Under the Oregon School Bond Guaranty Program, the Office of the Treasurer may guarantee the general obligation bonds of school districts, education service districts or community colleges for the purpose of providing interest cost savings to state taxpayers.
Oregon voters approved Ballot Measure 54 at the November 1998 General Election. The constitutional amendment allows the State to guaranty qualified bonds of eligible school districts, education service districts, and community colleges throughout Oregon. As a result, the program allows qualified districts to have their bonds rated based on the State's current credit rating. The program saves districts thousands of dollars in interest costs over the life of the districts' bonds.
The Oregon School Bond Guaranty Program, as defined in Oregon Revised Statutes 328.321 to 328.356, is administered by the Office of the Treasurer. The Treasury, in this capacity, filed Oregon Administrative Rules 170-063-0000 which will guide administration of the program. The Treasury began accepting requests for participation in January 1999.