Cascade SD 5 board authorizes up to $30 million in general obligation bonds

The Cascade School District #5 Board of Directors on June 22 unanimously adopted a resolution authorizing the issuance and sale of General Obligation Bonds, Series 2026, with an aggregate principal amount not to exceed $30 million. The motion to adopt Resolution 3.A. was moved by Vice Chair Ruth Stevens and seconded by Aaron Lee, and the motion carried with all members voting yes.

Finance Director Mr. Wang presented the measure and said the funds “will be legally restricted and deposited into a dedicated fund to pay for authorized capital projects and related issuance costs.” The resolution recognizes the May 19, 2026 election results and formalizes the district’s selection of Hawkins, Delafield & Wood as bond counsel and Piper Sandler & Co. as underwriter/placement agent. The board designated Board Chair Brett Stegall, Superintendent Darin Drill, the Director of Finance, and the Director of Communications as authorized representatives to execute the required documents.

Board members questioned timeline and costs associated with issuance, and district staff described internal controls tied to the sale: Post-Issuance Compliance Procedures (Exhibit A) and Continuing Disclosure Controls (Exhibit B). During discussion staff also clarified that the district expects an additional $10 million in matching funds from the Oregon Department of Education but that receipt of those funds and related project bidding timelines remain subject to state processes and further administrative steps.