ANNUAL REPORT OREGON MUNICIPAL DEBT ADVISORY COMMISSION 1988

Transcription

1 ANNUAL REPORT OREGON MUNICIPAL DEBT '. ADVISORY COMMISSION 1988 Oregon Municipal Debt Advisory Commission Oregon State Treasury 159 State Capitol Salem, Oregon R. Scott Clements, Chair Anthony Meeker State Treasurer

2 ANNUAL REPORT OREGON MUNICIPAL DEBT ADVISORY COMMISSION 1988 March 1989 This Annual Report highlights the Commission's work during It is published pursuant to ORS (2).

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4 TABLE OF CONTENTS THE COMMISSION AND ITS STAFF... 1 Page HIGHLIGHTS OF SELECTED EVENTS DURING THE COMMISSION'S ROLE... 7 THE MARKET YEAR IN REVIEW... 9 SERVICE TO LOCAL GOVERNMENTS COMMISSION MEMBERSHIP CHANGES TABLES I. OREGON BOND INDEX AND BOND BUYER INDEX FOR II. PRIVATE ACTIVITY BOND ALLOCATIONS FOR III. LOCAL AND ST ATE GOVERNMENT BONDS ISSUED IN IV. TOTAL LOCAL GOVERNMENT DEBT OUTSTANDING BY COUNTY AS OF DECEMBER 31, GRAPHS I. BOND BUYER TWENTY BOND INDEX II. LOCAL 1988 ISSUES BY TYPE OF ISSUE III. LOCAL 1988 ISSUES BY PURPOSE OF ISSUE IV. LOCAL 1988 ISSUES BY TYPE OF ISSUER... 29

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6 1988 ANNUAL REPORT of the OREGON MUNICIPAL DEBT ADVISORY COMMISSION THE COMMISSION The Oregon Municipal Debt Advisory Commission was created by the Legislative Assembly for the principal purpose of improving the market for bond issues of state and local governments in Oregon. As of December 31, 1988, the Oregon Municipal Debt Advisory Commission consisted of the following members: Anthony Meeker State Treasurer, Member by position, or designee R. Scott Clements Chairperson Gerald W. Brock Manville Heisel D. Gary Holliday Marshall Kneeland Helen M. Rastovich Stephen S. Smith, Jr. Vice-President Seattle Northwest Securities Corporation Public Member Term expires 6/30/91 Director of Business Services Marion County School District 24 Oregon School Boards Association Representative Term expires 6/30/90 Attorney, Central Point Special Districts Representative Term expires 6/30/91 Finance Director City of Albany League of Oregon Cities Representative Term expires 6/30/90 Vice-President Manager/CT nderwriter/municipals Shearson Lehman Hutton, Portland Public Member Term expires 6/30/90 Deschutes County Treasurer Association of Oregon Counties Representative Term expires 6/30/89 Deputy State Treasurer Designee of State Treasurer

7 MDACSTAFF The Debt Management Division of the Oregon State Treasury serves as staff to the Commission. Charles R. Smith Manager Bill Aldrich Analyst Michael A. Clark Analyst Teresa Emmons Administrative Assistant 2

8 HIGHLIGHTS OF SELECTED EVENTS DURING 1988 January 19 February 16 March 10 March 22 April 4 April 11 April 19 State of Oregon Bond Training Seminar for State agencies sponsored by the State of Oregon Bond Committee. Regular meeting of the Municipal Debt Advisory Commission (MDAC). Meeting reviewed the activities of the Commission and the staff. Extensive discussion of the role of the Commission was conducted. Following the meeting Commission members and staff attended the statewide boards and commissions meeting. MDAC teleconference held in conjunction with Treasurer's hearing on a waiver of ORS (advance refunding requirements) for City of Gresham. Voters approved issuance of: -City of Wilsonville (Clackamas County) $2,320,000 G.O. bonds; -West Linn School District 3J (Clackamas County) $3,934,305 G.O. bonds; -City of Elkton (Douglas County) $260,000 G.O. bonds; -Victor Point School District 42 (Marion County) $190,000 G.O. bonds; -Woodburn School District 103 (Marion County) $2,978,000 G.O. bonds; -Beaverton School District 48 (Washington County) $13,810,000 G.O. bonds. MDAC issued its annual report for The report highlighted the Commission's work during the year and presented a summary of significant events that occurred in the municipal bond market during MDAC teleconference held in conjunction with Treasurer's hearing on a waiver of ORS (advance refunding requirements) for City of Tualatin, Tualatin Development Commission, and Port of Morrow. State of Oregon sold five General Obligation bond issues including the first federally-taxable State issue. Sales included: Oregon Department of Energy Alternate Energy Project Bonds $6,000, Series A (Governmental Purpose) $1,000, Series B (Private Purpose) $1,000, Series C (Federally Taxable) State Board of Higher Education Building Bonds $9,320, Series A (Governmental Purpose) Oregon Housing Agency Elderly & Disabled Housing Bonds $3,475, Series A [501(c) (3)] 3

