The Massachusetts School Building Authority Wednesday will issue $151 million of taxable qualified school construction bonds secured by a subordinate lien on dedicated sales tax revenue.

To help finance new school buildings, renovations, and upgrades to its public schools, Massachusetts dedicates a portion of its 6.25% sales tax to the authority, with that allocation phased in over time. In fiscal 2011, which begins July 1, the agency will receive the full penny of its one-cent pledge from every 6.25 cents of sales tax revenue. The state anticipates allocating $618 million to the MSBA in fiscal 2011, 4.5% below fiscal 2009 levels, according to Standard & Poor’s.

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