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.


Brenda Hughes Begins "Journey To Success" At Cleveland State

It was just a few months ago when Brenda Hughes heard her name called amongst the many award recipients at Cleveland State’s Community First Gala. Although she knew ahead of time she would be receiving the award for Non-Profit Leadership, the Community First Person of the Year Award was a huge surprise for Hughes. “There were so many true leaders up on that stage,” stated ... (click for more)

17 Students Graduate From New Leadership Program At Unum

Seventeen rising juniors from five local high schools graduated from the inaugural Unum Leadership Academy this week, each earning a $1,000 scholarship. The students from Brainerd High School, Red Bank High School, Chattanooga Girls Leadership Academy, Chattanooga School for the Arts and Sciences, and Center for Creative Arts participated in day-long workshops throughout June ... (click for more)

Signal Mountain Man Charged In Traffic Death Of Tunnel Hill Woman, 28

Authorities said a Signal Mountain man was driving when his vehicle struck and killed a woman walking along a road at Ringgold, Ga., on Thursday night. Tyler Alexander Lemley, 20, was charged with DUI. Other charges are pending. Kimberly Diane Dotson, 28, of Tunnel Hill, Ga., was walking southbound on the west edge of Sam Lewis Road when she was hit. Lemley was driving ... (click for more)

Chattanooga Woman Sues Over Treatment Of Disabled Daughter At Memphis Airport Security Checkpoint

A Chattanooga woman has filed suit, alleging that her disabled daughter was roughed up by airport police and Transportation Security Administration personnel at the Memphis Airport. Shirley Cohen said she was returning to Chattanooga after taking her 19-year-old daughter to St. Jude Children's Research Hospital for treatment. The lawsuit filed in Memphis says the daughter ... (click for more)

A Disturbing Trend At Exit 11 - And Response (6)

So, am I the first to notice a trend?   How many wrecks does exit 11 need before anyone asks "whats up with that?"  I have lost count of the wrecks that continue to happen, even after last year's awful loss of life (which I believe 51 percent of the blame should fall on the THP officer on duty).  The problem with this section of interstate are sight lines ... (click for more)

Roy Exum: My Garden This July

I can never remember a day in July when my garden, my lawn, my dogwood tree, and my ferns are all wilting for lack of rain. Right now we are more than eight inches under our average rainfall for the first six months and, on this wonderful weekend, those who love firecrackers are urged to keep a pail of water in case a spark could cause a fire. On the other hand, every July 4 th ... (click for more)