The Oregon State Treasury recently sold $990 million in General Obligation (GO) bonds through its Buy Oregon Bonds Program. The money from the sale will be used to build affordable housing, fix up K-12 schools and state universities, and prepare for emergencies.
Bonds worth almost $1 billion were sold, and Oregon investors bought more than $109 million worth of them.
“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. 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,” said Oregon State Treasurer Tobias Read.
Through the Buy Oregon Bonds Program, Oregonians could invest in the state by buying bonds with a $1,000 face value instead of the usual $5,000 face value.
The goal of the smaller offering was to get more local investors and give everyone in Oregon an equal chance to invest in the state. The $109 million in bonds that retail investors in Oregon bought was the most money that has ever been spent on bonds.
Tax-free bonds worth $809 million were part of the sale. These bonds will pay for 13 school, state, and local government building projects. These projects include seismic upgrades and other safety improvements.
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Another $184.5 million in taxable bonds, of which $176 million are Sustainability Bonds, will help pay for affordable housing across the state and capital improvement projects at state universities.
This was the seventh time the Oregon State Treasury sold Sustainability Bonds. The money from these bonds will be used to build affordable housing.
The Treasury’s Debt Management team finished the GO bond sale on March 15, 2023. They were able to get suitable financing even though the market was changing. Because of this, it is thought that the State of Oregon’s general fund will get a $40 million boost from the savings in interest costs over time.
Oregon Treasury shared a tweet related to this news, which is given below-
In March, Treasury finalized nearly $1 billion in bond sales through its Buy Oregon Bonds Program, helping to fund projects statewide! Through the program local residents have had more opportunities to invest in Oregon. Read more here: https://t.co/OiKabDAsKZ pic.twitter.com/K4EPCBq5fR
— Oregon St Treasury (@OregonTreasury) March 31, 2023
Allocation of bond proceeds by category for projects that are expected to happen include:
- K-12 schools, community colleges, and state universities: $321.2 million
- Affordable housing: $175 million
- State parks and other state facilities: $198.2 million
- Judicial and public safety: $224.5 million
- Emergency management: $5 million
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