Oregon Facilities Authority Annual Report • June 30, 2018 Office of the State Treasurer • State Treasurer

Reed College, Portland

Swallowtail Waldorf School, Cornelius

Gwendolyn Griffith ∙ Executive Director Facilities Authority 1600 Pioneer Tower 888 SW Fifth Avenue Portland, OR 97204 OFFICE OF THE STATE TREASURER Phone: (503) 802-5710 Email: [email protected] TOBIAS READ http://oregonfacilities.org/ OREGON STATE TREASURER

TABLE OF CONTENTS Letter from the Executive Director...... 2

Overview of the Oregon Facilities Authority...... 4

OFA Financing Programs...... 6

Fiscal Year 2017-2018 In Review...... 7

Traditional Program Transactions in FY 2017-2018...... 8

SNAP Program Transactions in FY 2017-2018 ...... 9

Borrower Highlight: St. Vincent de Paul Society of Lane County, Inc...... 15

The People and Procedures of the Oregon Facilities Authority...... 18

Financial Statements and Other Information...... 23

General Purpose Financial Statements...... 24

Notes to Financial Statements...... 27

Supplemental Information...... 28

OFA Annual Report 2018 1 GWENDOLYN GRIFFITH OREGON FACILITIES AUTHORITY Executive Director 1600 Pioneer Tower JESSICA MORGAN 888 SW Fifth Avenue Associate Executive Director Portland, Oregon 97204 NIKKI PHAM Phone: 503-802-5710 Executive Assistant Email: [email protected]

Greetings:

On behalf of the Board and staff of the Oregon Facilities Authority (OFA), I am pleased to provide you with the Annual Report for OFA activities for the fiscal year 2017-2018. During this fiscal year, OFA facilitated seven conduit financing transactions totaling $88,915,883 on behalf of various Oregon nonprofit institutions. These projects help provide important services to Oregonians in healthcare, education, housing, and social services.

Every year, OFA assists a wide variety of nonprofits, which engage in an equally wide variety of transactions. This year was no exception. OFA assisted three nonprofits who have previously financed Projects through OFA: Reed College, The French American International School and St. Vincent de Paul of Lane County. OFA was also pleased to welcome four nonprofits that were new to OFA financing: Swallowtail School, Inc., Forest Grove Community School, Rose Community Development Corporation, and Cascade AIDS Project.

The Tax Cuts and Jobs Act of 2017, which took effect on January 1, 2018, changed the landscape for nonprofits seeking to use tax exempt conduit bond financing. Two elements of that tax reform package, the elimination of advance refunding opportunities and the reduction in tax rates for banks, have reduced both the availability of tax-exempt financing and its attractiveness for many potential borrowers. OFA will continue to monitor developments in this arena and look for creative ways to assist nonprofits with their capital projects.

Having completed 183 financings of over $4,526,000,000 in bond issues over the past 28 years, OFA’s Board and staff are proud of OFA’s accomplishments and look forward to continuing to help nonprofits responsibly meet their capital needs.

As always, if you have any questions or know of nonprofits in your area that would like to explore OFA financing, please feel free to contact us. Thank you for allowing us to be of service.

Gwendolyn Griffith Executive Director

2 OFA Annual Report 2018

LETTER FROM THE EXECUTIVE DIRECTOR REPORT OF OREGON FACILITIES AUTHORITY TO THE , STATE OF OREGON TREASURER, STATE OF OREGON LEGISLATIVE ASSEMBLY, STATE OF OREGON FOR THE FISCAL YEAR ENDING JUNE 30, 2018

The Honorable The Honorable The Honorable Ted Ferrioli Governor Speaker of the House Senate Republican Leader State of Oregon State of Oregon State of Oregon 900 Court St. NE, Suite 160 900 Court St. NE, H-269 900 Court St. NE, S-323 Salem, Oregon 97301 Salem, Oregon 97301 Salem, Oregon 97301

The Honorable Tobias Read The Honorable Diane Rosenbaum The Honorable Jennifer Williamson State Treasurer Senate Majority Leader House Democratic Leader State of Oregon State of Oregon State of Oregon 900 Court St. NE, Suite 159 900 Court St. NE, S-223 900 Court St. NE, H-295 Salem, Oregon 97301 Salem, Oregon 97301 Salem, Oregon 97301

The Honorable The Honorable Mike McLane President of the Senate House Republican Leader State of Oregon State of Oregon 900 Court St. NE, S-201 900 Court St. NE, H-395 Salem, Oregon 97301 Salem, Oregon 97301

This 28th annual report by the Oregon Facilities Authority is submitted pursuant to ORS 289.240. It covers the period commencing July 1, 2017, and ending June 30, 2018. Prior to January 1, 2002, the Authority’s name was the “Health, Housing, Educational and Cultural Facilities Authority” (HHECFA).

OFA Annual Report 2018 3 OVERVIEW OF THE OREGON FACILITIES AUTHORITY

The Oregon Facilities Authority (OFA) is the Oregon state Since its creation in 1989, OFA has issued more than $4.5 agency that helps nonprofit organizations access low-cost billion in tax-exempt conduit revenue bonds in 183 separate financing for capital projects through the issuance of tax- projects. Many of OFA’s projects are so-called “new money exempt conduit revenue bonds. OFA was created by the issues,” in which the proceeds of the bond issued are used Oregon Legislature in 1989. With certain exceptions, OFA can to construct, renovate or purchase facilities or acquire assist any nonprofit organization that qualifies as a section equipment. Refundings of existing debt, in which the bond 501(c)(3) organization under federal income tax law for capital proceeds are used to refinance outstanding debt previously projects, such as the purchase of facilities or equipment, incurred for capital purposes, have been of particular interest remodeling of facilities, construction financing, and to Applicants in recent years. These bond transactions refinancing of loans incurred for capital purposes. A qualifying typically help nonprofits by lowering interest rates or creating nonprofit need not be organized or headquartered in Oregon, more favorable loan covenants or other loan terms. and out-of-state Projects may qualify if the Project or nonprofit has a significant connection to Oregon.

CAP Belmont LLC (Cascade AIDS Project), Portland

4 OFA Annual Report 2018 During the first 17 years of its existence, OFA had legislative authority to assist nonprofits in only four nonprofit sectors: healthcare, education, housing, and cultural facilities. In 2007, the Oregon Legislature expanded OFA’s mission to allow it potentially to assist any section 501(c)(3) organization with a project in Oregon, without restriction as to sector. In that same year, OFA created the Small Nonprofit Accelerated Program (SNAP) to assist smaller nonprofits in accessing low cost tax-exempt financing. The recently expanded legislative authority to issue for certain out-of-state projects is likely to assist many nonprofits with financing for projects in the western United States. Together, these developments have led to a steady expansion in OFA’s capacity to assist nonprofits.

Education and healthcare projects comprise the majority of OFA’s issued bonds, both in terms of the number of projects and average issuance size (approximately $3,944,778,552 in 116 separate projects). Cultural facilities and social services agencies make up the smallest portion of OFA’s work, in terms of both of these measures (approximately $189,147,70 in 34 separate projects). This is expected to increase over time because of the expansion of OFA’s legislative mandate to allow OFA to assist any section 501(c)(3) organization with facilities or activities in Oregon.

“For decades, Oregon nonprofits have stretched dollars and better served Oregonians thanks to the Oregon Facilities Authority, which puts low-cost financing in reach for real estate purchases and other capital projects. When charities, schools and health clinics – to name just a few -- can achieve their missions better and serve more people, every Oregonian wins.”