9 CHRONOLOGY OF EVENTS IN 1988: Continued April20 May 12 May 17 May 19 May 19 June 1 June 14 June 22 June 28 In a 7-1 ruling (Justice O'Connor dissenting, Justice Kennedy not participating), the U.S. Supreme Court announced its ruling on South Carolina v. Baker. The ruling was that the federal government may tax the interest paid by state and local governments on the bonds that they issue. MDAC held a regular meeting in Portland. Main topic of discussion was the role of the Commission and its goals for the coming year. Featured speaker was Senator Joyce Cohen. Moody's Investors Service removed the ratings on 447 tax exempt debt issuers nationwide, including 22 Oregon issuers. Moody's explained that the rating withdrawals occurred because the issuers had "failed to respond to repeated requests for information" necessary for Moody's analysis. Voters approved issuance of: -Parkdale R.F.P.D. (Hood River County) $450,000 G.O. Fire Hall Bonds; -Mountain View Hospital District (Jefferson County) $1,500,000 G.O. Hospital Improvement Bonds; -Jefferson R.F.P.D. (Jefferson County) $525,000 G.O. Fire Hall Bonds; -City of Toledo (Lincoln County) $800,000 G.0. Sewer Improvement Bonds; -City of Halsey (Linn County) $300,000 G.O. Sewer Bonds; -Yamhill County School District 40 (McMinnville) $2,700,000 G.0. Building Bonds. Voters approved constitutional amendment to Article XI-I proposed by the Legislature to expand the uses of the Water Development Fund to include fish protection and watershed restoration. State of Oregon, State Board of Higher Education issued, by negotiated sale, $20, 725,000 General Obligation Advance Refunding Bonds, 1988 Series B [Oregon Baccalaureate (ORBAC) Bonds]. Issue included $5,615,000 Current Interest Bonds and $15,110,000 Zero Coupon Bonds. The Private Activity Bond Committee filed a temporary administrative rule (OAR ) describing the criteria and procedure to be used by the Committee in deciding whether to grant an allocation. Oregon Housing Agency Single Family Mortgage Program issued, by negotiated sale, $19,999,675 Mortgage Revenue Bonds 1988 Series A, B, & C. Issue is rated Aa by Moody's Investors Service. Voters approved issuance of: -City of Adair Village (Benton County) $250,000 G.O. Construction Bonds; -Port of Newport (Lincoln County) $1,540,000 G.0. Bonds; -Sublimity R.F.P.D. (Marion County) $200,000 G.0. Construction Bonds; -Union County $500,000 G.0. Airport Bonds; -City of Union (Union County) $600,000 G.O. Water Bonds. 4

