Cascade School District 5 board adopts resolution to authorize sale of general obligation bonds after election certification

Cascade School District 5’s board of directors on June 22 adopted a resolution authorizing the sale of general obligation bonds and formally recorded the May 19, 2026 election results as certified by Marion County.

A district presenter said the resolution recognizes that a majority of qualified voters approved the bond measure under Oregon law and authorizes issuance of bonds secured by the district’s full faith, credit and a levy sufficient to pay principal and interest. The presenter said the proceeds will be deposited into a dedicated capital projects fund and ‘‘will not change our permanent rate.’’ The board affirmed Hawkins Delafield & Wood LLP as bond counsel and Piper Sandler as underwriter to handle the sale.

Board members discussed timing and oversight. Officials said the district will have three years from the time the bonds are sold to spend the proceeds. The board and staff described likely projects—including HVAC, roofing and concrete work—and said much of the contracting work is expected to occur in spring and summer, with construction beginning in earnest next summer. Staff told the board it will review procurement thresholds and a related board policy (members referenced prior thresholds such as $30,000 and $50,000 and noted OSBA guidance could show higher thresholds) and bring any recommended policy amendments back to the board.

On financing costs, the presenter relayed a conservative estimate provided by Scott Rose of RNC Management that up to 37 percent of project budgets could be allocated to non-construction soft costs such as permits and architect fees. The presenter also told the board that exact costs to sell the bonds were not known at the meeting and that depending on market conditions the bonds could sell at a premium, which can offset some issuance costs.

To streamline execution, the board authorized the chair, the superintendent, the director of finance and the director of communications to act as official representatives on routine sale details and adopted two internal-control exhibits: one intended to protect the bonds’ tax‑exempt status and another requiring periodic disclosure on EMMA (Electronic Municipal Market Access).

The board moved, seconded and approved Resolution 3A by vocal assent; the transcript records the chair declaring the motion carried but does not include a roll-call tally in the recorded minutes. Staff said they expect to return with updates as planning proceeds and that the bond sale is unlikely to occur before August.