PHOENIX – Portland, Ore. voters will decide whether or not to approve $790 million of school bonds in May following a unanimous vote from the city's school board Tuesday night.
The proposed bond authorization, would fund renovations and additions at Benson and Madison High Schools, and full rebuilds of Lincoln High School and Kellogg Middle School, Portland Public Schools said in a statement. If approved May 16, PPS will also receive $8 million in state capital matching funds, and the funds would be put toward additional health and safety investments. If the proposed bonds are not approved, the state funds will be awarded to another district.
The Portland school district is the largest in Oregon, with over 90 school sites and 48,500 students. PPS' buildings average 77 years old—many are over 100 years old, the district said. The average levy rate for the proposed bond issue is estimated to be $0.68 per $1,000 of assessed value over 30 years, the district said. The levy rate is estimated to be $1.40 per $1,000 for the first four years, declining after that. The total principal amount of bonds authorized by this measure cannot exceed $790 million.