• -Tobias Read, Oregon State Treasurer

Forest Grove Community School, Forest Grove

OFA Annual Report 2018 5 OFA FINANCING PROGRAMS

ROSE Community Development Corporation, Portland

OFA offers two different structures for conduit financing is not possible, an Applicant can potentially offer bonds in a transactions: the Traditional Program and SNAP Program. limited offering to qualified institutional buyers, or a bank or Both of these programs involve the State’s issuance of a other financial institution can purchase the bonds directly. tax-exempt revenue bond, and the lending of the bond Among these choices, most Applicants with large issue proceeds to a nonprofit organization. For large amounts and amounts and complex deal terms are able to find the right complex transactions, OFA facilitates the issuance of conduit structure for issuance of a tax-exempt bond. bonds through its Traditional Bond Program. For smaller, less complex transactions, the SNAP Loan Program (Small OFA’s SNAP Loan Program accommodates simple transactions Nonprofit Accelerated Program) is often the best choice for a that are similar to commercial real estate loans made by a nonprofit Borrower. bank. SNAP Loans are typically smaller in issue amount and much less complex than Traditional Program transactions. The Traditional Program is designed to accommodate The SNAP Loan Program contains costs by using standardized complex deal terms, large issue amounts, and credit support OFA financing documents, and most participating banks rely arrangements. OFA and its advisors work closely throughout on standard loan documents. Many SNAP Loan Applicants the financing process with Applicants and their financing are first-time or infrequent participants in the tax-exempt teams in the Traditional Program. There are three types of financing market, and the OFA SNAP Loan financing team Traditional Program Structures: public offerings, limited works closely with those Applicants and purchasing banks offerings and direct purchases. In order to issue bonds in the from conceptualization of a project through closing. retail public markets, an Applicant must receive one or more investment grade credit agency ratings for the bonds. If that

6 OFA Annual Report 2018 FISCAL YEAR 2017-2018 IN REVIEW

In the fiscal year ending June 30, 2018, OFA held nine business meetings in Portland, Oregon. It held several Informational Sessions to help acquaint potential Applicants and banks with OFA’s services to nonprofits. OFA facilitated the issuance of $88,915,883 in conduit revenue bonds and loans. Refundings of bonds previously issued through the Authority and the Office of the State Treasurer constituted 37% of the total bond issuance, as compared with 34% in the previous year.

Three returning Six SNAP Loans OFA Borrowers, Totaling totaling $23,265,883 $81,650,000

Four rst-time OFA 201 2018 Served three counties: Borrowers, totaling Fal ear ultnoa 288 anton lt ane

208 issued for re nancing $47,120,785 existing OFA debt Issued for new capital projects

The Oregon Legislature granted OFA $1,350,000,000 in In December 2017, Martha McLennan, the Executive Director bonding authority for the 2017-2019 biennium. OFA bonds at the nonprofit Northwest Housing Alternatives, was elected are conduit revenue bonds, and the State does not guarantee to the position of Chair of the OFA Board for the calendar year repayment of the bonds. Therefore, neither the bonding 2018. Eric Johansen, Debt Manager at the City of Portland, allocation nor its use for OFA projects places any State was elected as Vice-Chair. OFA bid a fond farewell, with resources at risk and OFA bonds do not impact the State’s many thanks, to OFA Board Member Karen Weylandt, who credit rating. OFA ended the biennium with $1,302,879,215 completed her third term with OFA on June 30, 2018. OFA remaining of bonding authority for the 2017-2018 biennium. welcomed new Board member, Allyson Anderson, President of Meridian Park Medical Center at Legacy Health.

OFA Annual Report 2018 7 TRADITIONAL PROGRAM TRANSACTIONS IN FY 2017-2018

Reed College, Portland

$65,650,000 The Reed Institute, dba Reed College Traditional Program – Public Offering Bond Counsel: Orrick Herrington & Sutcliffe LLP Underwriter: Bank of America Merrill Lynch Closed: December 5, 2017

Reed College is a private institution of higher education in the liberal arts devoted to the intrinsic value of intellectual inquiry and governed by the highest standards of scholarly practice, critical thought, and creativity. Since its founding in 1908 as an independent undergraduate institution, Reed College has remained steadfast to one central commitment: to provide a balanced, comprehensive education in the liberal arts and sciences, fulfilling the highest standards of intellectual excellence.

The proceeds of the Bonds were used to allow Reed College to construct a new 180-bed residence hall for students, as well as to refund all or a portion of the outstanding Series 2011 revenue bonds previously issued through the Authority. This was the College’s eighth financing transaction through OFA.

8 OFA Annual Report 2018 SNAP PROGRAM TRANSACTIONS IN FY 2017-2018

$2,457,738 Swallowtail School, Inc. SNAP Program Bond Counsel: Hawkins Delafield & Wood LLP Sponsoring Bank: Premier Community Bank Closed: August 31, 2017

Swallowtail School, Inc. is an independent, non-profit school that has been operating as a Waldorf school for 22 years, and currently serves 155 students, from kindergarten to eighth grade. Its mission is to artistically educate the whole child, inspiring gratitude and reverence for humanity, nature, and lifelong learning. Swallowtail School uses an artistic and experiential approach to education,, through academics, environmental education, social awareness, and the arts. One of its unique characteristics is that it owns a farm that it uses to enhance its curriculum.

The SNAP Loan proceeds allowed the School to refinance a taxable loan made by the sponsoring bank, the proceeds of which enabled the school to purchase a 32,000 square foot building in Cornelius, Oregon, with an additional 4,000 square feet of unfinished space for potential expansion in the future. The new building offers 16 classrooms, administrative offices, a kitchen, library, and science room, along with common spaces, on 6.5 acres. This was Swallowtail School’s first financing transaction through OFA.

Swallowtail School, Inc., Cornelius

OFA Annual Report 2018 9 $1,063,000 Forest Grove Community School SNAP Program Bond Counsel: Hawkins Delafield & Wood LLP Sponsoring Bank: Key Government Finance Closed: November 1, 2017

Forest Grove Community School is a charter school serving students in grades one through eight. Its mission is to foster scholarship, stewardship and citizenship through engaging, relevant, and active learning, to help students become educated and caring community members. The School honors individual students’ needs and abilities, and strives to educate the whole child, emphasizing student growth.

The SNAP Loan proceeds allowed the School is refinance existing taxable loans, the proceeds of which were used to acquire the School’s facility, and to make capital improvements to that facility. The building offers seven classrooms, administrative offices, and common spaces, totaling 14,580 square feet. This was Forest Grove Community School’s first financing transaction through OFA.

Forest Grove Community School, Forest Grove

10 OFA Annual Report 2018 $8,500,000 St. Vincent de Paul Society of Lane County SNAP Program Bond Counsel: Hawkins Delafield & Wood LLP Sponsoring Bank: Banner Bank Closed: November 28, 2017

Founded 1953, St. Vincent de Paul Society of Lane County (“St. Vincent de Paul”) St. Vincent de Paul is Lane County’s largest nonprofit human services organization. The agency helps over 84,000 individuals and families each year. St. Vincent de Paul is committed to providing comprehensive programs to alleviate poverty and help all individuals find a path out of poverty and into self-sufficiency. SVDP achieves its mission by providing affordable housing, emergency services, homeless services, economic development, and job training. Vincent de Paul helps to create employment for over 700 employees.

St Vincent de Paul used the SNAP Loan proceeds to purchase its headquarters, which it previously leased, and also to construct an additional warehouse to be used for clothing sorting and processing, to remodel an existing building to be used as a thrift store, and to refinance existing debt on these properties. This was St. Vincent de Paul’s third financing transaction through OFA.

