In May 2018, voters approved the issuance of $199 million in bonds to improve school facilities. To ensure that all bonds remain tax-exempt, the district developed an issuance plan that allowed for two separate issuances, one in 2018 and the second in 2021. This second issuance is necessary to complete all promised bond projects.
The Corvallis School District is pleased to announce the successful sale of $39,915,000 in general obligation bonds. We have maintained our Aa2 bond rating by Moody’s. The state of Oregon is just one rating above CSD at Aa1 and our Aa2 rating is the third highest in Moody’s rating scale. Similar to the last time we were rated, the fiscally conservative nature of the school board and our board policy on reserves shows our district is a strong organization for investment. This puts Corvallis in an elite class of school districts.
Through the excellent sales effort by our underwriter, Piper Sandler & Co., demand for the bonds was very high, which drove interest rates down and bond premiums up. The district sold $39,915,000 in bonds but premium dollars resulted in the district receiving $50,420,389.
“We are extremely pleased with these results,” said Superintendent Ryan Noss. “The bond premium will augment the $199.9 million approved by voters to ensure that we complete all of the bond projects as promised to our community while keeping the levy rate at or below $1.98 per $1,000 of assessed value.”
Regular updates on the bond program will be provided on the Corvallis School District website. Visit the Frequently Asked Questions page for bond-related information.