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Ben Westlund
Oregon State Treasurer
Ben Westlund directs the prudent investment of billions of dollars of Oregon’s money.
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Tomorrow's Money
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September 1, 2009
Oregon Growth Account
10 am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
September 30, 2009
Oregon Investment Council
9:00am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
October 28, 2009
Oregon Investment Council
9:00am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
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(August 5, 2009) – Dayton School District in Yamhill County has become the first public entity in Oregon to take advantage of the new Build America Bonds program championed by Senator Ron Wyden and guaranteed by the State under the direction of the program overseen by Oregon State Treasurer Ben Westlund.
By using Build America Bonds versus traditional tax-exempt bonds, the school district will employ up to 150 people building and remodeling classroom and save taxpayers an estimated $1.2 million in interest costs on a general obligation bond sale of $11.2 million.
“The goal of Build America Bonds is to create jobs, rebuild America’s infrastructure, and save taxpayer money by offering public entities an advantageous interest rate,” Wyden said. “The Dayton School District realized the potential of these bonds and became the first of what I hope is a long list of cities, counties, school districts and others in Oregon to take advantage of this program and start getting people back to work.”
“The Build America Bonds program is a perfect example of how federal, state and local governments can collaborate to provide the best financing for projects that saves taxpayer money, creates jobs and gets our country back on track,” Westlund said.
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(July 28, 2009) – Oregon continues to be viewed as a responsible money manager and a sound credit risk – and that is saving money for taxpayers.
This month, the Oregon State Treasury sold $737 million in “tax-anticipation notes,” which is functionally a short-term loan that allows the state to meet its cash-flow needs until the next round of taxes is collected.
Those notes earned the highest-possible rating from credit-scoring firms, which is a reflection of industry confidence in Oregon’s fiscal responsibility and the state’s ability to repay the notes – even in these tough economic times, said State Treasurer Ben Westlund.
The scores were MIG1 by Moody’s, F+ by Fitch, and SP1+ from Standard & Poors. Those are the highest short term ratings from each of the big three credit evaluation firms. At the time of sale on July 22, the notes earned a .47 percent yield – which means the state’s borrowing cost will be a paltry .47 percent a year.
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(July 28, 2009) – The sluggish economy has made this a difficult time for many of Oregon’s community nonprofits: Cash flow is down – yet demand for services has seldom been higher.
Against that backdrop, a presentation on Aug. 7 in Astoria will teach Oregon charities how to save money when they construct new facilities, or expand or refinance loans for existing space, with the help of an Oregon State Treasury program that gives access to tax-exempt financing.
When nonprofits save on interest costs, they can devote more money to their missions—helping the citizens of Oregon. The program is run through an office known as the Oregon Facilities Authority.
The Oregon Facilities Authority helps nonprofits of all sizes – from the small to the very large – to qualify and benefit for tax-exempt bonds, which translates into lower interest costs. In two recent examples, the Oregon Facilities Authority helped PeaceHealth issue $350 million in bonds for its new hospital in Springfield, and helped the Deschutes Children's Foundation in Bend issue $700,000 in bonds to complete construction of its new facility.
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(July 23, 2009) – Saving for college has never been a better idea.
Soon, one of the nation’s most-respected financial firms will help Oregon families do it.
The Oregon 529 College Savings Board on Thursday unanimously selected New York-based TIAA-CREF Tuition Financing Inc. as the new administrator for the Oregon College Savings Plan. The decision came after an intensive three-month-plus effort to research the six companies that submitted bids to run the popular program.
The Oregon College Savings Plan is the option in the Oregon 529 College Savings Network that is made available directly to the public, and as of June 30 it had 52,672 accounts that totaled $415.3 million.
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(July 6, 2009) – It has been a busy and productive first six months for State Treasurer Ben Westlund.
The former Central Oregon legislator, who was sworn in as the state’s 27th Treasurer on Jan. 5, took the helm at the state’s financial services hub during one of the worst economic collapses in the past century – yet was still able to orchestrate notable improvements on behalf of the public.
“We are moving in the right direction -- and we are moving quickly,” Westlund said. “Oregon is being well-served by the stellar staff at the Oregon State Treasury, which is helping to improve our state’s financial position and, ultimately, the future for Oregon families.”
Highlights include reforms to strengthen the Oregon 529 College Savings Network, creation of the successful “Buy Oregon Bonds” campaign, and filing of lawsuits to protect Oregonians and Oregon investments.
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(June 22, 2009) – From Beaverton to Bend, Oregon community nonprofits are seeing their scarce dollars stretch further thanks to a financing tool that’s administered by the Office of the State Treasurer.
Treasurer Ben Westlund wants more nonprofits and community leaders to know that if they are looking for ways to build or expand, the Oregon Facilities Authority can help.
He sent a letter today to legislators, encouraging them to spread the word about the program, and also unveiled a new Internet portal where nonprofit leaders can learn more about how the Oregon Facilities Authority can help them save money.
Working with the Office of the State Treasurer, the Oregon Facilities Authority provides oversight of these transactions, a reliable, cost-effective process for issuance, and a process for preventing problems arising from audits or compliance problems.
The “Oregon Facilities Authority” page can be accessed at: Click here
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(June 22, 2009) – State Treasurer Ben Westlund on Monday applauded the passage of House Bill 3298, which will prohibit large-scale destination resort development that would threaten Oregon’s Metolius River basin.
Westlund, of Tumalo, was chief sponsor of Senate Bill 30 in 2007 to protect the world-renowned river and trout fishery, which burbles to life from springs at the base of Black Butte.
He thanked Rep. Brian Clem, D-Salem, for his efforts this session to shepherd and pass the landmark legislation.
“Generations of Oregonians will continue to marvel in the majesty of the Metolius River, and can thank today’s Legislature for preserving one of our most special places,” said Treasurer Westlund. “The Metolius is not just a jewel in Jefferson County's crown. It's a treasure for us all - an Oregon treasure."
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(June 04, 2009) - The Office of the State Treasurer is putting millions to work on Main Street, Oregon – and there’s millions more available.
The dollars are lent to qualified financial institutions through the state’s Time Certificates of Deposit Program, which is part of the Oregon Short Term Fund. The short term fund safely invests state and local government revenues until the money is needed to pay bills.
Once banks receive the infusions of capital, the institutions can turn around and make loans to Oregon businesses and families.
While at least $200 million is available through the program, only $96.6 million had been lent as of Monday. That means there’s more than $100 million available at the next monthly Certificates of Deposit order date, which occurs on Monday.
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(May 14, 2009) – To help families, workers and public sector retirees, Oregon is speaking more loudly in support of efforts to encourage more corporate responsibility and to restore oversight and confidence to financial markets.
In light of the current economic times, newly elected State Treasurer Ben Westlund has increased the State Treasury’s focus when it comes to matters of corporate governance. He also is a vocal supporter of regulatory reforms at the federal level that would protect investors and reward transparency.
Westlund is a member of the Oregon Investment Council, which oversees state trust funds including one of the largest pension funds in the country. The Council invests in companies around the globe -- and that gives Oregon a voice as a shareholder to influence management practices.
“When companies are better managed and more transparent, they provide better investment returns,” said Treasurer Westlund. “By demanding more responsible behavior and stronger oversight, we are standing up for Oregon families and workers who need jobs, reliable public services and a stable retirement.”
The “Oregon as a Responsible Shareholder” page can be accessed at: Click here
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