St. Vincent de Paul Society of Lane County, Eugene

OFA Annual Report 2018 11 $1,847,645 ROSE Community Development Corporation SNAP Program Bond Counsel: Hawkins Delafield & Wood LLP Sponsoring Bank: Beneficial State Bank Closed: November 29, 2017

The mission of ROSE Community Development Corporation (“ROSE CDC”) is to revitalize outer southeast Portland neighborhoods by providing homes and opportunities for residents. ROSE CDC has been developing affordable housing for more than 20 years and provides resident services, including early childhood and youth programs. It currently owns and operates 355 units of affordable housing.

The SNAP Loan allowed ROSE CDC to refinance three taxable loans with the sponsoring bank, the proceeds of which were originally used to rehabilitate 76 units of affordable housing, and to complete capital improvements on those properties. This was ROSE CDC’s first financing transaction through OFA.

ROSE CDC, Portland

12 OFA Annual Report 2018 $7,500,000 French American International School SNAP Program Bond Counsel: Hawkins Delafield & Wood LLP Sponsoring Bank: Columbia Bank Closed: December 12, 2017

The French American International School currently enrolls 549 students in preschool through eighth grade, in an internationally focused program. The Lower School program is a French-language immersion program and the Gilkey Middle School program offers a curriculum for students with no foreign language background as well as for students continuing their immersion studies in French, Spanish, German and Mandarin.

The School used most of the proceeds of the SNAP Loan to construct a new 27,000 square foot facility for the Gilkey Middle School. The facility includes 12 new classrooms, areas for student collaboration and teacher workspaces, and an entire level dedicated to science instruction. A portion of the proceeds also were applied to refinance a previous OFA bond. This is French American International School’s third financing transaction through OFA.

French American International School, Portland

OFA Annual Report 2018 13 $1,897,500 CAP Belmont, LLC (Cascade AIDS Project) SNAP Program Bond Counsel: Hawkins Delafield & Wood LLP Purchasing Bank: Heritage Bank Closed: December 28, 2017

Cascade AIDS Project is Oregon’s largest and oldest HIV/AIDS service organization. Its mission is supporting and empowering people affected with HIV/AIDS through health management, housing services, prevention services, advocacy, and primary care services. Its wholly owned LLC, CAP Belmont LLC, is the owner of the Project, which is a primary healthcare facility. The SNAP Loan proceeds were used to refinance a taxable loan, the proceeds of which were used to finance the construction of the facility, called Prism Health. This was the first financing transaction through OFA for Cascade AIDS Project and CAP Belmont, LLC.

CAP Belmont LLC – Prism Health, Portland

14 OFA Annual Report 2018 BORROWER HIGHLIGHT: ST. VINCENT DE PAUL SOCIETY OF LANE COUNTY, INC.

St. Vincent de Paul Society of Lane County, Inc. (“St. Vincent de Paul”), founded in 1953, is a local affiliate of the international St. Vincent de Paul Society. St. Vincent de Paul has closed three financing transactions through OFA: a $4.8 million financing in 1999; a $3.5 million Traditional Bond bank placement in 2015; and an $8.5 million SNAP Loan in 2017. OFA Executive Director Gwen Griffith spoke with Terrence (Terry) R. McDonald, Executive Director of St. Vincent de Paul, to find out more about the organization’s activities that led to these financings.

Q: What is St. Vincent de Paul most passionate about these days?

In our 1999 application, we told OFA (then HHECFA) that one of our guiding principles was “No work of charity is foreign to the Society.” That is as true today as it was then. We are working hard in three areas: emergency services; housing; and our recycling/manufacturing businesses. In our emergency services program, we focus on homeless families and individuals, and particularly veterans. We provide shelter programs and work hard to get people into transitional housing to get back on their feet. St. Vincent de Paul owns over 1300 units of affordable housing other than shelter or transitional housing. Most recently, we have increased our focus on preserving and protecting Oregon’s mobile home parks, which provide a huge reservoir of affordable housing to many Oregonians. We are acquiring various parks as they come up for sale, to ensure that these parks remain as affordable units. Finally, we continue to innovate in the petrochemical/plastics space to find ways to take these items out of the waste stream and sell them in the marketplace to provide jobs and help improve the environment.

All of these activities have evolved to form an integrated approach to our charitable mission. Our stores and warehouses employ people in vulnerable populations, helping them develop as workers and providing a safety net of wages, as well as improving the waste environment. Our housing programs provide a stable platform for low-income and vulnerable populations. Funds from our recycling/manufacturing programs help support our emergency services. We continually attend to this model and share it with other agencies in the hope that it can be replicated in other communities.

OFA Annual Report 2018 15 Q: What is your history with St. Vincent de Paul in Lane County?

Terry: When I started with the organization in November 1971, as an Assistant Manager, its annual gross receipts totaled about $103,000 and we had just 17 employees. Assistant Managers were called upon to do everything—from driving a truck to fixing appliances to typing letters using carbon paper. I became the Executive Director in April of 1984. Today, our annual revenue is about $46 million and we employ over 700 people.

Q: How did you find out about OFA for your first financing, and why was there such a long time between St. Vincent de Paul’s first financing and the next two?

Terry: By 1999, we had grown—we operated nine thrift stores and a couple of warehouses that we used to train and educate disabled workers. We were looking to refinance taxable mortgages that had been taken out to acquire these facilities. I was poking around on the State’s website, and found something called “HHECFA” (which was OFA’s name back then), and it seemed like it was a program that could fit our needs. Our banker knew about HHECFA and tax-exempt financing, and he explained how we could save money by financing though HHECFA because it would lower the interest rate on the loan. We made an application, and as I recall it was a fairly easy process to get the 1999 transaction closed.

After that period of time, we focused a great deal on housing, and used federal and state tax credit programs for this rather than tax-exempt loan financing. By about 2010, we knew we needed to grow by focusing on manufacturing, recycling and retail stores, because they provide both job training and a source of income for our other programs. The 2015 and 2017 financings allowed us to refinance a number of existing loans and purchase additional facilities, including our headquarters building in Eugene.

16 OFA Annual Report 2018 Q: What was the origin of the mattress recycling program at St. Vincent de Paul?

Terry: About a dozen years ago I was asked by a California nonprofit to investigate a recycling business, and I asked the local solid waste management people one question: “what item would you most like to remove from the solid waste stream?” They were very clear: mattresses. So I spent about six months developing a business plan to recycle mattresses. Ultimately, the California nonprofit decided not to go into that business, so St. Vincent de Paul jumped on the opportunity. Three or four years ago the California legislature assisted us by enacting a bill that requires appropriate “stewardship” for mattresses. Our program was the first viable mattress recycling program, and it has grown by leaps and bounds ever since we started. Just last month alone we processed 42,000 mattresses in Oregon and California. Today, St. Vincent de Paul operates the largest nonprofit mattress recycling program in the United States, and we are probably one of the largest mattress recyclers of any type in the country. We employ about 90 people in that part of our program, and these are people from vulnerable populations who really need these jobs.

Q: In your opinion, what one change would make the most positive difference for the people that St. Vincent de Paul serves?

Terry: We need to find answers to two problems faced by low income people: health care and child care. Working families face constant challenges in both of these areas, even with the Oregon Health Plan and the various programs that provide child care. Solving these conundrums would allow these families the stability they desperately need.

For more information about the latest financing for St. Vincent de Paul, see page 11.

