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Press Release Contact:
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Bond Refunding Good News for LOSD Taxpayers
For Immediate ReleaseJuly
20, 2005 The Lake Oswego School Board recently approved an advance refunding of the school district’s 2001 General Obligation Bonds that will save taxpayers over $5.9 million over the remaining years of the bond issue. In November 2000, district voters approved an $85 million bond measure for construction and facility improvements. In order to take advantage of favorable market conditions, an advance refunding of $74.45 million of those bonds was pursued, and final pricing completed on July 7. A refunding is essentially the same as a home refinancing, where existing debt is retired and new debt issued at lower interest rates. The Lake Oswego School Board and district administration have pursued a strategy that will leverage market conditions to benefit its patrons, and are pleased that this refunding will save the district’s taxpayers over $5.9 million. Savings from this advance refunding will be reflected in property tax statements beginning in October 2006. ### |
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