Board to vote on borrowing to pay down pension debt

What happened

On October 27, 2026 the board is scheduled to vote on joining a pooled Oregon program to issue pension obligation bonds. The money would go into a new PERS side account to lower future pension costs. The district's share of unfunded pension liability is estimated at $247.6 million, and the resolution caps the interest rate at 5.25%. The resolution must pass by November 13 to join this round.

Why it matters to families

Pension costs are about a quarter of salary costs. The district says savings could help the budget but are not guaranteed and depend on investment returns and interest rates.

The evidence

The October 27, 2026 packet says issuing pension obligation bonds 'may continue to provide long-term PERS savings' but 'future savings are not guaranteed' and 'actual outcomes may differ significantly from projections.' The draft resolution sets a maximum true interest cost of 5.25%. This is proposed and not yet voted on.

The source