OFA Annual Report 2018 17 THE PEOPLE AND PROCEDURES OF THE OREGON FACILITIES AUTHORITY

From left to right: Gwen Griffith, Nikki Pham, David Elott, Jessica Morgan, Lee Anaya, Sean Hubert, Kevin McAuliffe, Doug Goe, Martha McLennan, Karen Weylandt, Laura Lockwood-McCall, Eric Johansen and Pat Clancy

“One of the great pleasures of serving as the OFA Board Chair is learning about the amazing nonprofits that serve the citizens of Oregon, including the seven educational and social services organizations that borrowed through OFA this year. We have also been pleased to welcome a wide range of lenders and look forward to their continued participation in the SNAP and Traditional OFA Programs for the benefit of nonprofits. Although tax law changes in 2018 have reduced the benefits of tax exempt financing for certain Borrowers, Oregon nonprofits continue to grow and expand their services to children, families, elders and communities. We are confident that OFA financing will remain an important tool for nonprofits across the State that are working hard to fulfill their missions, and we look forward to welcoming new and returning nonprofit Borrowers to OFA”

• -Martha McLennan, OFA Board Chair

18 OFA Annual Report 2018 THE OFA ADVISORS

One of the advantages for a nonprofit working with OFA is having access to OFA’s team of experienced advisors, all of whom have a deep understanding of the financial, legal and business aspects of tax-exempt financing transactions and nonprofit projects. These team members assist the Authority in its evaluation of projects and in making its recommendations to the State Treasurer. Once a Project is underway, these advisors are an integral part of the financing team, and they help ensure a smooth transaction from beginning to end of a financing transaction. The Office of the State Treasurer has negotiated fees with members of the OFA team of advisors which are favorable to nonprofit Borrowers. AUTHORITY BOARD AND STAFF

The Authority is composed of a seven-person Board, all of whom, by statute, must be residents of the State of Oregon. Authority Members are appointed by the Oregon State Treasurer. As of June 30, 2018, the Board Members were:

Martha McLennan, Chair Eric Johansen, Vice Chair Executive Director Debt Manager Northwest Housing Alternatives City of Portland Portland, Oregon Portland, Oregon

Beth deHamel, Authority Member Kevin McAuliffe,Authority Member Sean Hubert, Authority Member Chief Financial Officer President Senior Director, Housing & Employment MercyCorps McAuliffe Financial, LLC Central City Concern Portland, Oregon Lake Oswego, Oregon Portland, Oregon

Karen Weylandt, Authority Member Allyson Anderson, Authority Member Regional Director of Design and President of Meridian Park Medical Center Construction Legacy Health Providence Health & Services Tualatin, Oregon Portland, Oregon

OFA Annual Report 2018 19 AUTHORITY STAFF

Gwendolyn Griffith Jessica A. Morgan Nikki Pham Executive Director Associate Executive Director Executive Assistant

OFA has a part-time Executive Director, Gwendolyn Griffith, who is responsible for the day-to-day affairs of the Authority. She is assisted by Ms. Jessica Morgan, Associate Executive Directors, and Ms. Nikki Pham, Executive Assistant.

OFFICE OF STATE TREASURER, DIVISION OF DEBT MANAGEMENT

The Office of the State Treasurer is the issuer of debt for all OFA transactions. The Division of Debt Management, led by Laura Lockwood-McCall, works closely with the OFA staff and the OFA Board on matters of policy and exercises oversight over OFA expenditures and transactions. Lee Anaya is the day-to-day liaison to OFA, supporting the ongoing collaboration between OFA and OST.

Laura Lockwood-McCall Lee Anaya OST Director of Debt OST Liaison to OFA Management

20 OFA Annual Report 2018 BOND COUNSEL

“Bond Counsel” is the legal counsel to OFA and the Office of State Treasurer in a bond transaction. OFA has engaged two Bond Counsel firms to act on a regular basis as Bond Counsel for OFA in its Traditional Program:

Lead Bond Counsel: Special and SNAP Bond Counsel: Douglas E. Goe Carol J. McCoog Orrick, Herrington & Sutcliffe LLP Hawkins Delafield & Wood LLP 1120 NW Couch St., Suite 200 200 SW Market Street, Suite 350 Portland, OR 97209 Portland, OR 97201 Phone: (503) 943-4810 Phone: (503) 402-1323 Email: [email protected] Email: [email protected]

OFA and the Office of the State Treasurer have also approved certain other public finance law firms to act as Special Bond Counsel in the Traditional Program. Nonprofits and their financing teams are encouraged to consult with the Executive Director to determine if a bond counsel firm has been approved to serve as Special Bond Counsel.

For the SNAP Loan Program, only one law firm has been approved to provide bond counsel services.:

SNAP Loan Counsel: Carol J. McCoog Hawkins Delafield & Wood LLP 200 SW Market Street, Suite 350 Portland, OR 97201 Phone: (503) 402-1323 Email: [email protected]

OFA Annual Report 2018 21 FINANCIAL ADVISOR

OFA’s “Financial Advisor” advises OFA and the Office of State Treasurer on the financial aspects of SNAP and Traditional Program transactions, including the suitability of a plan of finance under OFA’s statute and rules. In a Traditional Program transaction, the Financial Advisor works with the financing team throughout the transaction.

In a SNAP Loan transaction, OFA’s Financial Advisor consults with each potential Applicant before it submits an application. OFA does not charge potential Applicants for this service, although if the Applicant closes a SNAP Loan transaction, a fee is charged. Once a SNAP Loan transaction is underway, OFA’s Financial Advisor does not participate in the financing team’s work unless requested to do so by OFA staff or OST. In fall, 2017, OFA and OST conducted an RFP process to select a financial advisory firm. PFM Financial Advisors, LLC was selected, with the contract to commence on January 1, 2018. Pat Clancy, Director, PFM Financial Advisors, LLC, continued as OFA’s Financial Advisor, and was assisted by Duncan Brown, Senior Managing Consultant, PFM Financial Advisors, LLC.

OFA’s Financial Advisors:

Patrick Clancy Duncan Brown PFM Financial Advisors, LLC PFM Financial Advisors LLC 650 NE Holladay St., Suite 1600 1200 5th Avenue, Suite 1220 Portland, OR 97232 Seattle, WA 98101 Phone: (503) 288-4152 Phone: (206) 858-5367 [email protected] E-mail: [email protected]

22 OFA Annual Report 2018 FINANCIAL STATEMENTS AND OTHER INFORMATION

The Office of the State Treasurer keeps and maintains the financial books of account for the Authority. Attached to this report as “Exhibits” are the (1) Comparative Statement of Net Assets, (2) Comparative Statement of Changes in Net Assets, (3) Comparative Statement of Cash Flows, and (4) Notes to Financial Statements, all as of June 30, 2018, with comparative totals as of June 30, 2017, as prepared by the Office of the State Treasurer.

“Table 1,” as provided in the “Supplemental Information” Section below, sets forth the Bonds issued via the Authority since its inception and the outstanding balances of Bonds outstanding on June 30, 2018. “Table 2” lists separately the SNAP Loans issued and their outstanding amounts as of June 30, 2018.

Respectfully submitted,

OREGON FACILITIES AUTHORITY

By: Gwendolyn Griffith, Executive Director

OFA Annual Report 2018 23 GENERAL PURPOSE FINANCIAL STATEMENTS PREPARED BY THE OREGON FACILITIES AUTHORITY ENTERPRISE FUND COMPARATIVE STATEMENT OF NET ASSETS OREGON FACILITIES AUTHORITY JUNE 30, 2018 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED JUNE 30, 2017)

6/30/2018 6/30/2017

Assets

Cash in State Treasury $ 868,960.99 $ 1,074,319.70

Accounts Receivable — —

$ 868,961 $ 1,074,320

Liabilities & Net Assets

Accounts Payable $ 25,626 $ 92,036

Restricted Net Assets $ 843,335 $ 982,283

The notes to the financial statements are an integral part of this report.

