ORS 328.331
Certificate evidencing qualification for state guaranty

  • conditions and standards for qualification
  • rules

(1)

Any school district may request that the State Treasurer issue a certificate evidencing qualification of its school bonds for the state guaranty.

(2)

The State Treasurer may, in accordance with ORS chapter 183, adopt and enforce rules that prescribe procedures for school district applications to qualify for the certificate of qualification and state guaranty and rules that prescribe the conditions and standards a school district must meet to qualify and to maintain qualification. The State Treasurer, by rule, may establish, but shall not be limited to:

(a)

A requirement that a school district pay a processing fee, sufficient to defray the State Treasurer’s costs in processing and verifying applications, for each application and each application for annual renewal of a certificate of qualification.

(b)

Deadlines or application periods in which school districts must submit applications.

(c)

The character, quality and currency of the information on the financial affairs and condition of a school district that must be submitted for a school district’s application to be considered.

(d)

The form and character of any certifications or affidavits required of officials of the applying school districts concerning the accuracy and completeness of the information provided in conjunction with the district’s application.

(e)

Any other matters necessary to making reliable assessments of the fiscal and financial affairs and condition of applying school districts.

(f)

Requirements related to additional conditions the school district must meet, which may include requiring a pledge of school district revenues or the grant of a security in other assets of the school district, to assure the State Treasurer that the school district will be able to fully reimburse the state for amounts transferred by the State Treasurer and any interest or penalties applicable to the transferred amounts.

(g)

The manner of designating the particular school bonds to which the State Treasurer’s certificate of qualification and the state guaranty applies.

(h)

Subject to Article XI-K of the Oregon Constitution, reasonable limitations on:

(A)

The total aggregate outstanding amount of all school bonds the state may guarantee; and

(B)

The outstanding amount of the school bonds of any single school district the state may guarantee.
(i)
The method of providing notice of denial of a certificate of qualification.

(j)

The method of providing notice of disqualification to school districts that fail to qualify or for which changes in financial affairs or condition or failure to provide the State Treasurer current or updated information warrant disqualification of the school district.

(k)

Requirements for promptly reporting to the State Treasurer any changes in condition or occurrences that may affect a school district’s eligibility to qualify or maintain its qualification to participate in the state guaranty program.

(3)

Intentionally left blank —Ed.

(a)

After reviewing the request, if the State Treasurer determines that the school district is eligible, the State Treasurer shall promptly issue the certificate of qualification and provide it to the requesting school district.

(b)

Intentionally left blank —Ed.

(A)

Unless the certificate of qualification is revoked by the State Treasurer, and subject to the fulfillment of any conditions or requirements imposed by the State Treasurer, the school district receiving the certificate and all other persons may rely on the certificate as evidencing eligibility for the state guaranty for one year from and after the date of the certificate.

(B)

A revocation of a certificate of qualification does not affect the state guaranty of any outstanding school bonds previously issued under a valid certificate.

(4)

Any qualified school district that chooses to forgo the benefits of the state guaranty for a particular issue of school bonds may do so by not referring to ORS 328.321 (Definitions for ORS 328.321 to 328.356) to 328.356 (State Treasurer subject to provisions regarding issuance of general obligation bonds) on the face of its school bonds.

(5)

A school district that has school bonds, the principal of or interest on which has been paid in whole or in part by the state under ORS 328.341 (Transfer by school districts or State Treasurer of moneys to pay debt service on school bonds), is not eligible to issue any additional school bonds with the state guaranty until:

(a)

All payment obligations of the school district to the state under ORS 328.346 (Recovery from school districts of payments on school bonds by State Treasurer) are satisfied; and

(b)

The State Treasurer certifies in a writing, to be kept on file by the State Treasurer, that the school district is fiscally solvent. [1997 c.614 §4; 1999 c.251 §3; 2013 c.722 §76]
Note: See note under 328.321 (Definitions for ORS 328.321 to 328.356).

Source: Section 328.331 — Certificate evidencing qualification for state guaranty; conditions and standards for qualification; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors328.­html.

328.001
Definitions for chapter
328.005
County school fund
328.015
Apportionment to districts
328.030
Partial apportionments
328.045
Apportionment of excess amounts
328.105
Sources
328.110
Custodian of fund
328.115
Loan of fund and rental of lands
328.120
Board of Douglas County School Fund commissioners
328.125
Law concerning Common School Fund to apply
328.130
Loans to be made in name of treasurer
328.135
Fees for services of county officers
328.140
Sale, rental or lease of property
328.155
Sources
328.160
Custodian of fund
328.165
Investment and loan of fund and rental of lands
328.170
Directors as fund commissioners
328.175
Laws governing loans of Common School Fund to apply
328.180
Loans to be made in name of clerk
328.185
Fees for services of clerk
328.190
Sale and conveyance of property
328.205
Power to contract bonded indebtedness
328.210
Bond elections
328.213
Issuance of negotiable interest-bearing warrants
328.230
Issuance of bonds upon favorable vote
328.240
Place of payment
328.245
Limitation on bonded debt of districts generally
328.250
Limitation on bonded indebtedness of enlarged or reorganized school districts
328.255
Registration of bonds and negotiable interest-bearing warrants
328.260
Tax levy to pay interest and principal of bonds
328.265
School district bond tax levied by county
328.270
Payment of principal and interest
328.275
Redemption and payment of bonds
328.280
Funding or refunding district indebtedness
328.284
Funds diversion agreement related to payment on revenue bonds
328.295
Issuance of bonds and interest-bearing warrants
328.300
Marketing bonds jointly or through association
328.304
County education bond district
328.316
Impact aid revenue bonds
328.318
Funds required for impact aid revenue bonds
328.321
Definitions for ORS 328.321 to 328.356
328.326
State guaranty of school bonds allowed
328.331
Certificate evidencing qualification for state guaranty
328.336
Determination of ineligibility
328.341
Transfer by school districts or State Treasurer of moneys to pay debt service on school bonds
328.346
Recovery from school districts of payments on school bonds by State Treasurer
328.348
Security for school bond obligations
328.351
Powers of State Treasurer when state funds are insufficient for payment of debt service
328.356
State Treasurer subject to provisions regarding issuance of general obligation bonds
328.361
Short title
328.441
Custody and disbursement of school district funds
328.445
Disbursement of school funds by check or warrant
328.450
School warrant procedure
328.460
Cancellation of school warrants not presented for payment within seven years
328.465
Annual audit procedure
328.467
Audit determinations
328.470
Purchase of automotive equipment
328.542
Preparation of district budget
328.555
Property liable for district indebtedness
328.565
Power to create indebtedness
328.570
Division of district into tax zones
328.573
Notice of public hearing on tax zones
328.576
Public hearing
328.579
Determination of tax in zones
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