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.


Virginia College Hosts Holiday Open House Dec. 6

Virginia College in Chattanooga will host a free Holiday Friends and Family Open House for staff, faculty, students and their families on Saturday, Dec. 6, from 10 a.m. to 2 p.m., to be held at the campus located at 721 Eastgate Loop Road. Attendees will learn about the educational opportunities available to Chattanooga-area students at Virginia College. Various ... (click for more)

Lee Student Presents At American Mathematics Society

Lee University student Jonathan Clark presented at the fall Southeastern Sectional Meeting of the American Mathematics Society. His presentation was titled “An Application of a Generalized Parameterization of Conic Sections.” Mr. Clark’s presentation took a closer look at the connection between the two- and three-dimensional definitions of conic sections. Using vector calculus ... (click for more)

Bradley County Police Investigating Shooting; Victim Dies

The Bradley County Sheriff’s Office is investigating a shooting that occurred in the area of Georgetown Road. The Sheriff's Office said Sunday night that the victim had died. The victim's name has not yet been released.  A BCSO officer was waved down at the intersection of 25 th Street and Peerless Road by the driver of a vehicle who told the officer a gunshot victim ... (click for more)

Police Seek Lookout Mountain Man, 73, Missing Since Friday

The Dade County Sheriff's Department is looking for Freddie Wooten, 73. Mr. Wooten was driving a 2002 Ford Windstar minivan with the license plate number, THM1418. He was last seen wearing a light blue shirt and navy pants. Anyone who has seen Mr. Wooten, or has information regarding the case, is asked to contact the Dade County Sheriff's Office at 706 657-3233. (click for more)

Don't Be Quick To Discard Common Core

Let's not be too quick to discard Common Core. A recent article in the Tennessean on  Sunday detailed Common Core successes the Kingsport, Tennessee school system.  I encourage you to read it.  The article also noted that Tennessee was recently ranked as one of the fastest improving states in education after implementing portions of the Common Core curriculum ... (click for more)

Roy Exum: Our Tubman Goat-Roping

Every spring there comes a bright day on the ranch when the straw-boss decrees a goat-roping should take place. What really happens is the veteran cowboys arm the greenhorns with some lariats late in the afternoon and take them to the pen that holds some Billy goats. This is before they get into bigger beasts -- horses and cattle – yet what appears to be easy most certainly is not. ... (click for more)