24 OFA Annual Report 2018 ENTERPRISE FUND COMPARATIVE STATEMENT OF CHANGES IN NET ASSETS OREGON FACILITIES AUTHORITY FOR THE FISCAL YEAR ENDED JUNE 30, 2018 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED JUNE 30, 2017)

6/30/2018 6/30/2017

Operating Revenues

Interest Income $ 16,593 $ 10,988

Charges for Services 141,872 $ 533,029

Total Operating Revenues $ 158,465 $ 544,017

Operating Expenses

Director’s Fees and Expenses $ 232,861 $ 256,453

Legal Fees 14,778 $ 14,538

Other Expenses 49,774 $ 53,504

Total Operating Expenses $ 297,413 $ 324,495

Operating Gain (Loss) (138,948) 219,522

Net Assets at Beginning of Year 982,283 762,761

Prior Year Accounting Adjustments — —

Net Assets at End of Year $ 843,335 $ 982,283

The notes to the financial statements are an integral part of this report.

OFA Annual Report 2018 25 ENTERPRISE FUND COMPARATIVE STATEMENT OF CASH FLOWS OREGON FACILITIES AUTHORITY FOR THE FISCAL YEAR ENDED JUNE 30, 2018 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED JUNE 30, 2017)

6/30/2018 6/30/2017

Cash Flows from Operating Activities

Receipts from Customers $ 141,872 $ 575,974

Payments to Suppliers (363,824) (322,771)

Total Cash Flows from Operating Activities $ (221,952) $ 253,203

Cash Flows from Investing Activities

Investment Income $ 16,593 $ 10,988

Net Increase in Cash $ (205,359) $ 264,192

Beginning Cash Balance $ 1,074,320 $ 810,128

Beginning Cash Adjustment — —

Ending Cash Balance $ 868,962 $ 1,074,320

Reconciliation of Operating Income to Net Cash Used by Operating Activities

Operating Gain (Loss) $ (138,948) $ 219,522

Net Changes in Assets and Liabilities:

Increases/(Decrease) in Accounts Receivable $ — $ (42,945)

Increases/(Decrease) in Accounts Payable $ 66,411 $ (1,724)

Total Adjustments $ 66,411 $ (44,669)

Net Increase/(Decrease) in Cash before Prior Year Adjustments $ (205,359) $ 264,192

Prior Year Adding Adjustments $ — $ —

Net Increase/(Decrease) in Cash $ (205,359) $ 264,192

The notes to the financial statements are an integral part of this report.

26 OFA Annual Report 2018 OREGON FACILITIES AUTHORITY NOTES TO FINANCIAL STATEMENTS JUNE 30, 2018 UNAUDITED

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Entity The Oregon Facilities Authority (OFA) was created by the Oregon Legislature, Chapter 820, Oregon Laws 1989. OFA operates pursuant to the provisions of ORS Sections 289.005 through 289.240.

OFA was established to assemble and finance lands for housing, educational and cultural uses and for the construction and financing of facilities for such uses through the issuance of revenue bonds. In 1991, the Legislature, through Senate Bill 17, expanded OFA by allowing health facilities to approach OFA for debt financing approval. Effective January 1, 2002, the 2001 Oregon Legislature further expanded OFA by adding pre-kindergarten through grade 12 schools to the authorized list. In 2007, the Legislature expanded OFA’s mission to allow financing for qualifying projects for any §501(c)(3) organization.

Basis of Accounting These statements are prepared using the economic resource measurement focus and the accrual basis of accounting, and OFA is reported as a business-type enterprise fund in the State of Oregon Comprehensive Annual Financial Report. Fees are charged to applicants for the application for and closing of financing of projects OFA reviews and approves. OFA has no employees on payroll, and contracts with Tonkon Torp LLP to provide the services of an Executive Director. Expenditures are recorded when a liability is incurred.

Cash in State Treasury OFA holds all monies in an account within the Oregon Short-term Fund (OSTF), which is a cash and investment pool having the characteristics of a demand deposit account. All monies in the OSTF are considered to be cash equivalents. CASH IN STATE TREASURY

As of June 30, 2018, OFA held $868,962 in a demand account with the State Treasurer and invested in the OSTF. The OSTF is not registered with the U.S. Securities and Exchange Commission as an investment company. The State’s investment policies are governed by the ORS and the Oregon Investment Council (Council). The State Treasurer is the investment officer for the Council and is responsible for all funds in the State Treasury. These funds are invested exercising reasonable care, skill and caution. Investments in the Pool are further governed by portfolio guidelines issued by the OSTF Board, which establishes diversification percentages and specifies the types and maturities of investments. NO COMMITMENT DEBT

No commitment debt refers to debt issued to finance public purpose expenditures intended for beneficial ownership by nonprofit entities. Such debt bears the name of the State of Oregon and OFA but is secured solely by the credit of the nonprofit entity and is usually serviced and administered by a trustee independent of the State of Oregon and OFA. Neither the State of Oregon nor OFA has an obligation for payment of this debt. Accordingly, this debt is not reported in the accompanying financial statements. As of June 30, 2018, $2,200,002,993 of no-commitment debt is outstanding. Table 1 and Table 2 provide the details of this debt.

OFA Annual Report 2018 27 SUPPLEMENTAL INFORMATION TABLE 1 OBLIGATIONS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

(unaudited)

Set forth below is a list of Traditional Bonds issued by the Oregon State Treasurer through the Oregon Facilities Authority and the outstanding balances as of June 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (Lewis & Clark College Project) 1990 $11,450,000 Lewis & Clark College $0 Series A

Bond Anticipation Notes ( Aquarium $14,000,000 Oregon Coast Aquarium $0 Project) 1990 Series A

Revenue Bonds (Reed College Project) 1991 Series The Reed Institute, dba Reed $14,825,000 $0 A College

Revenue Bonds (George Fox College Project) 1991 $1,530,000 George Fox College $0 Series A

Adjustable Rate Revenue Bonds (Oregon Museum Oregon Museum of Science $17,195,000 $0 of Science and Industry Project) 1991 Series A and Industry

Bond Anticipation Notes (Oregon Museum of Oregon Museum of Science $12,025,000 $0 Science and Industry Project) and Industry YMCA of Columbia- Revenue Bonds (YMCA Project) 1992 Series $2,545,000 $0 Willamette Refunding Revenue Bonds (Linfield College Project) $4,090,000 Linfield College $0 1993 Series A Holladay Park Plaza Revenue Bonds (Holladay Park Plaza Project) 1993 $18,000,000 (Presbytery of the Cascades $0 Series A Retirement Residence, Inc.) Refunding Revenue Bonds (Oregon Coast $14,110,000 Oregon Coast Aquarium $0 Aquarium Project) 1993 Series A

Revenue Bonds (Pacific Northwest Museum of Pacific Northwest Museum $3,170,000 $0 Natural History Project) 1993 Series A of Natural History

Revenue Bonds (Linfield College Residence Hall $2,745,000 Linfield College $0 Project) 1994 Series A

Revenue Bonds (George Fox College Project) 1994 $3,000,000 George Fox College $0 Series A Revenue Bonds (Friendsview Manor) 1994 $455,000 Friendsview Manor $0

Revenue Bonds (Lewis & Clark College Project) 1994 $40,980,000 Lewis & Clark College $0

Adjustable Rate Revenue Bonds (Guide Dogs for $14,200,000 Guide Dogs for the Blind, Inc. $0 the Blind, Inc.) 1995 Series A

28 OFA Annual Report 2018 TRADITIONAL BONDS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Construction Financing Notes (Saint Aidan’s Place, $2,000,000 Saint Aidan’s Place, Inc. $0 Inc. Project) 1995 Series A Variable Rate Health Facilities Revenue Bonds (The The Evangelical Lutheran Evangelical Lutheran Good Samaritan Society $5,050,000 $0 Good Samaritan Society Project) 1995 Series A Revenue Bonds (Oak Tree Foundation Project) 1995 Oak Tree Foundation/Pacific $3,500,000 $0 Series A and Series B University