10 CHRONOLOGY OF EVENTS IN 1988: Continued July 13 August 9 August August 9 September 23 October 11 October 18 October 18 October 27 MDAC held a teleconference call to decide on Commission goals and discuss the suspension, by Moody's Investors Service, of several local government bond ratings in May. MDAC selected several goals to guide its actions in the coming years. It decided to send a letter to the affected districts offering assistance in providing the needed information to Moody's so that the ratings could be reviewed and reinstated. Voters approved issuance of: -Baker County $2,400,000 G.O. Jail Bonds; -Oaklodge Water District (Clackamas County) $4,900,000 G.0. Water Bonds; -City of Brookings (Curry County) $3,200,000 G.O. Sewer Bonds and $1,300 G.O. Water Bonds; -City of Harrisburg (Linn County) $1,150,000 G.0. Sewer Bonds; -City of Athena (Umatilla County) $135,000 G.O. Sewer Bonds. Summer 1988 issue of The Oregon Bond Advisor published. Voters approved issuance of: -Marion County School District 31 (Brooks) $2,225,000 G.0. Construction Bonds; -Yamhill County $2,995,000 G.0. Jail Bonds. The Securities and Exchange Commission (SEC) issued a report on the regulation of Municipal Securities and its staff's findings from an investigation of the transactions in the Washington Public Power Supply System Securities (WPPSS) default. The SEC found that disclosure in the municipal securities must be improved. As a result, the SEC proposed a new rule (Rule 15c2-12) that would require underwriters to obtain disclosure documents and make them available to investors. The SEC also published an interpretation emphasizing underwriter responsibilities in municipal securities offerings. The SEC asked for comments on a proposal, advanced by the Municipal Securities Rulemaking Board (MSRB) and members of the industry, to create a repository of municipal disclosure documents. State of Oregon, State Board of Higher Education sold $26,225,000 General Obligation Building Bonds 1988 Series C (Governmental Purpose). State of Oregon, State Board of Higher Education sold $21,135,000 Certificates of Participation. State of Oregon, Department of Veterans' Affairs sold $135,000,000 Veterans' Tax Notes, Series State of Oregon, Economic Development Department issues first Composite Economic Development Revenue Bonds totaling $5,100,000 Series 1988-A, B and C. 5

11 CHRONOLOGY OF EVENTS IN 1988: Continued November 15 December 19 December MDAC held a regular meeting in Portland. The main topics of discussion were proposed and potential bond legislation for the 1989 session. The Private Activity Bond Committee held a meeting to hear the results of the survey of estimated 1989 needs and to allocate any unused portion of the volume cap as carryforward allocations. Carryforward allocations were granted to the Emerald People's Utility District, the Oregon Department of Energy, the Eugene Urban Renewal Agency, the Oregon Housing Agency and the Portland Development Commission. The Winter issue of The Oregon Bond Advisor is prepared. The issue is mailed early in January

12 THE COMMISSION'S ROLE The Oregon Legislature has given the Municipal Debt Advisory Commission broad powers in ORS to: ( 1) Provide assistance and consultation, upon request of the State or of local government units, to assist them in the planning, preparation, marketing and sale of new bond issues to reduce the cost of the issuance to the issuer and to assist in protecting the issuer's credit. (2) Collect, maintain and provide :financial, economic and demographic data on local government units pertinent to their ability to assume and service bonded obligations. (3) Collect, maintain and provide information on bonds sold and outstanding and serve as a clearinghouse for all local bond issues. ( 4) Maintain contact with municipal bond underwriters, credit rating agencies, investors and others to improve the market for local government bond issues. (5) Prepare, advertise and distribute, upon request of issuers, preliminary official statements required by ORS and notices of bond sales required by ORS and (6) Undertake or commission studies on methods to reduce the costs of State and local issues. (7) Recommend changes in State law and local practices to improve the sale and servicing of local bonds. (8) Perform any other function required or authorized by law. (9) Pursuant to ORS to adopt rules necessary to carry out its duties. A major thrust of Commission activity in 1988 centered on defining its mission and establishing goals for the next few years. Major agenda items at the February 16, May 12 and July 13 meetings of MDAC concerned the definition and adoption of goals. At its July 13th meeting the Commission adopted the following goals to guide its work: 1. Work toward having the MDAC better known by participants in the municipal market in Oregon. 2. Collect examples of written debt management policies and make these available to Oregon local governments as a resource to use in establishing, or modifying, their own policies. 3. Continue to educate and inform parties interested in Oregon Municipal bonds by publishing materials such as The Oregon Bond Calendar and The Oregon Bond Advisor and conducting seminars such as the biennial Oregon Local Government Conference. 7

