The Housing and Community Services Department for the State of Oregon (the "Department") is expected to come to market with $82 million1 Single-Family Mortgage Non-AMT Series D Revenue Bonds (the "Bonds").
The bonds are being issued for the purpose of providing financing for existing, newly-constructed, or substantially rehabilitated single-family residences through direct lending, subject to when private lending institutions are unwilling or unable to provide lending.
The bonds are special revenue obligations of the State of Oregon and are secured by a pledge of and security interest in all Revenues, the proceeds of the sale of bonds, all right, title and interest of the Department in and to the Mortgage Loans and related mortgages. The Bonds are not general obligations of the State of Oregon or any political subdivision thereof. Neither the full faith and credit nor the taxing power of the State of Oregon or any political subdivision thereof is pledged to payment of the bonds.
The bonds are expected to be rated Aa2 by Moody's.2
The bonds are subject to optional and mandatory sinking fund redemption prior to maturity as described in the Preliminary Official Statement.
The bond sale offers attractive benefits to individual investors including prices and yields that match those available to institutional investors and the potential for stable income through the call dates. And, for Oregon residents, federal and state tax-exemption on the bond coupon payments.
How to place an order
The offering is expected to price the week of November 26, 20181 although market conditions and/or the discretion of the issuer may alter the anticipated timeline. Individual investors can place orders online or by calling a Fidelity representative at 800-544-5372. To stay up-to-date on pricing, credit rating changes, and more, please sign up for Fidelity Alerts and see our Municipal Bond New Issue Offerings.