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.


Bea Lyons Honored At “Tea For Bea”

When Provost and Vice President for Academic Affairs, Dr. Kimberly McCormick, established the Faculty Fellows Program during 2014, several well-known and respected educators were named as inaugural fellows. The Social and Behavioral Science Division honored Bea Lyons as its fellow. A special “Tea for Bea” was recently held to serve as a springboard for the first endowed fellowship ... (click for more)

Chattanooga State Kimball Announces Early College Open House

Chattanooga State Community College announces an Early College Open House on Wednesday from 4-6 p.m. CST at the Chattanooga State Kimball Site at 2100 Main St. in Kimball. College representatives will be on site to answer questions, assist with dual enrollment grant applications and process registrations on the spot.  Chattanooga State's Early College Program gives students ... (click for more)

City Seeking Grant To Improve Signals At 32 Intersections

The city is seeking a $2 million federal grant to go along with $500,000 in city funds for a project to improve signals at 32 intersections. There would also be bike and pedestrian improvements. The routes include Brainerd Road, Lee Highway, Shallowford Road, Gunbarrel Road and Hamilton Place Boulevard. The application is for a Congestion Mitigation and Air Quality Grant. (click for more)

Olympian Kristin Armstrong Sets Course Record; Talansky Is Men's Winner

Two-time Olympic goal medal winner Kristin Armstrong won the USA Cycling Professional Time Trial Championship in a record time at the Volkswagen course on Saturday morning. She finished the 19.2-mile course in 42 minutes, 8 seconds. The time trial victory assures the 41-year-old Armstrong of a spot as one of three American women to compete in the world championship time trial ... (click for more)

Shame On The Housing Authority - And Response

With Chattanooga and other cities around the nation struggling to find solutions to chronic homelessness it's cruel to evict families likely with children over a fight.   When you evict the adults you're also evicting any and all children in the household.  Intelligence would dictate looking for a root cause. Compassion would dictate looking for alternatives. Both ... (click for more)

Roy Exum: Buy Ping Golf Clubs

As we set the charcoal, ice the drinks and prepare for Memorial Day, the first thing on my mind is to ask any golfers within my reach to consider buying and playing with Ping-brand golf clubs. Pings are made in America but there is a little something else you need to know, as told in an email I received earlier this week. I regret I do not know the author: * * * “On Monday, ... (click for more)