Sale Results — West Linn-Wilsonville Sells General Obligation Bonds

Posted by West Linn-Wilsonville on 2/14/2020 9:00:00 AM

The West Linn-Wilsonville School District sold $147.9 million of the district’s General Obligation (GO) Bond authorization on Wednesday, Feb. 12. The bond was approved by voters in the November 2019 Election.

Due to high investor interest, the District sold $147.9 million in bonds but will receive $158.1 million for capital projects to be completed over the next few years. The remaining $58.9 million of the $206.8 million bond measure will be sold at a future date to complete the remaining capital projects outlined in the bond measure.

“Because of low interest rates in the market and the attractiveness of the District’s bonds, Wednesday’s sale resulted in a premium that the District can use for projects outlined in the bond measure,” said Chief Financial Officer Son Le Hughes.

The bond proceeds from the Feb. 12 sale will result in several key projects across the West Linn-Wilsonville School District. Capital projects will address overcrowding across the District, increase Career and Technical Education opportunities for students, increase safety and security, upgrade technology, and fund several other projects District-wide.

Major projects include a new primary school in Wilsonville, stadium and parking upgrades at West Linn High School, construction of a new Athey Creek Middle School in West Linn, relocation of the district’s third option high school to the existing Athey Creek Middle School building, and construction of a new performing arts center at Wilsonville High School among others.

In addition to the sale of GO bonds, the District executed a “refunding sale” agreement to save borrowing costs through lower interest rates. The refunding sale pertains to a bond measure approved by voters in 2014, saving West Linn-Wilsonville residents approximately $4.8 million.

“The District is grateful for the financial support of the community and is committed to managing bond funds responsibly,” Hughes said. “With this sale of bond proceeds, the District is excited to now focus on planning and construction of the capital projects outlined in the bond measure.”

To learn more about the 2019 Capital Bond, or to subscribe for capital bond updates and communications, please visit the Bond Website.