Tigard-Tualatin board reports $197.1 million bond sale, approves supplemental budgets and tax levy

At its regular meeting (date not specified), the Tigard-Tualatin School District 23J Board of Directors heard a bond implementation update and approved the first series of bond-related budget adjustments and tax levies to fund capital projects.

The board’s update described the district’s August bond sale and the near-term project plan. The board then unanimously approved three supplemental-budget resolutions that recognize long-term debt proceeds, adjust the district’s debt-service fund and impose the additional property tax levy necessary to repay the bonds.

Director Koloski, presenting the bond status, said the district completed its first bond issuance on Aug. 5 and closed the sale the following week. “We issued $197,120,000 in bonds,” Koloski said, and “based off of market conditions, realized an additional $9,300,000 in premium.” Koloski and staff explained the premium and timing mean the district presently has roughly $205,000,000 available for the first slate of projects. The board was told the district intends further sales in three to four years to complete the authorized program depending on construction schedules.

Why it matters: The bond proceeds fund a multi-year list of projects at multiple schools, including classroom and systems upgrades, windows and roofs, playground and field improvements, and security work. The board’s decisions set near-term cash flows, appropriate capital-project spending and direct county assessors to collect the levy that will repay the bonds.

What the board approved and next steps

- Bond sale and financing: district staff and their advisers described the finance team and underwriting syndicate used for the sale. Staff…