Current through Register Vol. 60, No. 12, December 1, 2021
Each bond or other evidence of debt
having a fixed term and rate of interest may be valued as follows, if amply
secured and not in default as to principal or interest:
(a) If purchased at par, at the par
(b) If purchased above or
below par, according to an accepted method of valuation approved by the
(2) For the
purpose of subsection (1) of this section, the purchase price shall not be a
higher amount than the actual market value at the time of purchase, plus actual
brokerage, transfer, postage or express charges paid in the acquisition of such
bond or other evidence of debt.
For purposes of subsections (1) and (2) of this section, the Authority may
determine the method of calculating values. The method or valuation may not be
inconsistent with any applicable method or valuation used by CCOs in general or
any such method or valuation then currently formulated or approved by the NAIC
or its successor organization.
Real property shall be valued as follows:
Real property acquired pursuant to a mortgage loan or contract of sale shall be
valued at an amount not greater than the unpaid principal of the defaulted loan
or contract at the date of such acquisition, together with any taxes and
expenses paid or incurred in connection with such acquisition, and the cost of
improvements thereafter made by the CCO and any amounts thereafter paid by the
CCO on assessments levied for improvements in connection with the
(b) Other real property
held by a CCO shall be valued at an amount not in excess of the cost of the
acquired property and the cost of improvements thereafter made by the CCO, less
a reasonable allowance for depreciation.
(5) Purchase money mortgages on real property
referred to in subsection (4)(a) of this section shall be valued in an amount
not exceeding the acquisition cost of the real property covered thereby or 90
percent of the fair value of such real property, whichever is less.
(6) Other assets, other than securities,
shall be valued at cost of acquisition less any repaid portion thereof, unless
the Authority determines that another value is proper.
(7) Except as provided in OAR 410-141-5100,
funds of a CCO shall not be used as compensating balances for loans to other
persons, or otherwise pledged for the benefit of other persons.
A CCO shall not have any combination of
investments in or secured by the stocks, obligations, and property of one
person, corporation or political subdivision in excess of 10 percent of the
CCO's assets, nor shall it invest more than 10 percent of its assets in a
single parcel of real property or in any other single investment. This
subsection does not apply to:
in, or loans upon, the security of the general obligations of a
(b) Investments by a CCO
in all real or personal property used exclusively by such CCO to provide health
services or in real property used primarily for its home office.