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Lake Oswego SD 7J board approves amendment to bond sale resolution appointing new bond counsel
Summary
The board approved an amendment to a prior bond sale resolution to appoint Foster Garvey as bond counsel and to explicitly authorize participation in the Oregon School Bond Guarantee program; the board approved the action by voice vote and staff said sale is scheduled for early–mid May.
The Lake Oswego School District 7J Board of Directors approved an amendment to a prior bond sale resolution to name Foster Garvey as bond counsel and to explicitly authorize participation in the Oregon School Bond Guarantee (OSBG) program.
Mr. Kessler, who presented the item to Chair Wallen and the board, said the amendment is a technical but important step for the remaining tranche of the district’s 02/2021 bond authorization. He told the board the district previously sold the first tranche under the 2022 resolution for “just under $153,000,000,” and that the amendment appoints Foster Garvey following the dissolution of the prior counsel firm Mercier & Shannon in early 2024.
Kessler said the amendment also specifically calls out the authority to participate in the state’s school bond guarantee program; although the authority was “somewhat implicit” in the original resolution, the district’s financial adviser and bond counsel recommended being explicit to avoid potential questions from the OSBG administrator or purchasers.
Kessler described the next steps in the bond‑sale process: the district issued a request for proposals for underwriters in January and selected Piper Sandler, held a kickoff meeting with the underwriting team and the district’s financial adviser (PFM), and planned to market the bonds for sale in early–mid May with a closing generally anticipated within a week to 10 days after sale. He said the district may participate in the OSBG if rating conditions require it after the Standard & Poor’s rating process.
Director Bills moved to approve the amendment; Director Hartman seconded. The motion was approved by voice vote.
Kessler said the district expects to receive the remaining tranche of funds in late May if the sale proceeds as scheduled.
Proper names and background mentioned in the presentation included Mercier & Shannon (dissolved early 2024), Foster Garvey (new bond counsel), Piper Sandler (underwriter), PFM (financial adviser) and Standard & Poor’s (rating agency).
