Oregon Administrative Rules Chapter 172 - OREGON FACILITIES AUTHORITY
The Oregon Administrative Rules (OAR) Chapter 170 is the comprehensive set of regulations governing the Oregon State Treasury. This chapter outlines the various responsibilities, procedures, and oversight functions of the State Treasurer and the Treasury department.
Purpose of OAR Chapter 170:
The core purpose of OAR Chapter 170 is to:
Implement state laws related to the financial management of Oregon. The Treasury is the state's bank, investment manager, and administrator of various financial programs. These rules provide the detailed procedures for carrying out those statutory mandates.
Ensure the sound and prudent management of public funds. This includes rules for how state funds are deposited, invested, and safeguarded.
Protect the interests of the state and its citizens in financial matters, including the handling of unclaimed property and the issuance of bonds.
Provide transparency and accountability in the Treasury's operations by establishing clear processes and reporting requirements.
Key Areas Covered in OAR Chapter 170:
Chapter 170 is structured into numerous divisions, reflecting the broad scope of the Oregon State Treasury's functions. Some of the most significant areas include:
Division 1: Procedural Rules: This division sets forth the general administrative procedures for the Oregon State Treasury, including rules for public notice of rulemaking, public records requests, and general administrative practices.
Division 2: Administration and Procurement: Covers the internal administrative procedures of the Treasury, including procurement processes.
Division 40: Public Funds Collateralization Rules: These rules are critical for safeguarding public funds deposited in banks. They specify the requirements for financial institutions to collateralize public deposits, ensuring that public money is protected in case of a bank's failure.
Division 50: Endowment Care Funds: Addresses the management and investment of endowment care funds, often associated with cemeteries.
Division 55: Municipal Bonds: Outlines procedures related to municipal bonds, including cash defeasance of outstanding bonds.
Division 60: Oregon Municipal Debt Advisory Commission (OMDAC): This division details the functions and procedures of OMDAC, which advises local governments on debt issuance and management. It includes rules on notice requirements for bond issuance and reporting.
Division 61: Issuance of Bonds: Covers general rules and guidelines for public bodies issuing bonds in Oregon, including notice requirements, fees, and procedures for various types of bonds (e.g., Industrial Development Revenue Bonds).
Division 62: Advance Refunding Plan: Sets out the procedures for submitting, reviewing, and approving advance refunding plans for bonds.
Division 63: Oregon School Bond Guaranty Program: Details the rules for this program, which helps school districts issue bonds at lower interest rates by providing a state guaranty.
Division 71: Private Activity Bond Committee Private Activity Bonds: Addresses the allocation of the state's private activity bond limit, which are bonds issued by public entities for private projects.
Division 80: Oregon Retirement Savings Program: These rules govern "OregonSaves," the state-sponsored retirement savings program designed for private-sector workers whose employers don't offer a retirement plan. It covers everything from employer requirements to participant enrollment and contributions.
Divisions 130, 135, 140, and 145: Unclaimed Property: These divisions comprehensively cover the state's unclaimed property program, a major function of the Treasury. This includes:
Procedure to Recover Escheat Property: How individuals and entities can claim abandoned property.
Administration of Estates: Rules for the Treasury's role in administering certain estates where heirs cannot be found.
Unclaimed Property Claims: Detailed procedures and requirements for making claims, including documentation and contested case hearings.
Administration of Unclaimed Property: Regulations for "holders" (businesses, organizations) on how to report and deliver unclaimed property to the Treasury, due diligence requirements to find owners, and definitions of various property types (e.g., tangible property, virtual currencies, military medals).
In essence, OAR Chapter 170 provides the granular detail and procedural framework for the Oregon State Treasury to effectively manage the state's finances, oversee public and private debt, administer crucial programs like unclaimed property and retirement savings, and ensure financial transparency and security for the citizens of Oregon.
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