13 THE COMMISSION'S ROLE: Continued In working toward goal number one, the MDAC will try and have its meetings at times and places where groups active in the Oregon bond market are meeting. The Commission has scheduled a spring 1989 meeting at the annual conference of the Oregon Municipal Finance Officers' Association. MDAC staff has begun the process of collecting debt policy statements. The Winter issue of The Oregon Bond Advisor, prepared in December 1988, contained two articles on debt policies, and requested Oregon local governments to provide copies of their written debt policies to the Commission. The Commission continued its efforts to educate and improve the market for Oregon municipal issuers through the publication of The Oregon Bond Calendar and The Oregon Bond Advisor. The Oregon Bond Calendar serves an important function of listing all upcoming municipal sales and provides the results of recent sales. This publication is used by issuers, financial consultants, underwriters, and bond counsel to schedule bond sales at times when the market is not saturated with similar issues. This helps market participants on the local, State and national levels keep up to date on Oregon issues. The Calendar was published 26 times during The Oregon Bond Advisor is an educational tool used by the Commission to inform those involved in the Oregon municipal market of current developments in the field and to present summary data on market activity. The Commission prepared two issues of the Advisor in

14 THE MARKET YEAR IN REVIEW Nineteen eighty eight was an interesting year for the Oregon municipal market. It was marked by the Federal Reserve maintaining a tight grip on monetary policy out of both a concern about potential inflation and the potential decline in the value of the dollar. This year saw a flattening of the yield curve. On December 13, 1988 the yield curve for Treasury issues actually became inverted with two-year Treasury notes yielding 9.16 percent while the benchmark 30-year bonds were yielding 8.97 percent. The market for municipal bonds was much less volatile than the previous year. Table I illustrates the variations in interest rates that occurred during The Bond Buyer 20 G.0. Index began the year at 7.83 percent and was 7.50 percent at the end of the year. It reached a high of7.97 percent May 19 and a low of 7.33 percent on November 4, a difference of0.64 percent. During calendar year 1987 the high was 9.17 percent and the low was 6.54 percent, a difference of 2.66 percent. In 1988, State agencies sold $292,509,675 of bonds and notes, and local governments issued $321,698,011 in long term obligations. The totals include $51,797,923 advance refunding bonds issued by local governments. This compares to 1987 in which the State sold $619,690,000 and local governments sold $573,090,527. In 1987, local advance refundings totaled $262,996,600. In 1987, the Port of Hood River issued the first federally-taxable municipal bond in Oregon. Since that time, several local governments have issued taxable obligations. During 1988, the City of Portland, Deschutes County, the Port of Tillamook Bay and the Port of St. Helens issued taxable obligations. The State of Oregon issued its first federally-taxable bond in This occurred in April when the $1,000,000 in federally-taxable Alternate Energy Project Bonds were sold. Because of the many restrictions placed on tax exempt issues by the 1986 Tax Reform Act, it is likely that the municipal market will see more federally-taxable issues in the future. While such issues are taxable under federal law, they remain exempt from Oregon income tax. On May 17, 1988, Moody's Investors Service removed the ratings of 447 tax exempt issuers nationwide. There were 22 Oregon districts on the list. Moody's said the withdrawals occurred because the issuers failed "to respond to repeated requests for information." MDAC reviewed the problem at its July 13 meeting and sent a letter to the Oregon districts offering assistance and urging them to provide the rating agency with appropriate information. On May 9, 1988, $20,725,000 State of Oregon, State Board of Higher Education General Obligation Advance Refunding Bonds [Oregon Baccalaureate (ORBAC) Bonds] were sold. These bonds were issued as both current interest and zero coupon bonds. The issue was designed to be of special interest to those looking for a tax-exempt way to save for college. While the issue was suitable for investment for future education expenses, the bonds offered no additional benefit beyond their investment value. ORBAC bonds were well-received and sold out in a matter of hours. The State has received many inquiries about the program and several other states have issued similar bonds. The 1989 Legislative Assembly will consider proposals that would: 1) provide a standard procedure for the issue of similar bonds in the future (HB 3067); and 2) establish a bonus for a student redeeming an ORBAC bond and who is enrolled in a fully-accredited institution. 9

