Or. Admin. Code § 123-052-1900 - Bond Counsel Opinion for Aggie Bonds Purchased by Standard Lenders
(1) The state
requires the Applicant and the Standard Lender obtain a traditional approving
opinion from the Program's Bond Counsel concluding that the Aggie Bond issued
for the Applicant is a valid and binding obligation of the State, and that
interest on the Aggie Bond is Tax-exempt.
(2) If the Department determines that the
financing described in the Application and request for final eligibility
determination, filed by the Applicant pursuant to OAR 123-052-1700, is eligible
for participation in the Program, the Department shall forward the request for
final eligibility determination to the Program's Bond Counsel. Program Bond
Counsel shall:
(a) Conduct tax due diligence,
determine whether it will be able to issue approving opinions on the proposed
Aggie Bonds, and notify the Department of that determination.
(b) Assuming Bond Counsel determines it will
be able to issue approving opinions on the proposed Aggie Bonds:
(A) Review the draft Financing Agreement and
Loan Agreement provided by the lender and send required changes to the Borrower
and lender for review;
(B) Provide
forms of tax and arbitrage certificates, and other necessary documents, for the
Borrower and lender to execute
(3) If Bond Counsel determines it will be
able to issue an approving opinion on a proposed Aggie Bond, the Department
will forward the Aggie Bond documents to the Treasurer with a request that the
Treasurer approve the issuance of the Aggie Bond. The Treasurer, an
independent, elected official of the State of Oregon, has no legal obligation
to approve any Aggie Bond issue. If the Treasurer approves issuance of an Aggie
Bond, the Department will coordinate the closing with the Borrower, the lender,
the State Treasurer, and Bond Counsel.
Notes
Stat. Auth.: ORS 285A.420 - 285A.435, ch. 742 OL 2013
Stats. Implemented: ORS 285A.420.420 - 285A.435, ch. 742 OL 2013
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.