Oregon Public Broadcasting

President Bush gave a nationally-televised address Wednesday night about the current economic crisis. Back in Oregon, the economic problems and credit crunch are hitting home.

The Redmond school district had planned to sell $110 million in bonds Wednesday to build a new high school. Central Oregon correspondent Ethan Lindsey reports.

Redmond voters passed an additional property tax for the high school in May.

But because bond investors are jittery over the financial meltdown, the school district has now delayed the bond sale.

Seattle Northwest Securities senior vice president David Taylor is working with the school district.

David Taylor: “They had the luxury of being able to postpone the transaction. There may be others where the inability to sell debt will mean inability to start a project.”

The district says it will continue to proceed with designs for the new high school, using general budget money.

Redmond school district’s chief operating officer is Doug Snyder.

Doug Snyder: “We could be back in the market in 24 hours if we got the right conditions. The question is what’s the government going to do with all the financial issues.”

If the government bailout doesn’t work, or the market problems persist into 2009, Snyder says the high school’s construction may be delayed.