15 On August 23, 1988, the City of Independence closed a negotiated sale of $150,000 street improvement revenue bonds. This was the first local issue in Oregon to be secured by moneys from the State Highway Fund allocated to and received monthly by a city. The 1987 session of the Oregon Legislature amended the sections of statutes known as the Uniform Revenue Bond Act to include State-shared revenues received by counties and cities as "revenues" which can be used to support debt service on revenue bonds. 10

16 SERVICE TO LOCAL GOVERNMENTS The Municipal Debt Advisory Commission (MDAC) provides a number of services to Oregon local governments. Out of 124 issues in 1988, local jurisdictions issued 106. MDAC's debt information system generated 114 overlapping debt reports during the year for local governments to use in their official statements, financial reports, and reports to rating agencies. There were 18 issues for State agencies, including a $135 million Department of Veterans' Affairs Tax Note sale. Debt Management Division staff reviewed and the Treasurer gave final approval to 12 advance refunding proposals totaling $51, 797,923 for local issuers in MDAC held four regular meetings during These meetings centered on issues that affect the municipal market in Oregon and what the proper role of the Commission should be in improving and developing this market. The Commission was concerned when Moody's Investors Service withdrew ratings of several Oregon districts. The Commission sent a letter to these districts offering its assistance in obtaining the needed information for the rating agency. In addition, MDAC sent letters to Moody's and Standard and Poor's offering its assistance to them in obtaining needed information on Oregon issuers before any rating withdrawal occurs. State law provides that the State Treasurer may waive the provisions of ORS to allow certain advance refundings. Such a waiver may be granted following a hearing held at the same time and place as a regular or special meeting of the Oregon Municipal Debt Advisory Commission. In 1988, there were two special meetings of the Municipal Debt Advisory Commission held to allow the Treasurer to have a hearing on four requests for a waiver. The Commission took an active part in the hearings asking questions and clarifying issues. During the year, staff received and recorded notification of bond and note sales. These were published in the Bond Calendar and entered into the MDAC data base. Staff received many calls from local issuers concerning upcoming sales so that each issuer could be sure there were no conflicts with other sales. This scheduling service helps provide a more orderly municipal market in Oregon. The Debt Management Division provided 62 copies of the Oregon Bond Manual to people working on Oregon municipal issues. The Manual provides information on the process of issuing and managing debt. Under the Tax Reform Act of 1986, the State of Oregon volume cap for calendar year 1988 was $150 million for certain "private activity bonds." A major portion of this cap had not been allocated as of November 1, On November 9, 1988, the Debt Management Division staff, acting for the Private Activity Bond Committee, mailed a survey to over 500 people active in the Oregon municipal bond market to determine: 1) their interest in a carryforward allocation from the 1988 private activity bond limit for any projects planned in the subsequent three years; and 2) the likelihood of a need for an allocation from the 1989 private activity bond limit. 11

17 SERVICE TO LOCAL GOVERNMENTS: Continued Table II lists the allocations and carryforward allocations made by the Private Activity Bond Committee for calendar year 1988 under provisions of the Tax Reform Act of

18 COMMISSION MEMBERSHIP CHANGES There was one change in the Membership of the Oregon Municipal Debt Advisory Commission during During 1988, one of the "public member" positions on the Commission became vacant. On June 10, 1988, Anne Pflug, Finance Director of the City of Springfield, one of the public member representatives, resigned from the Commission. Ms. Pflug accepted a position as City Manager of the City of Bothell in the State of Washington. Her service on the Commission is recognized and greatly appreciated. On November 2, 1988, Governor Goldschmidt appointed Marshall Kneeland to serve the unexpired term as a public representative. Mr. Kneeland is an investment banker with Shearson Lehman Hutton in Portland, Oregon. 13

