Transaction Details

Oregon Fire Protection District

Municipal

Lead Bookrunner

On July 22, 2025, Baird served as sole underwriter on the negotiated sale of Oregon Fire Protection District’s $3,645,000 General Obligation Bonds (Alternate Revenue Source), Series 2025 rated “A+” by S&P, and carried “AA” rated bond insurance through Build America Mutual. Baird was hired through a competitive RFP process. We began contacting potential retail investors one week prior to pricing and implemented a 2-day marketing strategy to give investors ample time to review the credit in a fluctuating market environment. As a result of our marketing efforts, Baird received $6,805,000 in orders (1.9x the par amount) with oversubscriptions in the first ten maturities by up to 5x. Because of the oversubscriptions, Baird was able to tighten (lower) interest rates in the first seven maturities by 2 to 5 basis points (0.02-0.05%). These price adjustments resulted in $4,000 in additional project funds to the District. Baird also brought in $40,000 in retail orders in the first maturity and last maturity, which was a priority of the District. The transaction had a true interest cost of 4.61% over the 20-year term. The Bonds generated $3.7 million in proceeds for expansion of the District’s fire station and purchase of emergency response equipment.