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Home > State > Executive > Office of the State Treasurer > Agency Subdivisions

Office of the State Treasurer: Agency Subdivisions

The Labor and Industries Building in Salem houses subdivision offices of the Office of the State Treasurer. (Oregon State Archives Photo)

The Labor and Industries Building in Salem houses subdivision offices of the Office of the State Treasurer. (Oregon State Archives Photo)

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Executive Division
Address: 159 State Capitol Bldg., 900 Court St. NE, Salem 97301
Phone: 503-378-4329
Contact: Tom Rinehart, Chief of Staff


Duties and Responsibilities: The Executive Division coordinates policy development, strategic planning, quality initiatives, legislative initiatives, media relations, internal auditing functions, human resource functions and the publication of Treasury financial reports. The state treasurer, by constitutional authority, serves on the State Land Board and, by statute, on a number of public financial boards and councils.

 

Debt Management Division
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Director


Duties and Responsibilities: The Debt Management Division provides central coordination and approval for the issuance of all state agency and authority bonds, which totaled $11.9 billion at the end of 2011. This requires monitoring the local and national bond markets and the financing and economic trends that impact bond issuance structures and interest rates. The division staffs the Municipal Debt Advisory Commission, the Private Activity Bond Committee and the State Debt Policy Advisory Commission. The division also provides information to private credit rating agencies.


Facilities Authority, Oregon
Address: 1600 Pioneer Tower, 888 SW 5th Ave., Portland 97204
Phone: 503-802-2102
Contact: Gwendolyn Griffith, Executive Director
Statutory Authority: ORS 289.100


Duties and Responsibilities: The Oregon Facilities Authority (OFA), formerly the Health, Housing, Educational and Cultural Facilities Authority, was created by the Legislature in 1989. OFA assists with the assembling and financing of lands for health, housing, educational and cultural uses, and for the construction and financing of facilities for such uses. All bonds issued by the state treasurer upon
recommendation of OFA are repaid solely from revenues generated by the projects or from other sources available to the applying institution.


Interest on the bonds is tax-exempt from federal income taxes and is also exempt from personal income taxes imposed by the state. The state treasurer appoints seven members who serve a term of four years, and an executive director is hired to administer the program.

Municipal Debt Advisory Commission
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Debt Management Division Director
Statutory Authority: ORS 287.030


Duties and Responsibilities: The commission assists local governments in the issuance of municipal debt and provides information on such debt. The commission promotes methods of reducing the cost of issuing municipal bonds.

Private Activity Bond Committee
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Debt Management Division Director


Duties and Responsibilities: The 1986 Tax Reform Act limited the number of bonds that each state may issue for “private activity” purposes. The committee has three members, including a representative of the Department of Administrative Services, the Office of the State Treasurer and a public member appointed by the governor. The committee allocates a portion of the state private activity bond limit to local governments pursuant to ORS 286.625 and the 1986 Tax Reform Act.

State Debt Policy Advisory Commission
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Debt Management Division Director
Statutory Authority: ORS 286.550–286.555


Duties and Responsibilities: This commission advises the governor and the Legislative Assembly regarding policies and actions that enhance and preserve the state’s credit rating and maintains the future availability of low-cost capital financing.

 

Finance Division
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4633
Fax: 503-373-1179
Contact: Cora Parker, Director


Duties and Responsibilities: The Finance Division is the central bank for all state agencies. Almost all money that flows to and from Oregon state government passes through this division. Finance responsibilities include the processing of millions of checks and electronic funds transfers annually. The division provides an automated banking system to state agencies to help manage these activities. The division also administers the Local Government Investment Pool, which provides a short-term investment vehicle for local governments’ idle cash. The Public Funds Collateralization Program helps to protect deposits of taxpayer funds.


Short Term Fund Board
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4633
Fax: 503-373-1179
Contact: Cora Parker, Finance Division Director
Statutory Authority: ORS 294.885


Duties and Responsibilities: In seeking to best serve local governments, the Legislature established the Oregon Short Term Fund Board. The purpose of the board is to advise the state treasurer and the Oregon Investment Council in the management and investments of the Oregon Short Term Fund and the Local Government Investment Pool. The treasurer serves as an ex officio member and appoints three members to the board. The governor appoints the remaining three members.

 

Investment Division
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4000
Contact: John Skjervem, Chief Investment Officer


Duties and Responsibilities: The Investment Division manages the investments of the Oregon Public Employees Retirement Fund, State Accident Insurance Fund, Oregon Short Term Fund, Common School Fund, Oregon Growth Account and numerous smaller funds. The Oregon Public Employees Retirement Fund is the largest fund under the treasurer’s management, standing at about $59 billion. The total portfolio managed by the Office of the State Treasurer has a market value of about $75 billion and is diversified across a spectrum of asset classes from stocks to real estate. The Investment Division strives to save taxpayers money by earning the highest risk- adjusted return on its investments. The division also manages the investment program for the state’s deferred compensation plan and staffs the Oregon Investment Council and the Oregon Growth Account Board.


Growth Account Board, Oregon
Address: 6650 SW Redwood Ln., # 190, Tigard 97224
Phone: 971-673-2800
Contact: Michael Mueller, CFA, Deputy Chief Investment Officer
Statutory Authority: ORS 348.702


Duties and Responsibilities: The Oregon Growth Account Board governs the investment of Lottery-generated funds in the Oregon Growth Account, which earns returns for the Education Stability Fund by making investments in, or to provide seed capital for, emerging growth businesses in Oregon. The board selects and oversees management companies to manage the funds. The treasurer or a designee serves as the chair of the board and the governor appoints the remaining six board members.

Investment Council
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4000
Contact: John Skjervem, Chief Investment Officer
Statutory Authority: ORS 293.706


Duties and Responsibilities: The Oregon Investment Council is responsible for the investment of all state funds. The state treasurer serves as a member of the council. Monies are invested in accordance with the “Prudent Investor Rule” to achieve the investment objectives of the various funds and to make the monies as productive as possible. The governor appoints council members to four-year terms, subject to Senate confirmation.


Other Entities

 

Oregon 529 College Savings Network
Address: 900 Court St. NE, Room 159, Salem 97301
Phone: 503-373-1903
Web: www.oregon529network.com
Contact: Michael Parker, Executive Director


Duties and Responsibilities: The Oregon 529 College Savings Network was created by the 1999 Legislature to help families save for higher education expenses. The plans are unique investment vehicles that provide significant state and federal tax advantages and more flexibility than many other college savings tools. State law and Section 529 of the Internal Revenue Code govern the plan.

Oregon 529 College Savings Board
Address: 900 Court St. NE, Rm. 159, Salem 97301
Phone: 503-373-1903
Contact: Michael Parker, Executive Director
Statutory Authority: ORS 348.849


Duties and Responsibilities: The Oregon 529 College Savings Board administers plans in the Oregon 529 College Savings Network. The five-member public board includes the state treasurer or a designee, and the staff is located at the Office of the State Treasurer. The board sets investment policies for the plan and oversees the private sector vendors that manage plan assets.

 

Information Services Division
Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-3436
Contact: Ron Pope, Chief Information Officer


Duties and Responsibilities: The Information Services Division is the technology management center for the Office of the State Treasurer. The division develops and maintains information technology infrastructures that support business operations of the office. Disaster recovery readiness and management of security controls are key components of the division’s efforts to ensure provision of vital services for Oregon citizens.

 

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