June 24 2019
Tigard, Oregon – Tigard-Tualatin School District (TTSD) Chief Financial Officer David Moore announced today the realization of $21.9 million in bond premium on the sale of the remaining authorized $90.36 million of the original $291.315 million in General Obligations Bonds approved by Tigard-Tualatin voters in November 2016. The premium dollars will provide additional bond program contingency as the District completes remaining projects over the next few years.
"Factors that led to today's favorable outcome included the excellent leadership from the School Board and superintendent, counsel from financial partners and TTSD's strong financial condition and management," said CFO Moore. "TTSD's bonds are attractive to investors due to the district's high credit rating, outstanding credit reputation, and strong fund balances."
TTSD's bonds are exempt from Oregon's relatively high-income tax rate giving in-state buyers an extra advantage. Given that the volume of Oregon bonds has been very low in recent months, TTSD was well positioned to capitalize on high local demand. The district also credits the successful outcome to the exemplary guidance and service during the bond sale process from its financial advisors and underwriters to include PFM Financial Advisors, senior underwriter Piper Jaffray and co-manager underwriters, DA Davidson and Wells Fargo in addition to bond counsel Hawkins, Delafield and Wood LLP.
In November of 2016, TTSD voters approved a bond measure to significantly improve aging facilities, invest in critically needed safety improvements and build a new elementary school. The new Durham Education Center, phase one of Tigard High School, Templeton Elementary and the addition to Tualatin High School are scheduled to celebrate completion in August 2019. Construction of Twality Middle School begins in June 2019 with an expected completion winter of 2021. The groundbreaking for the new Rutkin Elementary School is scheduled for winter of 2020 and anticipated to open for the 2021-22 school year. Phase two of Tigard High School is scheduled to be completed late spring 2020. Infrastructure and safety improvements are ongoing.