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.


3 UTC Faculty Members Receive Alumni Association Awards

Three faculty members were honored this month with awards at the UT Alumni Association Board of Governors Awards Dinner. Dr. Mohammad Ahmadi, the Guerry professor of Management, and Dr. Joseph Jordan, assistant professor in the Department of English, received the association’s Outstanding Teacher Awards.  Nicole Brown, academic advisor and professor in the Communication ... (click for more)

GPS Faculty And Admin Present At National Conference

Five teachers and administrators from Girls Preparatory School presented skills for the 21st century – empathy, flexibility, risk-taking, and reflection – at the National Coalition of Girls Schools’ annual conference in Washington, D.C. in June. Not content to offer their expertise to others, they also attended sessions that offered professional development and ideas to bring back ... (click for more)

Young Woman Suffers Serious Injuries In 30-Foot Fall At Quarry At Greenway Farms

A young woman was seriously injured on Wednesday night  when she fell approximately 30 feet from a bluff at the the Greenway Farms quarry in Hixson.   Some kayakers were paddling in the quarry shortly after  8 p.m. when they saw the woman fall to the ground below. They immediately went over to the victim and called 911. The Chattanooga Fire Department ... (click for more)

Walker County Taking Out Another Loan To Deal With Debts Left By Bebe Heiskell Administration

Walker County officials said they are having to take out another loan to deal with debts left by the Bebe Heiskell administration. Commissioner Shannon Whitfield has called a special meeting for Thursday at 2 p.m. at the commissioner's office in Lafayette. The agenda includes a $4 million tax anticipation note from Lafayette Bank, which stepped in to help the new administration ... (click for more)

CPS Should Have A Manned 24/7 Presence In Every County

This week something became abundantly clear to me. The Department of Child Protective Services in the state of Tennessee, or at least in Hamilton County, are asleep at the wheel.   Early yesterday afternoon local news stations broke the news: "Animals Removed from Soddy Daisy Home."  What the news station either didn't know, or didn't report, was that the children of ... (click for more)

Roy Exum: Heroes Gather On July 14

Oliver North, whose journey as American patriot has not been an easy one, never lost hope. He once admitted he lied to Congress under oath, was found guilty of three felony counts after he followed the direct orders of his superiors, and then endured the wrath of the ignorant before the ACLU – of all sources – had the charges vacated. The former Lt. Colonel in the Marine Corps ... (click for more)