The Department of Administrative Services of the State of Oregon is now offering US$204 million worth of bonds to the market. The backer for the bond issue would be state lottery revenues as top rated securities remain lower in value compared to previously issued debt.
Another aspect of the debt issue is US$122.5 million in tax-exempt debt. The issue has been rated AAA by Standard and Poor's. The proceeds would be going to the maintenance costs and improvement works of the Oregon University System. The fund would also go into debt refunding incurred by the seven schools and the branch campus.
In a release, S&P stated that Oregon's lottery revenue would continue on its 'recently resumed path of incremental growth'. The total projected revenues by the state between 2011 to 2013 is US$1.1 billion or a million dollars more than was projected last December. The figures were obtained from bond documents submitted for the debt issue.
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