Lake Oswego is a city and Oswego is an Iroquois word for mouth of water or mouth of river.
So this logo is a monogram / combination of letter O(swego) and letter W(ake).
The letter O represents a closed circle of water movement, lake, estuary, sun.
Liquid water Wave was a symbol of Love for the water, Honoring our place of birth near an water,
Love for water sport...