarantee in a form consistent with the requirements of Section 2 of the Act.

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: Oregon Laws 2026, Chapter 111 (HB 4075)
OST 5-2026, adopt filed 07/16/2026, effective 07/16/2026

Or. Admin. R. 170-150-0025 Notices and Reporting

(1) All notices required under Section 2, Subsections (2)(j) and (4) of the Act and other notices to the State Treasurer shall be made in writing.

(2) A Rural Hospital on whose behalf a Rural Hospital Stabilization Loan Guarantee has been issued shall notify the State Treasurer in writing upon the occurrence of any of the events triggering the termination of the underlying loan as set forth by Section 2, Subsection (3), of the Act.

(3) All written notices required by this rule shall be delivered to the State Treasurer at:

History

Statutory/Other Authority: ORS 98.422 & ORS 178.050
Statutes/Other Implemented: Oregon Laws 2026, Chapter 111 (HB 4075)
OST 5-2026, adopt filed 07/16/2026, effective 07/16/2026