School Bond Authority Sells $345 Million In Tennessee Higher Education Facilities Bonds

Wednesday, August 27, 2014

The Tennessee State School Bond Authority has just completed the sale of $345 million of higher education facilities bonds to finance the costs of projects for the state’s higher education system. Tennessee’s excellent credit stimulated heavy interest from bond buyers, allowing bonds to be sold at historically low rates, said officials.

The School Bond Authority sold $132 million in 2014 Series A taxable bonds at a true interest cost of 3.59 percent. The bonds included new money and refunding bonds, the proceeds of which will repay a revolving credit facility, finance additional project costs, and refinance certain bonds outstanding.  The refinancing will save the state’s higher educational institutions more than $6 million.

The School Bond Authority also sold $213 million of 2014 Series B tax-exempt refunding bonds. The true interest cost of 2.81 percent will result in an additional $17.8 million savings to the institutions.  Buyer interest in the bonds allowed the School Bond Authority to reprice most of the maturities on the bonds from 5 to 10 basis points lower than the price that was initially offered.

“This may be the most extraordinary sale in the Authority’s history,” said Tennessee Comptroller Justin P. Wilson. “These low interest rates are a testament to the financial management and integrity of Tennessee’s higher education system and institutions. Taxpayers should be proud of this incredibly successful sale and the savings to the state’s institutions.”

The bonds were rated AA+ by Fitch Ratings, Aa1 by Moody’s Investor Service, and AA by Standard & Poor’s. All of the bonds have stable outlooks.


Lu And Liu Take First Place In Lee’s Piano Competition

Yun Lu and Vincent Liu took first place in the 12th annual Lee University piano competitions for the collegiate and pre-collegiate divisions, respectively. The award ceremony concluded the International Piano Festival and Competition held June 12-18.  For the pre-collegiate division, second place was awarded to Jonathan Reichenberger, with third place going to Eriko Darcy ... (click for more)

Georgia Northwestern's GED Center To Hold Orientation

Georgia Northwestern Technical College’s (GNTC) GED Center is holding an orientation for the public on  June 28 and July 12 at 2 p.m.  Visitors will learn what to expect if you choose to enroll in the college’s GED preparatory classes at the college’s Chattooga County location. These free sessions will be held at the Summerville Adult Education Center at 152 Senior ... (click for more)

Family At Bedside Of Legendary Lady Vol Coach Pat Summitt

The family of legendary Lady Vol coach Pat Summitt was at her bedside on Sunday. Erin Freeman, of the Pat Summitt Foundation, released this statement: “On behalf of Pat Summitt’s family, we acknowledge the past few days have been difficult for Pat as her early onset dementia, ‘Alzheimer’s Type,’ progresses. "She is surrounded by those who mean the most to her and during ... (click for more)

Firefighters Put Out Fire In Compost Pile At City's Wood Recycling Center

Chattanooga firefighters were called to a fire at the city's wood recycling center on N. Hawthorne Street around noon on Sunday. Battalion Chief Don Bowman said the smoke and flames could be seen from several miles away.   Firefighters with five fire companies worked to get the blaze under control, using master streams from two aerials and some hand-held hoselines. The ... (click for more)

Improvements Needed At Entrance To Wilcox Tunnel

I am writing this letter to bring to your attention to a city traffic issue that needs to be addressed immediately, the sooner the better. I can see no large cost factor.   Recently, while as a concerned citizen, removing trash and litter from the entry/exit area of the Wilcox Tunnel on the side that runs into Chamberlain Avenue, I fully realized that this area could ... (click for more)

Roy Exum: Where Will George Go?

George Will, easily one of the most respected conservative columnists in America and a Republican commentator, was a guest on Fox News Sunday yesterday when he made a very revealing statement. He announced he has left the Republican Party “for the same reason I joined it” and that he is not only disappointed by the party’s actions but its increasingly-inept leadership as well. ... (click for more)