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Forest Grove SD 15 bond oversight: $128 million program reports most projects on schedule; $28.8M spent to date
Summary
The Bond Oversight Committee reviewed the quarterly financial report: a $128 million bond with roughly $103 million received, $28.8 million expended so far, and interest/premium adjustments that increase available resources by an estimated $14.3 million after arbitrage rules.
The Forest Grove SD 15 Bond Oversight Committee heard a financial update on the district’s $128 million bond program, including receipts, expenditures and projections for remaining funds.
Eileen, the meeting’s lead presenter, said the district has received about $103 million of bond proceeds and reported that 62.8% of the budget has been expended or committed. “$28,800,000 has been expended to date, and the rest is all in commitments and contracts that we have secured,” she said.
Eileen told the committee the district is projecting an additional $14,300,000 in available resources driven by bond premium and interest earnings, but cautioned that the $3,400,000 of interest cited is shown after arbitrage adjustments required for tax‑exempt bonds. “Anything over and above, we have to give back to the IRS,” she said, explaining why reported interest is adjusted.
Committee members asked routine schedule and encumbrance questions; Eileen noted some encumbrances will run through next summer for projects such as Cornelius. The committee formally approved the June 12, 2024 minutes by motion and voice vote during the meeting.
Why it matters: The update shows that construction activity is under way and that many projects are contractually committed; the presence of interest and premium funds gives the district flexibility for added-value items but is limited by federal arbitrage rules. The committee flagged one area—security Trio system funding—that may require minor reallocations as the program finishes remaining buildings.
Next steps: The committee will present the annual report to the Board (the packet covers expenditures through May) and plans routine quarterly reporting on budget status and project encumbrances.
