Or. Admin. Code § 583-030-0052 - Letters of Credit Generally

Effective September 10, 2015:

(1) A Letter of Credit shall be in a form approved by the Attorney General as posted on the Commission's website.

(2) A Letter of Credit shall be an irrevocable Letter of Credit issued by an insured institution as defined in ORS 706.008 or, in the case of an out of state public institution, a Letter of Credit can be issued by the authorizing agency of the school.

(3) A Letter of Credit received at the Commission office from an insured institution or authorizing agency. The bank or financial institution or authorizing agency must provide the original document to the agency. The bank or financial institution or authorizing agency shall submit the documents directly to the Commission on or before September 1 of each year commencing 2016, however, for the school year 2015-2016, the documents shall be provided within 90 days of the date of the promulgation of these rules.

Notes

Or. Admin. Code § 583-030-0052

ODA 2-2015(Temp), f. & cert. ef. 9-10-15 thru 3-7-16; ODA 1-2016, f. & cert. ef. 2/19/2016

Stat. Auth.: ORS 348.080 - 348.612

Stats. Implemented: SB 218 (2015), HB 3516 (2015), HB 2870 (2015)