Higher education bonds

Moody's Investors Service last week downgraded its underlying rating to Baa1 from A2 on Northeast Ohio Medical University.

Moody's Investors Service upgraded Boston University to A1 from A2 on Tuesday.

A recent report projecting a surplus in the Pell Program is a credit positive for colleges and universities, according to Moody's Investors Service.

National Park Community College, serving Hot Springs, Ark., will ask voters for general obligation bonds for a new technical campus.

Connecticut Gov. Dannel Malloy's two-year, $21.5 billion budget includes $1.8 billion worth of capital funds and a bioscience initiative for UConn.

An Orange County Superior Court Judge has 90 days to rule on a lawsuit filed by the California Department of Finance and the chancellor of the state's community colleges against Orange County after the county diverted money from education to balance its budget.

Legislation has been introduced in California to curtail the use of some capital appreciation bonds sold by school and community college districts.

Moody's Investors Service downgraded the College of New Rochelle's bonds to Ba1 from Baa3.

Standard & Poor's raised its long-term rating and underlying rating on the Massachusetts Development Finance Agency's bonds issued for Clark University to A-plus from A.

University of California President Mark Yudof has said he will step down as head of the 10-campus system at the end of August.

The University of Texas System will seek authorization for $1.1 billion of state tuition bonds for 16 projects at 15 campuses from the Texas Legislature.

The tax-exempt status of $8.5 million of bonds issued by the Delaware River Port Authority in 2003 for the LEAP Academy University Charter School, Inc., could be in jeopardy because the Internal Revenue Service revoked the charter school's tax-exempt status.

Rhode Island Gov. Lincoln Chafee's proposed $8.2 billion budget includes a corporate tax cut and a $20 million local package to help distressed communities.

On Wednesday the Dormitory Authority of the State of New York approved a $155 million bond for Pace University.

Faced with decreased state funding, Kentucky's eight public universities are asking the state for permission to issue their own bonds for pent-up capital needs.

Ohio State University comes to market Wednesday with $350 million of subordinate-lien bonds that will be used to build new housing to finance a plan that requires all freshmen and sophomores to live on campus by 2016.

Gov. Dave Heineman last week announced an agreement between the University of Nebraska and Nebraska State College System that would allow for a two-year tuition freeze and increase state funding for the schools

DePaul University in Chicago won an upgrade from Moody's Investors Service Monday in recognition of its consistent positive operating performance and established student market.

Texas colleges and universities are seeking $3.6 billion of bond authority under a bill introduced by state Sen. Judith Zaffirini. Requests for tuition revenue bonds in the previous session failed amid deep budget cuts.

The IRS is auditing $49.67 million of general obligation bonds issued by the Oregon State Board of Higher Education in 2006.