Or. Admin. Code § 123-011-0045

Current through Register Vol. 63, No. 11, November 1, 2024

Section 123-011-0045 - Fees

Applicants shall pay the Department and the Commission's bond counsel the following fees and expenses:

(1) For a new money Bond which is not a refunding, modification, restructuring, or reissuance:

(a) Applicant shall pay to the Department a non-refundable application fee of $500 that shall accompany the application, unless the project is an Exempt Facility solid waste disposal waste-to-energy project. If the project is an Exempt Facility solid waste disposal waste-to-energy project, the Applicant shall pay to the Department a non-refundable application fee of $2,500 that shall accompany the application. If an Exempt Facility solid waste disposal waste-to-energy Bond closes, $2,000 shall be credited towards the total closing fee due at closing.

(b) For Bonds to be issued for Exempt Facility solid waste disposal waste-to-energy projects, the Applicant shall pay to the Department a fee of up to the greater of $10,000 or 1/10 of one percent (0.1%) of the total Bonds proposed to be issued for the project up to a maximum amount of $50,000. The fee shall accompany the request for approval of a Resolution for Project Eligibility or the request for approval of an extension of a Resolution for Project Eligibility; provided, however, that if the request is for an extension of a Resolution for Project Eligibility, the fee shall be calculated based only on the increase, if any, from the amount of the Bonds approved in the pending Resolution to the amount of the Bonds sought in the request for the Resolution's extension. If the Resolution for Project Eligibility is not approved, this fee, in whole or part, may be refunded at the Department's sole discretion. If the Resolution for Project Eligibility is approved, this fee will not be refunded but if the Bond closes, it shall be credited towards the total bond closing fee due at closing.

(c) If the Department brings a request for current year or carry forward allocation to the Private Activity Bond Committee (PABC), the Applicant benefiting from the allocation request shall pay the Department a fee of 1/10 of one percent (0.1%) of the PABC allocation requested, up to a maximum amount of $10,000, for each such request. If the Applicant's request to PABC is denied, in whole or part, the Department may refund this fee, in whole or part, at its sole discretion. If the Bonds close, this fee shall be credited towards the total closing fee due at closing. This fee is in addition to any fees charged directly by PABC.

(d) For Bond issues which are not issued under the Oregon Express Bond Program, the Applicant shall pay to the Department at the time of initial Bond closing a closing fee which equals 1/2 of one percent (0.5%) of the total amount of bond proceeds (par plus premium or minus discount) from Bonds issued for the project for the first $10,000,000 in bond proceeds plus 1/4 of one percent (0.25%) of proceeds in excess of $10,000,000. When bonds are issued in more than one series for an eligible project, this bond closing fee shall be applied to the total amount of bond proceeds from all series.

(e) For the Oregon Express Bond Program, the Applicant shall pay to the Department at the time of initial Bond closing a closing fee of 1/4 of one percent (0.25%) of the total Bond issuance for the project, regardless of the total amount of Bonds. When bonds are issued in more than one series for an eligible project, this bond closing fee shall be applied to the total amount of Bonds from all series.

(f) The total closing fee due at closing shall be adjusted by the credits described in OAR 123-011-0045(1) (a) - (c).

(g) The fees imposed by OAR 123-011-0045(1)(a)-(e) shall apply to both tax-exempt and taxable bonds.

(h) Before the Finance Committee or Department acts on a Declaration of Intent or Resolution for Project Eligibility and before the Department or Finance Committee acts on a request for new money Bonds, an Applicant shall agree in writing to pay all fees described in this Rule.

(2) For a current refunding of an outstanding Bond:

(a) The Applicant shall pay to the Department a non-refundable processing fee of $500 that shall accompany the request for the refunding.

(b) The Department may charge the Applicant a closing fee of up to 1/10 of one percent (0.1%) of the amount of the total bond proceeds from the refunding or bond proceeds for any additional Bonds issued under a single project eligibility. This closing fee may be waived for any refunding Bond issued within 18 months of the closing date of the Bond issue to be refunded.

(c) Before the Department or Finance Committee acts on a request for a refunding of existing Bonds, an Applicant shall agree in writing to pay all fees described in this Rule.

(3) For the modification, restructuring, or reissuance of existing Bonds:

(a) The Applicant shall pay to the Department a non-refundable processing fee of $1,000 that shall accompany the request for approval of the modification, restructuring, or reissuance.

(b) The Department may charge the Applicant a closing fee of up to 1/10 of one percent (0.1%) of the total bond proceeds from the modified, restructured, or reissued Bonds.

(c) Before the Department or Finance Committee acts on a request for a modification, restructuring, or reissuance of existing Bonds, an Applicant shall agree in writing to pay all fees described in this Rule.

(4) The Department may charge any out-of-pocket expenses, including but not limited to legal expenses, incurred by the Department for processing any Bond request. The Department may charge an estimation of these expenses in advance of the scheduled Bond closing. Any overpayments for estimated out-of-pocket expenses will be credited to the applicant at Bond closing. Applicants shall agree in writing, before Finance Committee acts on a Declaration of Intent or a Resolution for Project Eligibility, to pay any out-of-pocket expenses incurred by the Department for processing any Bond request whether or not the Bonds close.

(5) The Commission may collect the above fees and expense reimbursements from an Applicant that seeks to have an Economic Development Project declared eligible for financing before the project is determined to be eligible for financing.

(6) Applicants or beneficiaries of Bond financing shall pay directly, and remain current with their payment obligations, for legal fees or expenses payable to the Commission's bond counsel related to issuance, refunding, modifications, restructuring or reissuance of Bonds through the Commission.

Or. Admin. Code § 123-011-0045

EDD 8-1984(Temp), f. 12-31-84, ef. 1-1-85; EDD 3-1985, f. & ef. 6-28-85; EDD 4-1988, f. & cert. ef. 2-10-88; EDD 6-1988(Temp), f. & cert. ef. 2-29-88; EDD 9-1988 (Temp), f. & cert. ef. 3-18-88; EDD 15-1988, f. & cert. ef. 5-24-88; EDD 36-1988, f. & cert. ef. 12-15-88; EDD 15-1994, f. & cert. ef. 11-10-94; EDD 10-1996(Temp), f. & cert. ef. 12-4-96; EDD 2-1999(Temp), f. & cert. ef. 3-18-99 thru 9-14-99; EDD 10-1999, f. & cert. ef. 10-11-99; EDD 14-2000(Temp), f. & cert. ef. 12-14-00 thru 6-12-01; Administrative correction 6-14-01; EDD 10-2001(Temp), f. & cert. ef. 12-13-01 thru 6-1-02; Administrative correction 11-29-02; EDD 4-2005, f. & cert. ef. 5-5-05; EDD 9-2007(Temp), f. & cert. ef. 9-4-07 thru 2-29-08; EDD 9-2008(Temp), f. & cert. ef. 3-4-08 thru 8-1-08; EDD 20-2008, f. 7-31-08, cert. ef. 8-1-08; OBDD 7-2011(Temp), f. & cert. ef. 12-8-11 thru 6-5-12; OBDD 5-2012, f. & cert. ef. 6-1-12; OBDD 10-2018, amend filed 04/17/2018, effective 4/17/2018; OBDD 14-2019, amend filed 10/04/2019, effective 10/4/2019

Statutory/Other Authority: ORS 285A.075

Statutes/Other Implemented: ORS 285B.326