Higher education bonds

BRADENTON, Fla. - The trustee for Lambuth University on Wednesday notified the bond market that the Jackson, Tenn.-based school filed for Chapter 11 bankruptcy three weeks ago.

The Vermont Student Loan Assistance Corp., which has been in discussions with the Internal Revenue Service to settle a tax law dispute over $165 million of auction-rate securities it sold in 1998, disclosed that the IRS is expanding its audit to include more of the issuer’s ARS.

Broker-dealers who are primary distributors of 529 college savings plans would have to disclose information about their total assets, the assets of underlying portfolios, contributions, and withdrawals on a quarterly basis, under a proposal the Municipal Securities Rulemaking Board released Tuesday.

The Arkansas lottery generated $94.2 million for scholarships at state colleges and universities from sales of $465 million in fiscal 2011, up from $82 million of earnings and $383 million of sales in fiscal 2010.

CHICAGO - Indiana University, a triple-A rated credit, will hit the market Thursday with $96 million of student-fee revenue bonds to finance construction of a neuroscience building.

LOS ANGELES - A bill moving through the California Legislature would lower the state's short-term borrowing costs with the help of a $1.7 billion cushion from its two public university systems.

Moody's Investors Service has upgraded Loyola University Chicago's rating one level to A2 following the completion of the school's sale of its health system to Trinity Health on June 30.

Newly installed board members of the Illinois Student Assistance Commission — under fire for its oversight of the troubled College Illinois prepaid tuition program — voted Friday to oust its executive director, Andrew Davis.

The Dormitory Authority of the State of New York plans to issue $762.7 million of general-purpose personal income tax revenue bonds Wednesday through negotiated bid.

DALLAS — The board set up to finance and operate a new state teaching hospital in New Orleans has withdrawn its request for federal enhancement of revenue bonds needed to build the $1.2 billion University Medical Center.

Fitch Ratings has affirmed its stable outlook and A-minus rating for the University of Medicine and Dentistry of New Jersey.

St. Louis-based Webster University received one-notch rating upgrades ahead of its recent new-money and refunding sale for $61 million.

BRADENTON, Fla. - Lambuth University in Jackson, Tenn., closed down academic operations Thursday while administrative offices remained open and negotiations continued with various parties for the payment of debts, including outstanding bonds.

The Pennsylvania Higher Educational Facilities Authority plans to sell $118.4 million of Series AM fixed-rate, tax-exempt revenue bonds through competitive bid on Wednesday.

Rhode Island's public colleges have proposed legislation to establish their own purchasing departments to spend money raised from tuition and fees.

CHICAGO - The University of Missouri Board of Curators will enter the market next week with $60 million of refunding system facilities revenue bonds as itgrapples with a steeper-than-expected cut in state aid made by Gov. Jay Nixon earlier this month.

New Orleans Mayor Mitch Landrieu said Monday the state should stick with the current plan to build a $1.2 billion, 424-bed hospital in the city. Construction financing for the University Medical Center includes $407 million of hospital revenue bonds.

CHICAGO - The University of Illinois Thursday will refund outstanding debt and raise new money for the ongoing makeover of a major student housing complex that comes as Illinois' flagship public university has scaled back on capital plans amid ongoing delinquencies in state support.

Bloomington plans to issue $13 million of revenue bonds to finance the acquisition of 12 acres of downtown property from Indiana University. The city hopes to then sell the land to a developer for residential and retail projects.

DALLAS — Texas will leverage its strong credit to raise its reputation in higher education this week with $152 million of student loan bonds.