19 TABLE I. OREGON BOND INDEX BOND BUYER INDEX Average Municipal Bond Yields - Compiled Weekly Average Municipal Bond Yields By the Debt Management Division Compiled Weekly OREGON A-RA TED STATEOFORG.O. By the Bond Buyer (A+ & Al) (AA) (A) 1988 loyr. 20YR. loyr. 20YR. 11 G.O. Bonds 20 G.O. Bonds January January January January February February February February March March March March March April April April April May May May May June June June June June July July July July August August August August September September September September September October October October October November November November November December l December December December December BOND G.O High / / / /03 Low / / / /26 Record High: 13.44% 1/14/82 Record Low: 1.29%

20 TABLE II PRIVATE ACTIVITY BOND ALLOCATIONS FOR 1988* $15 0, 000, 000 Available for Oregon in 1988 Issuer Economic Development Department Economic Development Department Department of Energy Port of Hood River City of Portland TOTAL PRIVATE ACTIVITY BONDS ISSUED DURING 1988 Amount Used $ 5,000,000 5,100,000 1,000,000 2,236,000 13,196,453 $26,532,453 IDB CAP Remaining $145,000, ,900, ,900, ,664, ,467,547 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 1988 CARRYFORWARD ALLOCATIONS Allocation Granted 12/19/88 12/19/88 12/19/88 12/19/88 12/19/88 Issuer Emerald People's Utility District Oregon Department of Energy Eugene Urban Renewal District Oregon Housing Agency Portland Development Agency Amount $ 42,290,000 9,888,774 15,000,000 9,888,773 46,400,000 TOTAL OF 1988 CARRYFORWARD ALLOCATIONS AS OF 12/31/88 $123,467,547 * Amount of State of Oregon Private Activity Bond Cap for 1988 was $150 million, provided per the Tax Reform Act of

21 TABLE III BONDS ISSUED IN 1988 LOCAL GOVERNMENT Type G.O. Bancroft Urban Ren. Revenue Counties $ 8,124,160 $ 829,806 $ 4,385,000 AR Cities 15,985,000 6,732,639 8,067,657 AR 10,805,000 AR 1,130,000 LP School Dist. 29,328,000 2,485,000 AR Fire Dist. 2,275,000 Hospital Hosp. Fae. Auth. Park&Rec. Port Dist. 6,070,000 Sanitary Dist. 3,850,000 1,331,124 Water Control Water Dist. 6,445,000 Service Dist. 755, ,424 Urban Renewal $17,793,704 3,105,266 PUDDist. Irrigation 1,180,000 AR $ 6,207,848 59,009,494 14,225,000 1,476,889 19,270,000 54,826,000 4,585,000 47,000 26,913,000 4,140,000 LP AR LP AR AR Totals $90,079,817 $20,018,993 $20,898,970 AR - Advance Refunding LP - Lease Purchase (Certificates of Participation) General Obligation: Revenue: STATE OF OREGON Dated Interest Date Department Amount Rate Hi. Ed. A $ 9,320, % (TIC) Energy A 6,000, % (TIC) Energy B 1,000, % (TIC) Energy C (Taxable) 1,000, % (TIC) Housing A 3,475, % (TIC) Hi. Ed. B (ORBAC) 20,725, %(TIC) Hi. Ed. C 26,225, % (TIC) DVA Tax Notes 135,000, % (NIC) Housing A $ 784, % (TIC) HousingB 19,215, % (TIC) HousingC 27,545, % (TIC) Certificates of Participation 1988 Series: Gen. Services A $ 8,635, % (TIC) Hi. Ed. B 2,350, % (TIC) Hi. Ed. C 21,135, % (TIC) Economic Development Industrial Revenue Bonds Composite Bond A $ 2,000,000 Variable rate Composite Bond B 2,000,000 Variable rate Composite Bond C 1,100,000 Variable rate Toshiba Ceramics 5,000,000 Variable rate TIC - True Interest Cost NC - Not Callable TOTAL STATE BONDS AND NOTES ISSUED TOTAL LOCAL GOVERNMENT BONDS ISSUED TOTAL STATE AND LOCAL GOVERNMENT BONDS ISSUED 19 Average Life (Years) $190, 700,231 $ 292,509,675 $ 321,698,011 $ 614,207,686 Call Callable N.C. Callable Callable Callable Callable Callable Callable Callable Callable Callable Callable