Variable Rate Demand Revenue Bonds $16,000,000 PeaceHealth $0 (PeaceHealth Project) 1995

Revenue Bonds (Reed College Project) 1995 Series The Reed Institute, dba Reed $21,330,000 $0 A College

Revenue Bonds (Oregon Baptist Retirement Homes Oregon Baptist Retirement $7,720,000 $0 — Weidler Retirement Center Project) 1996 Series A Homes Housing Revenue Bonds (Hawthorne Villa Project) 1996 $3,952,000 Partners; Hawthorne Villa $0 Series A Apts The Foundation for Social Revenue Bonds (Pier Park Project) 1996 Series A $6,655,000 $0 Resources

Revenue Bonds (Oregon State University Alumni Oregon State University $1,500,000 $0 Association Project) 1997 Series A Alumni Association

Revenue Bonds (George Fox University Project) $9,000,000 George Fox University $0 1997 Series A

Revenue Bonds (Society of St. Vincent de Paul Society of St. Vincent de Paul $9,200,000 $0 Housing Projects) 1997 Series A, B, C and D of Portland

Revenue Bonds (The National College of National College of $2,524,873 $0 Naturopathic Medicine Project) 1998 Series A Naturopathic Medicine

Revenue Bonds (Cedarwest Housing Project) 1998 $5,250,000 The ARC of $0 Series A

Revenue Bonds (Quatama Crossing Housing $54,000,000 Tudor Foundation $0 Project) 1998 Series A and B

Revenue Bonds (College Housing Northwest College Housing Northwest, $16,130,000 $0 Project) 1998 Inc.

Revenue Bonds (Goodwill Industries of Lane Goodwill Industries of Lane $4,300,000 $0 County Project) 1998 Series A County

Revenue Bonds (St. Anthony Village Housing St. Anthony Village $10,000,000 $0 Project) 1998 Series A Enterprise

OFA Annual Report 2018 29 TRADITIONAL BONDS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (Sacred Heart Medical Foundation Sacred Heart Medical $10,700,000 $4,790,000 Project) 1998 Series A Foundation Revenue Bonds (Oregon Coast Aquarium Project) $14,110,000 Oregon Coast Aquarium $0 1998 Series A Revenue Bonds (Linfield College Project) 1998 $14,900,000 Linfield College $0 Series A Variable Rate Demand Revenue Bonds $15,000,000 PeaceHealth $0 (PeaceHealth) 1998 Series Revenue Bonds (Weidemann Park Project) 1998 $2,740,000 Accessible Living, Inc. $0 Series A Revenue Bonds (Trillium Affordable Housing Portland Habilitation Center, $9,600,000 $6,135,000 Projects) 1999 Series A and B Inc.

Variable Rate Revenue Bonds (St. Vincent de Paul St. Vincent de Paul Society of $3,210,000 $0 Society of Lane County, Inc. Projects) 1999 Series A Lane County, Inc.

Revenue Bonds (Aspen Foundation II – Valley View $3,300,000 Aspen Foundation II $0 Assisted Living Project) 1999 Series A

YMCA of Columbia- Revenue Bonds (YMCA Project) 1999 Series A $2,580,000 $0 Willamette Revenue Bonds (Western States Project) 1999 Series Western States Chiropractic $7,800,000 $0 A College Revenue Bonds (Hillside Manor Project) 2000 Series Hillside Manor, a Christian $21,650,000 $0 A Retirement Center, Inc. Revenue Bonds (Reed College Project) 2000 Series The Reed Institute, dba Reed $20,000,000 $0 A College Revenue Bonds (Shelter America Project) 2000 $2,000,000 Shelter America Group $0 Series A and B

Revenue Bonds (Linfield College Project) 2000 $14,490,000 Linfield College $0 Series A

Variable Rate Revenue Bonds (Lewis & Clark College $50,000,000 Lewis & Clark College $0 Project) 2000 Series A

Adjustable Rate Revenue Bonds (Assumption $11,100,000 Village Enterprises $7,570,000 Village Assisted Living Project) 2001 Series A

Mortgage Backed Secured Notes (Necanicum Seaside Senior Care $7,815,000 $0 Village Assisted Living Project) 2001 Series A and B Associates, Inc.

Adjustable Rate Revenue Bonds (Newman $2,700,000 Trinity Court, LLC $0 Commons Student Housing Project) 2001 Series A

Revenue Bonds (Linfield College Project) 2001 $2,000,000 Linfield College $0 Series A

30 OFA Annual Report 2018 TRADITIONAL BONDS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (PeaceHealth Project) 2001 $70,000,000 PeaceHealth $0

Revenue Bonds (French American International French American $5,465,000 $0 School Project) 2002 Series A International School

Variable Rate Revenue Bonds (Lewis & Clark College $20,000,000 Lewis & Clark College $0 Project) 2002 Series A

Revenue Bonds (College Housing Northwest College Housing Northwest, $19,945,000 $0 Project) 2002 Series A Inc.

Revenue Bonds (Cascadian Terrace Apartment Portland Affordable Housing $3,440,000 $0 Project) 2002 Series A Preservation Trust

Revenue Bonds (Hazelden Springbrook Project) $5,700,000 Hazelden Springbrook, Inc. $0 2002 Series A and Series One

Variable Rate Revenue Bonds (Lewis & Clark College $73,400,000 Lewis & Clark College $0 Project) 2003 Series A&B Hearthstone Housing Revenue Bonds (Hearthstone Bend Housing $5,800,000 Foundation, Inc.; Vintage at $4,995,000 Project) 2003 Series A Bend Revenue Bonds (Willamette University Project) $15,075,000 Willamette University $0 2004 Series A

Revenue Bonds (PeaceHealth Project) 2004 Series $208,350,000 PeaceHealth $0 A-F

Revenue Bonds (Lewis & Clark Project) 2004 Series $35,800,000 Lewis & Clark College $0 A

Revenue Bonds (Oregon Episcopal School project) $12,000,000 Oregon Episcopal School $0 2004 Series A Faith Enhanced Revenue Bonds (FEDE Sacred Heart project) 2004 $6,350,000 Development Enterprises $3,141,349 Series A (FEDE); Caritas Sacred Heart Revenue Bonds (College Inn Student Housing) 2005 College Housing Northwest- $19,320,000 $15,565,000 Series A and B Corvallis, LLC

Revenue Bonds (Linfield College Project) 2005 $19,930,000 Linfield College $0 Series A

Revenue Bonds (Oregon Coast Aquarium Project) $12,965,000 Oregon Coast Aquarium $9,420,000 2005 Series A

Revenue Bonds (Tenino Terrace/Powell Plaza I and II AOF/Pacific Affordable $7,475,000 $5,796,563 Projects) 2005 Series A Housing Corp.

