Lake Oswego School District's first sale of a portion of its $180 million 2021 bond authorization was very successful. Proceeds from the sale will fund districtwide capital improvements approved by Lake Oswego voters in the November 2021 election.
Building on LOSD’s highest Oregon school district S&P credit rating of AA+, $153 million of the district's bonds sold Tuesday at a strong premium. The sale generated total proceeds of $165 million, a $12.285 million premium over par. The net premium increased by roughly $1 million from presale estimates, all while staying within a maximum overall expected increase in property tax rates of 92 cents per thousand.
When considered with this bond sale's All-In True Interest Cost (TIC) of 3.283%, the results are even more impressive. This All-in TIC of 3.283% is among the lowest for comparable bond sales in this period.
An updated 2022-23 property tax rate estimate will be shared with the Legal Budget Committee as part of the 2022-23 proposed budget at the LOSD Legal Budget Committee Meeting April 27.
Lake Oswego School District is rated the leading comprehensive public school district in the state of Oregon, and among the best in the country, by Niche. The 11 schools in the district support a learning community of 7,000 students and 850 staff members dedicated to creating a culture of belonging and educational excellence.