Bonds

View municipal bond offerings and roadshows from TriMet, and view bond ratings from Moody's, S&P, and Kroll.

Bond Sales

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Roadshows

There are currently no roadshows available.

Moody's Investors Service

Senior Lien Payroll Tax Revenue
Aaa
Outlook
Stable
Date
July 2023
Rating Report
Capital Grant Receipt Revenue
A3
Outlook
Stable
Date
July 2023
Rating Report
Analyst

Bevin Erickson

(980) 435-5501

bevin.erickson@moodys.com

S&P Global Ratings

Senior Lien Payroll Tax Revenue
AAA
Outlook
Stable
Date
September 2021
Rating Report
Capital Grant Receipt Revenue
A
Outlook
Stable
Date
January 2018
Analyst

Andrew Bredeson

(303) 721-4825

andrew.bredeson@spglobal.com

Kroll Bond Rating Agency

Senior Lien Payroll Tax Revenue
AAA
Outlook
Stable
Date
September 2023
Rating Report
Analyst

Lisa Santoro

(646) 731-1419

lina.santoro@kbra.com

Bond Programs

TriMet's Debt Program

TriMet issues long-term debt to provide funds to finance a portion of the capital costs of its system. TriMet's outstanding debt series include senior lien payroll tax revenue bonds and capital grant receipt revenue bonds.

For more information on TriMet's policies and procedures for issuing debt, please see the most recent Board approved Debt Policy here.


Senior Lien Payroll Tax Revenue Bonds

TriMet has pledged the following revenue streams to pay its senior lien payroll tax revenue bonds:

  • Payroll and Self Employment Taxes:
    • These taxes are received from certain employers within the district boundaries of TriMet. TriMet’s payroll and self-employment tax rate was initially established by the State of Oregon in 1969 and enacted in 1970.
    • The State of Oregon has given TriMet the authority to increase the rate for payroll and self-employment taxes by 1/10th of a percent each year through calendar year 2025. The current tax rate is 0.8137 percent of applicable wages.
  • State In-Lieu Payments:
    • Under ORS 291.405 the State of Oregon can provide funds to TriMet as reimbursement for the benefit the State receives from TriMet. The rate of is limited to 0.6 percent of the total wages paid to State employees working within the TriMet service area. State in-lieu payments have been made every year since 1983. If the State stops making  in-lieu payments, current statutes authorize TriMet to impose payroll taxes directly on the State.

Information concerning TriMet's collection of pledged revenues and annual debt service coverage can be found here

TriMet's debt policy limits annual senior lien payroll tax debt service to 7.5% of continuing revenues

Credit Ratings: Moodys (Aaa), S&P (AAA), Kroll (AAA)

Notable Projects: Division Transit, Powell Bus Garage, Hollywood Transit Center, Columbia Bus Base, Light Rail VehiclesMAX Red Line Extension

Senior Lien Payroll Tax Revenue Bonds Outstanding: $801,675,000 (as of 4/30/24) 

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Capital Grant Receipt Revenue Bonds

TriMet has pledged the following revenue streams to pay its capital grant reciept revenue revenue bonds:

  • Intergovernmental Agreement Receipts:
    • Metro, the metropolitan planning organization in the Portland area, has agreed to  facilitate TriMet’s receipt of federal grant funds from the Surface Transportation Block Grant program (STBG) and Congestion Mitigation and Air Quality (CMAQ) improvement programs. Intergovernmental agreements (IGAs) between TriMet and Metro specifically provide that Metro's allocation of funds to TriMet has precedence over all other funding allocations in Metro's Metropolitan Transportation Improvement Program.
  • Section 5307 Receipts:
    • Section 5307 receipts consist of the amounts TriMet receives under the Urbanized Area Formula Program authorized by the United States Code. The Urbanized Area Formula Program is administered by the FTA, and provides for federal capital and operating assistance for mass transportation in urbanized areas. TriMet receives the majority of the Urbanized Area Formula Program funds apportioned to the Portland, OR-WA Urbanized Area.

Information concerning TriMet's collection of pledged revenues and annual debt service coverage can be found here

Credit Ratings: Moody's (A3), S&P (A)

Notable Projects: Division Transit, Powell Bus Garage.

Capital Grant Receipt Revenue Bonds Outstanding: $162,810,000 (as of 04/30/24)

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View Bond Programs