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Lake Oswego board approves $235 million bond package to replace two oldest elementary schools, maintain tax rate
Summary
At its March 10 meeting the Lake Oswego School District board approved the bond development committee's $235 million bond recommendation to replace aging Lake Grove and Forest Hills elementary schools, keep the district's total general obligation bond tax rate near $2.90 per $1,000 of assessed value, and sell the bonds in two tranches.
The Lake Oswego School District Board of Directors voted March 10 to approve the bond development committee's recommendation to place a $235,000,000 general obligation bond measure on the ballot as the final phase of the district's decade-long facilities plan.
The measure is structured to maintain the district's current total general obligation bond tax rate at roughly $2.90 per $1,000 of assessed value and would be sold in at least two tranches, with the first sale planned for spring 2026 and the second in spring 2029, according to district staff.
Why it matters: The bond package targets the district's oldest buildings and failing infrastructure, and aims to complete a three-phase plan that district officials say will leave the district with modernized facilities while avoiding an increase in the district's current bond tax rate. If approved by voters, the district plans to use the funds to replace Lake Grove and Forest Hills elementary schools, consolidate…
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