Higher education bonds

Illinois Gov. Pat Quinn on Tuesday announced state funding of $32 million for the construction of a new transportation-related education center at the City Colleges of Chicago’s Olive-Harvey campus.

The Dormitory Authority of the State of New York is scheduled to sell $205 million of new-money and refunding bonds for New York University this week, following a one-day retail order period. Bank of America Merrill Lynch is the lead underwriter.

Standard & Poor’s revised the outlook to stable from negative and affirmed the BB-plus long-term rating on the Massachusetts Development Finance Agency’s revenue bonds that were issued for Eastern Nazarene College of Quincy, Mass.

The Connecticut Health and Educational Facilities Authority on Tuesday plans to competitively sell $47.8 million of Connecticut State University System revenue refunding bonds, Series L.

The Alabama Public School and College Authority last week saved more than $26 million refinancing $90.9 million of outstanding capital improvement pool bonds and $90.6 million of economic development and training bonds.

Moody’s Investors Service affirmed Simmons College’s Baa1 rating, and revised its rating outlook for the Massachusetts institution to positive from stable. The move affects about $182 million in debt.

Standard & Poor’s has revised its outlook on Western Illinois University’s A rating to stable from negative as analysts’ concerns over Illinois state aid delays have eased.

Chicago Mayor Rahm Emanuel and City Colleges of Chicago officials announced a $479 million, five-year capital program last week that relies on $274 million of future borrowing.

DALLAS – After rapid growth in leverage over the past five years, the Colorado State University System will have $631 million of outstanding when it sells $125.8 million of enterprise revenue bonds this week, analysts said.

SAN FRANCISCO — The University of California this week will sell $500 million of 100-year bonds in an effort to attract pension fund and overseas investors.

CHICAGO — Ohio's universities and community colleges have asked the state to approve $350 million for new capital projects.

The Arkansas Higher Education Coordinating Board has approved the sale of $19.6 million of housing and student revenue bonds by the Arkansas State University Board of Trustees.

The University System of Georgia is consolidating eight of the state's 35 colleges and universities in a move that may be replicated around the country as higher education institutions continue to deal with state budget cuts.

SAN FRANCISCO — The University of Washington, a top-notch credit, will hit a supply-constrained municipal debt market Wednesday with $271.3 million of bonds for refinancing and to fund various construction projects.

Nebraska lawmakers are eying a plan that would allow community colleges to use property tax dollars to back revenue bonds for capital improvements.

WASHINGTON — The Internal Revenue Service is auditing $31.59 million of Series 2004A first mortgage revenue bonds that were issued by the St. Johns County Industrial Development Authority in August 2004 to help Presbyterian Retirement Communities Inc. and its affiliates finance improvements to eight retirement centers in Florida.

Providence Mayor Angel Taveras warned that the Rhode Island capital will run out of money in June without a reduction in pension obligations and larger contributions from tax-exempt institutions such as Brown University.

The Connecticut State Bond Commission has approved $291 million of borrowing over 10 years for a proposed research laboratory adjacent to the University of Connecticut Health Center in Farmington.

Trustees of National Park Community College last week postponed an April property tax election until its bond counsel can determine if the revenue can be used for capital improvements.

DALLAS — After sitting out 2011, the University of Texas System Board of Regents will offer $200 million of top-rated revenue financing system refunding bonds to a receptive market this week, followed shortly by another $235 million deal.