OFA Annual Report 2018 31 TRADITIONAL BONDS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (Quatama Crossing Housing $53,732,104 Quatama Crossing LLC $32,404,267 Project) 2005 Series A and B

Revenue Bonds (Willamette University Project) $13,000,000 Willamette University $0 2005 Series A

Revenue Note (OHSU Medical Group Project) 2005 $19,000,000 OHSU Medical Group $0 Series A

Revenue Bonds (Western States Chiropractic $7,305,000 Western States Chiropractic $0 College Project) 2005 Series A

Revenue Bonds (Reed College Projects) 2006 Series The Reed Institute, dba Reed $16,650,000 $0 A College

Revenue Bonds (Guide Dogs for the Blind) 2007 $11,775,000 Guide Dogs for the Blind $0 Series A

Revenue Bonds (Willamette University) 2007 Series $31,820,000 Willamette University $0 A

Revenue Bonds (Childpeace Montessori Childpeace Montessori $7,000,000 $0 Community) 2007 Series A Community

Revenue Bonds (PeaceHealth Project) 2007 Series $150,000,000 PeaceHealth $0 A and B Revenue Bonds (Reed College Projects) 2007 Series The Reed Institute, dba Reed $30,000,000 $0 A College

Revenue Bonds (Trillium Charter) 2007 Series A and $3,395,000 Trillium Charter School $2,975,000 Series One

Revenue Bonds (University of Portland) 2007 Series $86,570,000 University of Portland $0 A The Reed Institute, dba Reed Revenue Bonds (Reed College) 2008 Series A $47,060,000 $37,760,000 College Revenue Bonds (Lewis & Clark College Projects) $106,400,000 Lewis & Clark College $0 2008 Series A Revenue Bonds (PeaceHealth Project) 2008 Series $344,670,000 PeaceHealth $145,975,000 A and B

Revenue Bonds (PeaceHealth Project) 2009 Series A $100,795,000 PeaceHealth $75,060,000

Revenue Bonds (Legacy Health) 2010 Series A $123,745,000 Legacy Health $28,465,000

Revenue Bonds (Willamette University Projects) $32,500,000 Willamette University $15,195,000 2010 Series A and B

Revenue Bonds (University of Western States) 2010 $8,855,000 University of Western States $5,621,000C Series A, B and C

32 OFA Annual Report 2018 TRADITIONAL BONDS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (Samaritan Health Services) 2010 $122,055,000 Samaritan Health Services $93,200,000 Series A

Revenue Bonds (Linfield College) 2010 Series A $23,385,000 Linfield College $23,385,000

Revenue Bonds (Concordia University) 2010 Series $21,115,000 Concordia University $0 A Revenue Bonds (Central City Concern) 2010 Series B $6,300,000 Central City Concern $4,892,865 Revenue Bonds (Mary’s Woods at Marylhurst, Inc.) Mary’s Woods at Marylhurst, $28,730,000 $22,695,000 2010 Series A Inc. Revenue Bonds (Willamette View) 2010 Series A $33,840,000 Willamette View $27,640,000 and B The Reed Institute, dba Reed Revenue Bonds (Reed College) 2011 Series A $40,030,000 $40,030,000 College Revenue Bonds (Lewis & Clark College) 2011 Series $108,610,000 Lewis & Clark College $106,805,000 A Revenue Bonds (Legacy Health Project) 2011 Series $111,470,000 Legacy Health $63,010,000 A Revenue Bonds (PeaceHealth Project) Series 2011 A $150,000,000 PeaceHealth $150,000,000 and B Revenue Bonds (Providence Health & Services $22,355,000 Providence Health & Services $14,670,000 (Oregon)) 2011 Series C Revenue Bonds (Asante Health System) 2011 Series $30,000,000 Asante Health System $2,279,317 A Student Housing Revenue Bonds (CHF-Ashland, LLC $44,155,000 CHF-Ashland, LLC $41,750,000 – University Project) 2012 Series A Revenue Bonds (OSU Bookstore Project) 2012 Series Oregon State University $8,000,000 $5,733,498 A Bookstore, Inc. Revenue Bonds (College Housing Northwest Housing Northwest, $18,005,000 $15,385,000A Projects) 2013 Series A and B Incorporated Revenue Bonds (Providence Health & Services) 2013 $239,866,000 Providence Health & Services $110,845,000 Series A and C Revenue Bonds (Goodwill Industries Project) 2014 Goodwill Industries of Lane $12,235,000 $10,382,625 Series A and B and South Coast Counties Revenue Bonds (Legacy Health Project) 2014 Series $71,720,000 Legacy Health $71,720,000 A Revenue Bonds (Mary’s Woods at Marylhurst, Inc. $18,000,000 Mary’s Woods $0 Project) 2014 Series A Revenue Bonds (PeaceHealth Project) 2014 Series A $66,060,000 PeaceHealth $64,015,000 Revenue Bonds (Willamette University Project) $12,500,000 Willamette University $0 2014 Series A Revenue Bonds (St. Vincent de Paul Project) 2014 St. Vincent de Paul Society of $3,500,000 $3,241,108 Series A Lane County, Inc.

OFA Annual Report 2018 33 TRADITIONAL BONDS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (Samaritan Health Services, Inc.) $19,500,000 Samaritan Health Services $17,071,823 2014 Series A Revenue Bonds (University of Portland Project) $91,290,000 University of Portland $75,675,000 2015 Series A and B Revenue Bonds (Oregon Museum of Science and Oregon Museum of Science $4,160,000 $4,121,798 Industry Project) 2015 Series A and Industry Revenue Bonds (Oregon Episcopal School Project) $22,210,000 Oregon Episcopal School $21,097,000 2015 Series A and B Revenue Bonds (Northwest Evaluation Association) Northwest Evaluation $38,000,000 $34,22,243 2015 Series A Association Personalized Learning, Inc., Revenue Bonds (Redmond Proficiency Academy) $6,685,000 dba Redmond Proficiency $6,590,000 2015 Series A and B Academy Revenue Bonds (Providence Health & Services) 2015 $71,070,000 Providence Health & Services $71,070,000 Series C Revenue Bonds (Linfield College Project) 2015 $14,245,000 Linfield College $12,135,000 Series A Revenue Bonds (Willamette University) 2016 A and $43,665,000 Willamette University $43,665,000 B Revenue Bonds (Childpeace Montessori School) Childpeace Montessori $8,150,000 $7,998,000 2016 A School Revenue Bonds (Portland Habilitation Center) 2016 $20,550,000 Portland Habilitation Center $20,550,000 A Revenue Bonds (Legacy Health) 2016 A $288,635,000 Legacy Health $288,635,000

Revenue Bonds (Samaritan Health Services) 2016 A $78,265,000 Samaritan Health Services $78,265,000 Personalized Learning, Inc., Revenue Bonds (Redmond Proficiency Academy) $8,005,000 dba Redmond Proficiency $8,005,000 2016 A and B Academy Revenue Bonds (St. Mary’s of Medford, Inc.) 2017 A $13,500,000 St. Mary’s of Medford, Inc. $13,409,000 and B Revenue Bonds (OCHIN, Inc.) 2017 A $11,160,000 OCHIN, Inc. $10,711,000 Revenue Bonds (College Housing NW Clifton College Housing Northwest, $18,715,000 $18,715,000 House, LLC) 2016 A and B Incorporated The Reed Institute, dba Reed Revenue Bonds (Reed College) 2017 A $65,650,000 $65,650,000 College TOTALS $4,318,799,977 $2,024,397,651

34 OFA Annual Report 2018 TABLE 2 OFA SNAP LOANS (SMALL NONPROFIT ACCELERATED PROGRAM)

Set forth below is a list of SNAP Loans issued by the Oregon State Treasurer through the Oregon Facilities Authority and the outstanding balances as of June 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Express Bonds (The International $1,494,000 The International School $0 School) 2007 Series A Revenue Bonds (Looking Glass) 2008 Series A $1,447,357 Looking Glass $519,548

