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.



Judge David Campbell Donates School Supplies To Veteran Family

Regent Stacy Kehoe of the Judge David Campbell, Tennessee Society Daughters of the American Revolution presented two young ladies school supplies for the upcoming new year.   Their grandfather, Mr. James Cosey has moved into a new home on Veteran's Way. (click for more)

CHS Open House Is Thursday

Cleveland High School hosts Open House this Thursday from 5-8 p.m. Students and their families are invited to meet the teachers, purchase Raider Passes for athletic events, and more. Contact Whitney Harden, at 423-478-1113 or wharden@clevelandschools.org for more information. (click for more)

Girlfriend Says Wright Was Driving Her PT Cruiser When He Left With Pair Whose Bodies Were Found At Cemetery

The girlfriend of William Howard Wright testified Tuesday that Wright and "Little Tony" were with two youths whose bodies were afterward found in a cemetery at Shepherd. General Sessions Court Judge Clarence Shattuck bound two counts of criminal homicide and especially aggravated robbery to the Grand Jury against Wright. A 17-year-old is facing similar charges. The girlfriend ... (click for more)

Chattanooga Police Pay Increases Announced

Chattanooga Police officers will be earning more under a $1.4 million pay improvement plan announced Tuesday. New officers would get increases in each of their first six years with the department, which has been dealing with a number of newly trained officers going to other cities. City officers now make $35,913 upon joining the force. Under the plan, they will receive about ... (click for more)

The Soul Of Chattanooga Is In Trouble

As a child growing up in the Chattanooga area, at an early age I became fascinated with the history that cloaks the city. In those days there was enough pollution to cover the town and its history but that didn't stop tourists from coming to visit Lookout Mountain, Missionary Ridge and the Chickamauga battlefield.     Chattanooga's leadership was not very far sighted ... (click for more)

Roy Exum: Ordinary To Extraordinary

A handsome black guy, from the looks of it still in high school, appeared in a video during A Celebration of Valor luncheon at the Chattanooga Convention Center Tuesday afternoon and described a Medal of Honor winner. Easily over 500 were there, including our famed Charles Coolidge, and all heard this young achiever say, “A Medal winner if an ordinary person who performs in an extraordinary ... (click for more)