Learn about State of Oregon, including Sustainability Bonds, Featured News, Projects, The Team, and Credit Summaries.
Approved Budget for 2023-25
$121 billion
Total General Obligation, Appropriation, and Revenue Debt Outstanding (as of June 30, 2021)
$11.29 billion
General Obligation Ratings



About State of Oregon

Oregon is a coastal state in the Pacific Northwest region of the United States. The State is known for its diverse landscape of farms, forests, mountains and beaches. Oregon’s population is approximately 4.2 million ranking 39th among U.S. states in terms of population density and 9th among U.S. states in terms of land mass. Oregon is the home of nine federally recognized native American Indian tribes. Salem, the State’s capital, is located in Marion County, one of 36 counties comprising the State of Oregon.  The North American Beaver is Oregon’s State Animal and the State is commonly referred to as the Beaver State. Oregon boasts over 362 miles of coastline from its southern border of California to its northern border of Washington. The State has many historic landmarks, national forests and wildlife refuge. Some of the State’s natural attractions include the historic Columbia River Gorge, Multnomah Falls, the snow-capped Mount Hood, the wine country of the Willamette Valley, Crater Lake, Ankeny wildlife refuge and many others. Metro Portland, the state’s largest city by population, is famous for its quirky, avant-garde culture and is home to iconic coffee shops, boutiques, farm-to-table restaurants and microbreweries.

Visit Oregon’s Blue Book for our rich history, natural resources, economy and culture.

Bonds are issued by the State of Oregon to finance critical infrastructure needs of the state. The State Treasurer, by statute, is the issuer of all State of Oregon debt and issues bonds at the request of the state agencies as authorized by the legislature to issue debt. The Treasurer issues debt on behalf of the Department of Administrative Services (DAS), Oregon Department of Transportation (ODOT), Oregon Business Development Department (OBDD), Oregon Department of Environmental Quality (DEQ), Oregon Housing and Community Services Department (OHCSD), Oregon Department of Energy (ODE) and Oregon Department of Veterans Affairs (ODVA).

In addition, the Treasurer approves the issuance of housing conduit revenue bonds issued through OHCSD and non-profit conduit revenue bonds through Oregon Facilities Authority (OFA).

Sustainability Bonds

Learn about our environmental, social, and governance program, and how we bring those values to life with green bonds, sustainable projects, and more.

View Program Details


View Projects

The Team

Michael Kaplan

Deputy Treasurer

Read bio
Rachel Wray

Chief Operating Officer

Read bio
Jaime Alvarez

Director of Debt Management, Oregon State Treasury


Read bio
Collin Cousar

Debt Manager, Oregon State Treasury


Read bio
OHCSD: Matthew Harris

Assistant Director of Capital Markets, Oregon Housing and Community Services Department


Read bio
OHCSD: Siora Arce

Debt Manager, Oregon Housing and Community Services Department


Read bio
OHCSD: Lindsay Lott

Senior Debt Management Analyst, Oregon Housing and Community Services Department


Read bio
ODOT: Nick Herrera

Debt and Financial Analysis Program Manager, Oregon Department of Transportation


Read bio
ODVA: Donna Haole-Valenzuela

Chief Financial Officer, Oregon Department of Veterans' Affairs


Read bio
View Team

Credit Summaries

Department of Administrative Services

DAS is the administrative arm of the Governor’s Office. DAS prepares and coordinates State agency budget requests included in the budget submitted by the Governor to the Legislative Assembly. By law, DAS is responsible for budgetary management, supervision and control over all State government programs for the executive branch of the State. In addition, DAS has the authority to request the State Treasurer to issue general obligation bonds, certificates of participation and other forms of indebtedness, as authorized by the Legislative Assembly, on behalf of State agencies.

