The Portland School Board voted to go forward with plans for a $482 million capital bond measure on the November ballot.
The Portland School Board voted to go forward with plans for a $482 million capital bond measure on the November ballot.
If approved, it will become the largest local government bond measure in Oregon history.
The bulk of the bond — $278 million — will go toward rebuilding Grant, Franklin and Roosevelt high schools, as well as Faubion K-8, chosen because of its partnership with its neighbor, Concordia University.
The district and board are hoping the smaller request — $1.10 per $1,000 of assessed property value, or about $275 annually for a house valued at $250,000 — will change the mind of voters who rejected a massive $548 million bond last year that would have rebuilt eight schools. This November’s 20-year bond will keep the $1.10 rate for eight years, then switch to a rate of 30 cent per $1,000 of assessed property value for an additional twelve years.
Read more at OregonLive.com.
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