College Debts – B 509
The President shall appoint a College Debt Officer whose responsibilities shall include:
- Ensuring compliance with the Oregon Revised Statutes governing public borrowing and issuance of bonds
- Providing sufficient funds to meet current and future debt service requirements on all indebtedness
- Ensuring full compliance with the terms and conditions outlined in bond resolutions approved by the Board.
The President shall approve debt operating procedures for the college based on recommendations from the Debt Officer.
The College Debt Officer shall perform the following functions:
- Upon the approval by the Board, issue bonds and other obligations in accordance with the laws, rules and limitation set forth in Chapters 287 and 288 of the Oregon Revised Statutes (ORS) and Chapter 170, Divisions 55, 60, 61, 62, 63 and 71 of the Oregon Administrative Rules (OAR) and any applicable legislative and rule updates since adoption of this policy.
- Maintain a debt service fund to account for property tax revenues levied to pay for the maturing principal and interest of general obligation bonds. Establish an adequate fund balance to meet the cash outlay requirements until property tax revenues are received. For non-voter approved obligations, ensure the college has reserved sufficient funds to meet future debt payments.
- Act in the best interest of the college and taxpayers when issuing debt, and market our debt with advice from independent financial advisors and legal counsel to get unbiased professional opinions on methodology and structure. In addition, periodically monitor the changes in interest rates and, where feasible and beneficial to the college, refund the existing debt(s) in accordance with the guidelines and rules of the Office of the State Treasurer.
- Account for the debt issues and related transactions in accordance with the local budget law and general accepted accounting principles.
- Recommend debt operating procedures to the college President.
(Revised July 2017)