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News Release

Salem Safety And Livability Bond Sale Favored By Market - 04/02/26

Salem, Ore. — In a competitive bid, on March 24 the City of Salem received 13 bids for its tax exempt series ($94.5 million) and six bids for the taxable series ($5.5 million) of General Obligation bonds. The all-in true interest cost for the combined sale was 4.52 percent. 

 

Similar to the sale of a home, the bond sale closes two to four weeks after agreement to terms is reached. The City’s bond sale closes April 7. At closing, the City is expecting approximately $3 million in premium, or additional, funding.  

 

These funds will be available to support completion of the bond projects as costs may continue to increase over the course of the next several years. If costs lower, the premium can be used within the scope of the approved bond measure for enhancing of projects or completion of additional applicable projects. 

 

This is the second of three bonds sales that support Salem’s safety and livability measure, passed by voters in November 2022. The City plans to issue one more bond sales within the next few years as part of the 10-year project plan. 

 

In addition to fire trucks and equipment, the bond includes investments in Salem’s streets, sidewalks, parks, two new fire stations to improve responses times, funds for affordable housing, purchase of sites for affordable housing, branch libraries, cybersecurity improvements to protect City operations and Civic Center seismic improvements. 

 

Through the payoff of existing debt and refinancing opportunities, the sale of these bonds is not expected to increase Salem’s bond tax rate above $1.20/$1,000 of assessed value.  

 

The projects supported by Safety and Livability Bond are overseen by a community oversight committee. The Bond Oversight Steering Committee meets monthly to hear updates and make recommendations on bond projects. Membership of the committee includes Mayor Julie Hoy, Councilors Linda Nishioka and Micki Varney, and community members Bob Cortright and Mike Herron. Councilor Mai Vang serves as an alternate.  

Salem Safety And Livability Bond Sale Favored By Market - 04/02/26

Salem, Ore. — In a competitive bid, on March 24 the City of Salem received 13 bids for its tax exempt series ($94.5 million) and six bids for the taxable series ($5.5 million) of General Obligation bonds. The all-in true interest cost for the combined sale was 4.52 percent. 

 

Similar to the sale of a home, the bond sale closes two to four weeks after agreement to terms is reached. The City’s bond sale closes April 7. At closing, the City is expecting approximately $3 million in premium, or additional, funding.  

 

These funds will be available to support completion of the bond projects as costs may continue to increase over the course of the next several years. If costs lower, the premium can be used within the scope of the approved bond measure for enhancing of projects or completion of additional applicable projects. 

 

This is the second of three bonds sales that support Salem’s safety and livability measure, passed by voters in November 2022. The City plans to issue one more bond sales within the next few years as part of the 10-year project plan. 

 

In addition to fire trucks and equipment, the bond includes investments in Salem’s streets, sidewalks, parks, two new fire stations to improve responses times, funds for affordable housing, purchase of sites for affordable housing, branch libraries, cybersecurity improvements to protect City operations and Civic Center seismic improvements. 

 

Through the payoff of existing debt and refinancing opportunities, the sale of these bonds is not expected to increase Salem’s bond tax rate above $1.20/$1,000 of assessed value.  

 

The projects supported by Safety and Livability Bond are overseen by a community oversight committee. The Bond Oversight Steering Committee meets monthly to hear updates and make recommendations on bond projects. Membership of the committee includes Mayor Julie Hoy, Councilors Linda Nishioka and Micki Varney, and community members Bob Cortright and Mike Herron. Councilor Mai Vang serves as an alternate.