Coronavirus kills funding of 37 projects in Oregon

BEND, Ore. (AP) — A steep drop in lottery funds due to the COVID-19 crisis has killed the sale of $273 million in state bonds to pay for major projects in Oregon. The Bulletin newspaper of Bend reports that the 37 projects authorized by the Legislature at the end of the 2019 session include water system overhauls in Warm Springs and Salem and a new YMCA for Eugene and deepening the Coos Bay channel. In order to sell bonds, the state has to show a 4-to-1 ratio between forecast Lottery Fund revenue and the amount of debt in the bonds. The ratio of just over 3-to-1 is too low.