Bend Parks and Rec sells bonds at low interest rate
Following up on the bond measure passed by voters last November, Bend Park & Recreation District sold general obligation bonds on Tuesday at an interest cost better than the district anticipated during the election.
Dedicated to fund new park lands, trails and recreation amenities, the $29 million bond measure was expected to cost taxpayers 24 cents per $1,000 of assessed property value, but is now projected to come in at less than 22 cents per $1,000.
“We are pleased with the lower tax rate and low true interest cost of 2.99%,” said Don Horton, the district’s executive director. “Low interest rates were a key reason the Board of Directors chose to seek a bond last November. We are fortunate to be able to provide the community with such a good investment.”
The bonds received a Moody’s municipal bond rating of AA3, given to issuers that demonstrate very strong creditworthiness relative to other US municipal or tax-exempt issuers.
There were 10 bidders for the bond sales, with Raymond James and Associates, Inc. being the lowest bidder and selected buyer. It is anticipated that the bond sale will close in early June.
