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Lake Oswego board approves bond development committee recommendation to seek $235 million bond, maintain tax rate
Summary
The Lake Oswego School District board approved the bond development committee’s recommendation to place a $235 million general obligation bond on the November ballot that would replace two aging elementary schools, fund districtwide repairs and keep the district's overall property tax rate near the current $2.90 per $1,000 of assessed value.
The Lake Oswego School District Board approved the bond development committee's recommendation on March 10 to refer a $235 million general obligation bond measure to voters that, if passed, would fund replacement of Lake Grove and Forest Hills elementary schools, central office improvements and districtwide infrastructure work while aiming to keep the total property tax rate roughly unchanged.
The bond package, described to the board by Tony Vandenberg, would pay for the final phase of a multi-stage facilities plan and is structured to be sold in two tranches (about half in 2026 and the remainder in 2029). Vandenberg said the proposal was designed to maintain the district's existing total bond-related property tax rate of approximately $2.90 per $1,000 of assessed value by offsetting new…
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