71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to A-Eng. HB 2121
 
LC 1166/HB 2121-A2
 
                       HOUSE AMENDMENTS TO
                   A-ENGROSSED HOUSE BILL 2121
 
              By JOINT COMMITTEE ON WAYS AND MEANS
 
                             May 24
 
  On page 1 of the printed A-engrossed bill, line 3, after '
286.066,' insert '286.071, 288.523,'.
  In line 22, after the period insert 'The department may not
make an appointment or enter into an agreement under this
paragraph unless the State Treasurer has reviewed and approved
the terms and conditions of the appointment or agreement. ORS
279.712 does not apply to any appointment or agreement described
in this paragraph.'.
  On page 2, line 16, after the period insert 'The department may
not make an appointment or enter into an agreement under this
subsection unless the State Treasurer has reviewed and approved
the terms and conditions of the appointment or agreement. ORS
279.712 does not apply to any appointment or agreement described
in this subsection.'.
  In line 31, after the period insert 'The department may not
make an appointment or enter into an agreement under this
subsection unless the State Treasurer has reviewed and approved
the terms and conditions of the appointment or agreement. ORS
279.712 does not apply to any appointment or agreement described
in this subsection.'.
  On page 3, delete lines 5 through 9 and insert:
  '  { +  SECTION 5. + } ORS 286.066 is amended to read:
  ' 286.066.   { - With the approval of the State Treasurer, - }
Each respective general obligation bonding agency shall
 { + enter into an agreement with and + } provide for the
appointment of bond counsel for a period of not less than one
year during any biennium in which the agency has bonds
outstanding or expects to issue bonds.  { + An agency may not
enter into an agreement for the appointment of bond counsel under
this section unless the State Treasurer and the Attorney General
have reviewed and approved the terms and conditions of the
agreement as required by ORS 288.523. ORS 279.712 does not apply
to an agreement for the appointment of bond counsel entered into
under this section. + }
  '  { +  SECTION 6. + } ORS 286.071 is amended to read:
  ' 286.071.  { + (1) + } The State Treasurer may, or an agency
authorized to use bond proceeds may, with the approval of the
State Treasurer,  { + enter into an agreement with and + } retain
the services of a financial consultant. The State Treasurer, in
granting approval for the retention of a financial consultant
authorized by this section, shall consider:
  '  { - (1) - }   { + (a) + } The reputation, experience and
credentials of the consultant, including the individuals expected
to actually fulfill the contract work; and
  '  { - (2) - }   { + (b) + } The willingness of the consultant
to consider the impact of the agency's bond program on overall
state resources, levels of bonded indebtedness, and statewide
bond issuance procedures and policies.
  '  { +  (2) An agency may not enter into an agreement to retain
the services of a financial consultant unless the State Treasurer
reviews and approves the terms and conditions of the agreement.
ORS 279.712 does not apply to an agreement described in this
section. + }
  '  { +  SECTION 7. + } ORS 288.523 is amended to read:
  ' 288.523. (1) Notwithstanding any other provision of law
relating to the appointment of bond counsel, a public body may
provide for the appointment of bond counsel to advise and assist
the public body in the issuance of bonds or certificates of
participation, including the issuance of refunding bonds and
obligations, and in the lawful administration of outstanding
bonds or certificates of participation. The services provided by
an appointed bond counsel may include:
  ' (a) Advising the public body concerning the legality of
specific proposed taxable or tax-exempt obligations and the
compliance, in substance and procedure, of those obligations with
law, including but not limited to federal securities laws and
regulations and federal and state tax laws and regulations;
  ' (b) Issuing legal opinions, including opinions on the
authorization, tax status and the binding effect of the
obligations and their associated documents and on the lawful use
of the proceeds of the obligations, as may be required by the
demands of the bond market for the obligations;
  ' (c) Advising the public body on legal procedures and
practices in the bond market for the obligations, including
advice on the structuring and marketing of the obligations;
  ' (d) Preparing or assisting in the preparation of any document
related to a specific issue of obligations, including but not
limited to a bond authorization, bond resolution, indenture,
prospectus, preliminary official statement, official statement,
bond sale notice, bond form, bid form or bond purchase agreement;
  ' (e) Advising the public body concerning the maintenance of
the tax status of specific obligations, compliance with any
requirements for representations or disclosures relating to the
obligations and compliance with any documents issued or executed
with respect to the obligations; and
  ' (f) Advising the public body concerning accounting and
investment procedures recommended or required for compliance with
tax and federal securities and rebate requirements.
  ' (2) No appointment of bond counsel under this section shall
be construed as authorizing bond counsel to advise or represent
the public body on matters that are committed by statute to the
Attorney General or by local law to counsel for the public body.
An appointment of bond counsel by a state agency or institution
shall be subject to the  { + prior + } approval of the State
Treasurer and the Attorney General.
  '  { +  (3) ORS 279.712 does not apply to an appointment of
bond counsel under this section. + } ' .
  In line 10, delete '6' and insert '8'.
  In line 31, delete '7' and insert '9'.
  In line 44, after the period insert 'The department may not
appoint bond counsel under this paragraph unless the State
Treasurer has reviewed and approved the terms and conditions of
the appointment. ORS 279.712 does not apply to an appointment or
agreement described in this paragraph.'.
  In line 45, delete '8' and insert '10'.
  On page 4, line 14, delete '9' and insert '11' and after '
286.066,' insert '286.071, 288.523,'.
  In line 15, delete '7' and insert '9'.
  In line 17, delete '10' and insert '12'.
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