22 TABLE IV TOTAL LOCAL GOVERNMENT DEBT OUTSTANDING BY COUNTY (as ofdecember 31, 1988) Tax-Supported Self-Supporting General General County Obligation Obligation Bancroft -- Revenue Total Baker $ 910,673 $ 2,099,690 $ 620,00Q $ 6,375,000 $ 10,005,363 Benton 20,687,134 11,034,385 13,731, ,816 45,571,857 Clackamas 89,471,025 7,255,000 25,482,438 6,566, , 774,574 Clatsop 12,953, ,962 1,565,000 9,808,554 24,720,552 Columbia 40,180, , ,000 70,951, ,299,765 Coos 32,941, ,000 2,075,000 16,204,280 51,723,606 Crook 887,053 1,420, ,307,053 Curry 4,583, ,000 3,330,000 8,583,817 Deschutes 41,954,975 1,078,000 9,093,000 15,300,000 67,425,975 Douglas 14,097,927 8,818,000 2,511,792 24,329,288 49,757,007 Gilliam 30, ,760,000 3,790,000 Grant 2,653, ,132 7, ,470,264 Harney , ,000 Hood River 1,829, , ,888,467 25,074,467 Jackson 40,313,663 5,000,000 11,108,177 7,065,571 63,487,411 Jefferson 5,318, ,535,451 18,854,215 Josephine 16,547, ,000 2,215,000 15,000 19,077,323 Klamath 8,393,284 5,760,000 1,835, ,000, ,988,284 Lake 611, , ,973 Lane 89,555, ,043 26,530, ,671, ,919,744 Lincoln 38,123,746 3,415,000 1,939,543 14,771,600 58,249,889 Linn 31,530, ,000 3,715,000 3,943,632 39,397,046 Malheur 5,831, , ,000 8,797,042 15,331,568 Marion 140,365,302 10,353,000 4,674,000 61,005, ,398,162 Morrow 3,352, , ,000 79,434,111 83,911,852 Multnomah 300,691, , 794,677 30,466, ,346, ,299,359 Polk 12,396, , ,000 4,596,404 17,292,682 Sherman 386, , ,685 Tillamook 14,384, ,167 1,055,226 12,272,677 27,940,660 Umatilla 20,036,899 3,406,384 1,478,000 2,999,454 27,920,737 Union 6,852, , ,315 1,105,000 9,057,948 Wallowa 1,743, ,000 1,838,547 Wasco 8,901, , ,000 6,040,000 15,318,208 Washington 181,742,502 3,155,000 32,378,000 30,856, ,131, 743 Wheeler 108, ,679 Yamhill 43,982,345 2,754, ,000 5,192,189 52,603,720 TOTAL $1,234,348,349 $214,768,730 $176,522,737 $1,499,375,919 $3,125,015,735 21

23 BOND BUYER TWENTY BOND INDEX JANUARY 1, DECEMBER 31, 1988 PERCENT 10.os S 9.0S 8.6S.. 8.0S ~ 7.6S 7.0S 6.6S 6.0S 6.6S 6.0S 4.6S 4.0S _..~...&..&...&..j~...a..a...a...a...u JFM AMJ JAS ONO MONTH RATE

24 CALENDAR 1988 ISSUES BY TYPE NEW ISSUE BONDS 81.2% ADVANCE REFUNDING 16.1% TOTAL DOLLAR AMOUNT $321,698,011

25 CALENDAR 1988 LOCAL ISSUES REVENUE 69.3~ GENERAL OBLIGATION 28.0~ TOTAL DOLLAR AMOUNT 882\888,011

26 CALENDAR 1988 LOCAL ISSUES BY DISTRICT TYPE OTHER DISTRICTS 1.4S PORTS 20.4S PUD'S 9.7S URBAN RENE'N\L 6.6S YATER 2.0S SCHOOLS 10.SS TOTAL DOLLAR AMOUNT 1821,898,011