DAS also provides administrative and support services to State agencies. DAS works to ensure that State resources are used according to law, gubernatorial policy and legislative policy in the most effective and economical manner and performs several other statewide administrative functions. DAS has general authority to operate and manage programs relating to central purchasing, motor fleet, printing, facilities construction and leasing, building maintenance, central stores, mail, insurance, telephone services and telecommunications and information technology and security. DAS, with the approval of the Governor, has general authority to adopt rules and regulations it considers necessary and proper to carry out the laws it is charged with administering.

Centralizing these statewide functions in DAS provides coordination in obtaining proper budget and debt issuance authority, as well as proper accounting for financed projects. In addition, it provides State agencies the advantage of working with a single agency, DAS, as they plan for real property or personal property acquisitions needed to accomplish their agency missions.

General Obligation Bonds

State of Oregon Capital Fountain

The State of Oregon may issue general obligation (GO) debt only under constitutional amendment passed by voters and in authorized amounts as approved by the Legislative Assembly.  General obligation debt is secured by the full faith and credit of the State.  Certain of the State’s general obligation debt are additionally secured by a levy of statewide property tax, if necessary and if permitted by law.

Article XI, Section 7 of Oregon’s Constitution provides the State with the authority to issue GO debt. Currently, Oregon has 18 constitutionally authorized GO bond programs. While each program has the potential to draw on the State’s General Fund or other taxing authority, many of the programs are fully or partially self-supporting, payable from program revenues, gifts, grants, or other revenue streams.

The State issues general obligation (GO) bonds to provide funds for a variety of projects as authorized by the Oregon Constitution and Legislative authority and budget for such issuance.  Projects funded by GO debt, subject to statutory and constitutional limitations, include but are not limited to

  • Governmental projects and activities,
  • Highway construction (Article XI, Section 7)
  • Veterans Welfare programs including home loans to veterans
  • Reforestation and maintenance of the State’s Forests
  • Grants to Higher Education institutions (Public Universities and Community Colleges) to finance buildings and projects; however, the Universities receiving grants made under Article XI-F(1) are required to pay debt service on such bonds
  • Pollution control and industrial development projects, portions of which are repaid from funds derived from assessments, fees and other funds derived from the project
  • Financing of multi-family housing for the elderly and disabled persons is authorized in Article XI-I (2).
  • Article XI-J provides authorization to finance loans for the development of small-scale local energy projects, which activities are fully self-supporting.
  • Finance loans for the development of small-scale local energy projects under Article XI-J
  • Article XI-K provides the authority to issue bonds to fund obligations arising from the Oregon School Bond Guaranty Program
  • Provide grants to fund capital costs of Oregon Health and Science University under Article XI-L
  • Finance seismic rehabilitation projects for public education buildings under Article XI-M and for emergency service buildings under Article XI-N
  • Article XI-O provides authorization to finance pension liabilities through the issuance of general obligation bonds.
  • Article XI-P authorizes the State to issue general obligation bonds to provide grants or loans to school districts to finance the capital costs
  • Finance real or personal property projects to be owned or operated by the State under Article XI-Q. Such projects could include affordable and permanent supportive housing programs under the LIFT program as well as other projects that meet the criteria.  Article XI-Q has been used to retire Certificates of Participation previously used for state owned or operated projects at a lower cost

To see our General Obligation Official Statements please click here.

Certificates of Participation

Cannon Beach

ORS 283.085 through 283.092 authorize the State to enter into financing agreements through the issuance of certificates of participation. The State has issued certificates of participation to provide funds for the acquisition of computer and telecommunication systems, to decouple the Elliott State Forest from the Common School Fund so as to compensate the Fund for preservation of noneconomic benefits, and the acquisition, construction, or remodeling of State facilities. Certificates of participation have been issued for governmental activities.

To see our Certificates of Participation Official Statements please click here.

Revenue Bonds


Oregon Revised Statutes (ORS) authorizes the State to issue revenue bonds. Revenue bonds are secured by a pledge of revenues derived from the operation of the programs funded by the issuance of these obligations. The resulting bond obligations are not general obligations of the State.

