The Corvallis School District is pleased to announce the successful sale of $160,000,000 in general obligation bonds, the first increment of sales for the $199 million bond which was approved by voters in May 2018. Because of federal tax law constraints on expenditures, the district is selling bonds in two series: one now and one in 2021.
With the district’s strong bond rating of Aa2 by Moody’s and AA by S&P and an excellent sales effort by our underwriter, Piper Jaffray & Co., demand for the bonds was high, which drove interest rates down and bond premiums up. The district sold $159,999,046 in bonds but premium dollars resulted in the district receiving $188,698,545.
“We are extremely pleased with these results,” said Superintendent Ryan Noss. “The bond premium will help provide a buffer in the event of unanticipated expenses with bond projects.”
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.