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 named PFM Financial Advisors as municipal debt advisor, Hawkins Delafield & Wood as legal counsel, US Bank as paying agent and an underwriter group led by Piper Sandler with BofA Securities and Metro Financial.

- Projects already started or planned: staff reported immediate work completed or under way includes classroom carpet replacements at CFT and Metzger, window replacements at Tualatin Elementary, and a partial roof replacement (completed in stages as materials allow). Longer-term design and engagement are under way for Fowler Middle School and a cohort of four elementary schools. The board was told some elementary sites will require portables to facilitate occupied construction; site surveys, geotechnical work and land-use steps are in progress.

- Oversight and outreach: staff said they are assembling a bond oversight committee and plan monthly updates to the board and regular public communications by social media, newsletters and local outlets.

Board actions (votes at a glance)

- Resolution 25-26-03 (supplemental budget #1 — general obligation debt service fund): Motion to approve presented by Director Jaime (mover), seconded by Director Miles; motion carries unanimously. Staff said the resolution adjusts the district’s debt-service fund by approximately $17,700,000 to reflect anticipated tax receipts and related debt service on the 2025 bond issuance.

- Resolution 25-26-04 (supplemental budget #2 — capital projects fund): Motion to approve presented by Vice Chair Irvin (mover), seconded by Director Jaimez; motion carries unanimously. Staff reported the resolution recognizes $206,973,186 in capital-project revenue (bond proceeds plus anticipated interest) and appropriates the full amount for capital improvements.

- Resolution 25-26-05 (categorize and impose additional taxes for 2025-26): Motion to approve presented by Director Jaime (mover), seconded by Director Miles; motion carries unanimously. The board voted to impose an additional $18,188,900 in property taxes for the 2025-26 budget; staff reported the total imposed bond amount will be $40,746,700 and explained the levy is categorized on assessed value without constitutional limit for general obligation bonds.

What staff and board said about timelines and risk

District staff stressed that the bond program will be implemented in stages and that some projects are constrained by supply and schedule. Koloski and staff said the district will return to market for the remainder of the authorization in one or two tranches in coming years depending on construction pace. Staff cautioned that some work (for example, portions of the Tualatin Elementary roof) was deferred because materials were not available in time and will be completed next year.

Cost, oversight and vendors

Staff summarized issuance costs at roughly $782,000 for the October series and listed the firms involved in underwriting, counsel and advisory roles. Bridal Architecture (named in the meeting transcript as the design consultant) is under contract for five major projects and is beginning stakeholder engagement. Construction-management firms were solicited via RFP and a mandatory pre-proposal meeting was held; staff expected multiple respondents.

Community and school-level impacts

Staff said planned projects include classroom and HVAC upgrades, security upgrades such as installing classroom doors at Deer Creek, new or refurbished playgrounds, field lighting and bleacher replacements to improve ADA access, and replacement of older refrigerant HVAC units. Staff noted a mix of occupied construction at elementary schools requiring temporary classroom arrangements and emphasized ongoing principal and community engagement.

Clarifying details (from meeting record)

- Bond sale: $197,120,000 issued; premium realized $9,300,000 (about 4% of issuance). - Funds available for first tranche of projects: approx. $205,000,000. - Capital supplemental recognized revenue: $206,973,186 (reported to board). - Debt-service supplemental adjustment: approx. $17,700,000 (reported to board). - Additional tax levy imposed: $18,188,900; total imposed bond amount stated as $40,746,700. - Anticipated future debt sales: 1–2 tranches, timeline 3–4 years depending on project pace.

Community relevance and next public steps

Staff said the district will hold neighborhood and stakeholder meetings for site-specific projects (for example, lights at Tualatin Middle School) before construction and that the bond oversight committee will include community members previously engaged during the bond planning process. The board will receive monthly bond updates. Specific construction schedules and land-use approvals will guide timing for individual projects; some items will return to the board for contract approvals and land-use actions.

Ending

The board’s approvals complete the financial steps required to begin spending on the first set of bond projects. Staff will continue monthly reporting and will return to the board with project-specific contracts and land-use approvals as those items progress.