State Agencies


OL Logo Horizontal Black Text With Tagline

ORS 286A.560 through 286A.585, 327.700 through 327.711, and 348.716 authorize the State to issue revenue bonds that are supported by unobligated net lottery proceeds. To date, lottery revenue bonds have been issued for infrastructure improvements, state parks, expansion and refurbishment of school facilities, light rail transportation, improvements to state fair facilities, acquisition of state forestland, watershed project grants, higher education and community college building improvements, preservation of affordable housing, and economic development in rural and distressed communities. Lottery revenue bonds have been issued for governmental activities.

To see our Lottery Revenue Official Statements please click here.
To see our Lottery Agency Annual Financial Reports please click here.

-- -- -- -- -- -- -- 



ORS 367.605 through 367.665 authorize the Oregon Department of Transportation to issue highway user tax bonds for governmental activities to build and maintain public roads. Debt service payments for these bonds are funded by highway user taxes and vehicle registration fees.

To see our Oregon DOT Official Statements please click here.
To see our Oregon DOT Agency Annual Financial Reports please click here.

-- -- -- -- -- -- -- 


Business Oregon Logo

Business Oregon is the state's economic development agency. The Business Oregon Commission oversees the agency's activities to ensure a coherent, integrated approach to economic development and a continuous policy direction that can transcend changes in executive and legislative leadership.

To see our Oregon Business Development Department Official Statements please click here.
To see our Oregon Business Development Department Financial Reports please click here.

-- -- -- -- -- -- -- 



ODVA Building

The office of the Director of Veterans’ Affairs (now part of the Department of Veterans’ Affairs) was created in 1945 to assist veterans in obtaining benefits under federal, state and local programs and to undertake the Program to provide loans to veterans at favorable interest rates for the purchase or improvement of farms and homes.  The Director must be a veteran chosen on the basis of executive and administrative ability.  The Director is appointed by the Governor with written approval of the Advisory Committee, and the appointment is subject to confirmation by the Senate.  The Director serves at the pleasure of the Governor.  The Department administers programs to aid veterans, including the Loan Program, the Veterans’ Home program, conservatorship services and aging/statewide Veteran services.

The Department administers the Program pursuant to Article XI‑A, which includes veteran eligibility criteria for participation in the Program, and applicable provisions of State law.  Since its inception in 1945, the Program has made more than 336,600 Program Loans for acquisition of and improvements to residences and farms in all 36 counties of the State with an original principal amount of approximately $8.2 billion. 

To see our Oregon Department of Veterans' Affairs Annual Financial Reports please click here.

-- -- -- -- -- -- -- 


Oregon Housing Logo

ORS 456.645 authorizes the Oregon Housing and Community Services Department to issue revenue bonds for financing single-family mortgage loans and multi-family housing projects. Mortgage payments and fees and rental revenues support these bonds. ORS 285B.467 through 285B.482 authorize the Oregon Business Development Department to issue revenue bonds for financing infrastructure improvement projects through the Special Public Works Fund, while ORS 285B.572 through 285B.599 authorize the issuance of revenue bonds for financing water projects through the Water/Wastewater Financing Fund. Loan repayments support the bonds associated with these business-type activities.

To see our Oregon Housing and Community Services Department Official Statements please click here.
To see our Oregon Housing and Community Services Department Annual Financial Reports please click here.

-- -- -- -- -- -- -- 


Oregon Facilities Authority

The Oregon Facilities Authority ("OFA") is the Oregon state agency that helps nonprofit organizations access low-cost financing for capital projects through the issuance of tax exempt conduit revenue bonds. OFA was created by the Oregon Legislature in 1989. Since inception, it has issued over $4.4 billion in bonds. The interest on these bonds is exempt from federal income tax and state personal income tax. Because the interest on these bonds is exempt from federal income tax and state personal income tax, qualified organizations can achieve lower borrowing costs by partnering with OFA to finance their capital projects. 

To see our Oregon Facilities Authority Official Statements please click here.

View Credit Summaries