OCSD Sells Bonds

Our District sold its $163 million voter-approved bondissue mid-February. The sale went extremely well, with overall demand for bonds vastly surpassing supply.

In fact, our District’s bonds had nearly 4 orders for every maturity, meaning that our Underwriter, Piper Sandler, was able to reduce the interest rates over the initial offering, and investors were willing to pay a premium price in order to receive bonds.

As a result, our District will receive approximately $13.6 million in additional proceeds that can be used on projects in accordance with the voter-approved ballot title.

The stellar results were due in large part to our District’s credit rating. 

In their rating summary, S&P Global noted our District’s “strengthened available fund balance,” reinforcing the Board’s choices to prioritize prudent financial management. They also noted the “growing local economy and tax base” here in Oregon City.