This week, the Oregon State Treasury completed a nearly $1B General Obligation bond sale. The $990 million was sold through the Buy Oregon Bonds Program, run by the Treasury.
A press release from the State Treasury says that the money from the bond will be used to invest in affordable housing, public education, and emergency preparedness.
More than $109 million of the bonds were bought by individual investors in Oregon.
“Treasury is proud to coordinate the sale of state bonds to help improve our schools and other state facilities, as well as funding for the development of affordable housing,” Oregon State Treasurer Tobias Read said in the release.
“This bond sale offered Oregonians an exciting, and equitable opportunity to invest in our state. I am thrilled with the level of interest we saw from local investors.”
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Through the Buy Oregon Bonds Program, people in Oregon could buy bonds to invest in the state. The state sold bonds worth $1,000 each.
“The goal of the reduced offering was to attract a wider range of local investors and provide Oregonians equitable opportunities for investing in the state,” the Treasurer’s office explained in the release. “The $109 million in bond purchases by Oregon retail investors was the largest in recent history for bond sales.”
Tax-free bonds worth $809 million were part of the Treasury’s sale. The bonds will pay for 13 projects, such as school repairs, upgrades, and state and local government buildings. It also had taxable bonds worth $184.5 million, of which $176 million were Sustainability Bonds.
The Debt Management team at the Treasury did the bond sale on March 15, 2023. It did this after getting financing on good terms. The release said that the state would save on interest costs over time, which would add $40 million to the general fund.
Here’s how much the state plans to spend on different programs with the money from the bond sales:
- K-12 schools, community colleges and state universities: $321,2 million
- Affordable housing: $175 million
- State parks and other state facilities: $198,2 million
- Public safety and the justice system: $224,5 million
- Emergency management: $5 million.
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