The Portland, Ore., school board voted unanimously on Monday to prepare a $482 million bond measure for the November ballot.

The school board will vote on whether to put the measure on the ballot on Aug. 20.

The plan to fund the bonds would raise property taxes for eight years and at a rate of $1.10 per $1,000 of assessed value with a 30-cent rate continuing for an additional 12 years.

The bond proceeds would be used to upgrade four schools and retrofit campuses for accessibility and potential earthquakes.

In 2011, Portland school district voters narrowly rejected a $548 million construction bond measure — the biggest ever attempted by a local government in Oregon.

The ballot initiative lost by a margin of 50% to 49% in a special election. The measure would have raised property taxes by $2 per $1,000 of taxable assessed value.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.