(1)
Pursuant to ORS 286A.130(1): "The State Treasurer or a related agency may enter
into one or more agreements for bond counsel services for a period of not less
than one year during any biennium in which there are bonds outstanding that
were issued for the state agency or during any biennium in which the state
agency expects the State Treasurer to issue bonds for an agency program. A
state agency may not enter into an agreement for bond counsel services unless
the State Treasurer and the Attorney General have reviewed and approved the
terms and conditions of the agreement."
(2) In addition, pursuant to ORS 286A.130(4),
the Department or the Treasurer may appoint bond counsel "by letter,
certificate or otherwise" to provide bond counsel services "for an individual
conduit revenue bond sale."
The Oregon State Treasurer has adopted an administrative rule
to address the appointment of bond counsel for the Department's Economic
Development Revenue Bonds.
While the law and rule allows for the Department to select an
alternate bond counsel, the Department shall give preference to the contracted
bond counsel selected through the public solicitation process, unless alternate
bond counsel is accepted by the Department as outlined below. In order for the
Department to consider alternate counsel, the following conditions must be
satisfied:
(a) Prior to submitting the
application, the borrower must notify the Department in writing of the desire
to use alternate counsel.
(b) The
alternate counsel must meet all of the conditions outlined in OAR
170-061-0100.
These conditions include, but are not limited to, the alternate counsel
agreeing and representing to Treasury and the Department that it has been
engaged as counsel to the State of Oregon, who is its client, and that the firm
will represent solely the interests of the State of Oregon in connection with
the Economic Development Revenue Bond issuance.
(c) The Department must consent to the change
in counsel and obtain the approval of the Oregon State Treasurer and the
Attorney General for the State of Oregon.
(d) If there are any potential conflicts of
interest, a no conflict waiver must be approved to the satisfaction of the
Department, Treasurer and Attorney General.
(e) After approval by the Department and
receiving written approval from Treasurer and Attorney General, the Department
shall send a Letter of Appointment to the alternate counsel and alternate
counsel must mutually agree in writing to the terms and conditions of
representation.
(3) Final
selection of bond counsel is made at the sole discretion of the Department and
any requests submitted after receipt of an application for bond financing may
or may not be considered by the Department at its sole discretion.
(4) For the Oregon Express Bond Program, the
Department will use and base any negotiations about documents on the current
Express Bond documents approved and being used by the Department.
