$160 million successful bond sale
For Immediate Release
Contact: Christine Moses, 503-534-2312
Lake Oswego School District Announces Successful Bond Sale
Lake Oswego, OR, August 15, 2017 -- While there was a rally in the stock market early Tuesday morning, which typically serves to reduce demand for bond sales, the Lake Oswego School District's $160 million bond sale was very successful. Building on the district's highest Oregon school district S&P credit rating of AA+, the district's bonds sold this morning at a strong premium, generating total proceeds of $177.59 million, a $17.59 million premium over par.
When considered with this bond sale's All-In True Interest Cost (TIC) of 3.32%, the results are even more impressive. This All-in TIC of 3.32% is among the lowest for comparable bond sales this year.
“While formal school board action is still required to amend the district's debt service budget and levy, the results of this sale are expected to lower the estimated debt service property tax rate for this new bond from the prior estimate of $1.25 per thousand of Assessed Value (AV) to just under $1.16 per thousand of AV,” said Assistant Superintendent of Business Services Stuart Ketzler.
Lake Oswego School District is home to 7,000 students and 700 staff members. The district is rated as one of Niche 2018 Best School Districts in the country. Its mission is to be an inclusive and safe learning community with challenging opportunities that develop lifelong learners and contributing world citizens.