Revenue Bonds (Pearl Buck Center) 2008 Series A $3,040,000 Pearl Buck Center $0 Revenue Bonds (Albertina Kerr Centers) 2008 $999,900 Albertina Kerr Centers $161,719 Series A Revenue Bonds (Deschutes Children’s Deschutes Children’s $700,000 $242,084 Foundation) 2008 Series A Foundation Revenue Bonds (National College of Natural National College of Natural $5,350,000 $4,088,989 Medicine) 2008 Series A Medicine Revenue Bonds (Morrison Child & Family Morrison Child & Family $553,526 $434,189 Services, Inc.) 2008 Series A Services, Inc. Revenue Bonds (NW Human Services, Inc.) 2008 $1,850,000 Northwest Human Services $0 Series A Revenue Bonds (Samaritan Health Services) 2009 $15,800,000 Samaritan Health Services $10,282,814 Series Revenue Bonds (Pacific Crest Community $961,500 Pacific Crest Community School $733,405 School) 2009 Series A Revenue Bonds (Luke-Dorf, Inc.) 2009 Series A $1,986,250 Luke-Dorf, Inc. $1,505,399 Revenue Bonds (Central City Concern, Inc.) 2010 $4,550,000 Central City Concern, Inc. $3,877,313 Series A Revenue Bonds (Innovative Housing, Inc.) 2010 $1,322,000 Innovative Housing, Inc. $1,045,677 Series A Revenue Bonds (DePaul Treatment Centers, Inc.) $1,550,000 DePaul Treatment Centers, Inc. $1,236,215 2010 Series A Revenue Bonds (Sequoia Mental Health) 2010 $2,700,000 Sequoia Mental Health $2,238,100 Series Revenue Bonds (National College of Natural National College of Natural $1,785,000 $1,261,467 Medicine) 2010 Series Medicine Revenue Bonds (Camelot Theatre Company) $500,000 Camelot Theatre Company $390,720 2010 Series Revenue Bonds (Catholic Community Services Catholic Community Services $2,820,000 $2,292,101 Foundation) 2011 Series A Foundation Revenue Bonds (Western Waldorf Association, Western Waldorf Association, Inc. dba Cedarwood Waldorf School) 2011 Series $2,600,000 Inc. dba Cedarwood Waldorf $2,117,216 A School Revenue Bonds (Shangri-La Corporation) 2011 $3,580,867 Shangri-La $2,891,759 Series A

OFA Annual Report 2018 35 SNAP LOANS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (ShelterCare) 2011 Series A $1,610,000 ShelterCare $1,324,290 Revenue Bonds (Planned Parenthood of Planned Parenthood of $4,000,000 $2,876,089 Southern Oregon) 2011 Series A Southwestern Oregon Revenue Bonds (Comprehensive Options for Comprehensive Options for $2,363,000 $1,969,220 Drug Abusers, Inc. (CODA, Inc.)) 2011 Series A Drug Abusers, Inc. (CODA, Inc.) Revenue Bonds (Willamette Community Health Willamette Community Health Solutions dba Cascade Health Solutions) 2012 $4,661,160 Solutions, dba Cascade Health $3,866,388 Series A Solutions Revenue Bonds (Willamette Family Medical Willamette Family Medical $2,000,000 $1,643,778 Center, Inc.) 2012 Series A Center Revenue Bonds (Innovative Kinnaman, LLC) 2012 $1,193,728 Innovative Kinnaman, LLC $1,002,640 Series A Revenue Bonds (Our United Villages dba The Our United Villages, dba The $857,000 $712,830 ReBuilding Center) 2012 Series A ReBuilding Center Revenue Bonds (Morrison Child and Family Morrison Child and Family $750,000 $632,869 Services) 2012 Series A Services Revenue Bonds (Ridgeline Montessori Public $926,250 Ridgeline Montessori School $774,998 Charter School) 2012 Series A Revenue Bonds (The International School) 2012 $2,200,000 The International School $0 Series A Revenue Bonds (French American International $3,627,758 French American School $1,871,065 School) 2013 Series A Revenue Bonds (Innovative Village Square, LLC) $1,937,365 Innovative Village Square, LLC $1,632,097 2013 Series A Revenue Bonds (Portland Waldorf School) 2013 $2,099,433 Portland Waldorf School $1,816,944 Series A Revenue Bonds (Cascades Academy of Central Cascades Academy of Central $4,000,000 $3,797,714 Oregon Project) 2013 Series A Oregon Revenue Bonds (MercyCorps Project) 2015 Series $9,130,000 MercyCorps $8,385,220 A Revenue Bonds (Willamette Community Health Willamette Community Health Solutions dba Cascade Health Solutions) 2015 $6,000,000 Solutions, dba Cascade Health $5,798,701 Series A Solutions Revenue Bonds (Innovative Housing Project) $4,022,000 Innovative Housing KWVS, LLC $3,780,075 2015 Series A Revenue Bonds (Luke Dorf, Inc.) 2015 Series A $3,650,000 Luke Dorf, Inc. $3,420,236 Revenue Bonds (National College of Natural National College of Natural $13,000,000 $12,164,926 Medicine) 2015 Series A Medicine Revenue Bonds (Victory Academy) 2015 Series A $2,600,000 Victory Academy $2,439,959 Revenue Bonds (EagleRidge High School) 2016 $2,400,000 EagleRidge High School $2,264,637 Series A Revenue Bonds (Cedar Sinai Park) 2016 Series A $20,000,000 Cedar Sinai Park $20,000,000

36 OFA Annual Report 2018 SNAP LOANS ISSUED BY THE AUTHORITY THROUGH JUNE 30, 2018

Outstanding Original Principal Name of Obligation Participating Institution Principal Balance Amount as of June 30, 2018 Revenue Bonds (Cascades Academy of Central Cascades Academy of Central $5,000,000 $5,000,000 Oregon) 2016 Oregon Revenue Bonds (The International School) 2016 $6,400,000 The International School 2016 $6,115,271 A Revenue Bonds (Clark Family Center) 2016 A $3,073,000 Clark Family Center 2016 $3,008,326 Revenue Bonds (Serenity Lane Health Services) $13,168,000 Serenity Lane Health Services $12,927,845 2016 A Revenue Bonds (Community Vision, Inc.) 2016 A $4,500,000 Community Vision, Inc. $4,500,000 Revenue Bonds (Morrison Child and Family Morrison Child and Family $1,600,000 $1,564,322 Services) 2017 A Services Revenue Bonds (Montessori School of Beaverton) $2,077,500 Montessori School of Beaverton $2,077,500 2017 A Revenue Note (Forest Grove Community School) Forest Grove Community $1,063,000 $1,040,839 2017 A School Revenue Note (French American International French American International $7,500,000 $7,372,545 School) 2017 A School Revenue Note (St. Vincent de Paul Society of St. Vincent de Paul Society of $8,500,000 $8,397,378 Lane County) 2017 A Lane County Revenue Note (Swallowtail School, Inc.) 2017 A $2,457,738 Swallowtail School, Inc. $2,403,101 Revenue Note (ROSE Community Development ROSE Community Development $1,847,645 $1,824,329 Corporation) 2017 A Corporation CAP Belmont LLC (Cascade Revenue Note (CAP Belmont LLC) 2017 A $1,897,500 $1,880,495 AIDS Project) TOTALS $207,702,477 $175,605,342

OFA Annual Report 2018 37 We look forward to hearing from you!

Gwendolyn Griffith ∙ Executive Director, Oregon Facilities Authority

888 SW Fifth Avenue, Suite 1600 Portland, OR 97204 Phone: (503) 802-5710 Email: [email protected] http://www.oregonfacilities.org

French American International School, Portland

38 OFA Annual Report 2018 In accordance with the

American with Disabilities Act,

this material is available in alternate formats and media upon request.

For more information:

Phone: (503) 378-6885 TDD: (503) 373-0737

Or write:

Oregon State Treasury Personnel Manager 350 Winter Street, NE, Suite 100 Salem, OR 97301-3896

A Desktop Publication of the Oregon State Treasury

Contains Recycled Material ROSE Community Development Corporation, Portland

French American International School, Portland