Higher education bonds

The District of Columbia sold $40 million of special obligation bonds last week on behalf of Gallaudet University, a first-ever borrowing for the school.

The Massachusetts Institute of Technology last week sold $750 million of taxable bonds that mature in 100 years.

CHICAGO — The University of Chicago Medical Center will enter the market with $182 million of debt beginning next week to wrap up its planned borrowing for a new hospital pavilion that will house its complex-care services.

The University of Arkansas will renovate six residential facilities and rebuild a fire-damaged fraternity house with $28.2 million of bonds approved last month by UA trustees.

Fitch Ratings last week upgraded Fairleigh Dickinson University to BBB from BBB-minus, as the private institution has shown positive operating margins during the past few years.

Chicago Mayor-elect Rahm Emanuel has decided to leave in place Martin Cabrera, head of the Chicago-based investment bank Cabrera Capital Markets LLC, as chairman of the City Colleges of Chicago board and Cheryl Hyman as executive director of the system.

DALLAS — The Maricopa County Community College District is surrounded by the economic troubles of the Phoenix metro area, but the 10-campus system will still carry top ratings into an upcoming $150 million issue of general obligation bonds.

The board of Western Michigan University in Kalamazoo approved a request to issue up to $70 million of revenue bonds to finance capital projects.

The Texas State University System next week plans to issue $114.5 million of revenue financing system bonds as Texas legislators consider another $320 million for the nine-campus system in its centennial year.

CHICAGO — Indiana University Health Inc., the state’s largest health care system, on Monday will price $228.2 million of variable-rate bonds in the first of three borrowings that will total nearly $800 million.

Moody’s Investors Service this week put Loyola University Chicago’s A3 rating on watchlist for a possible upgrade in recognition of the positive impact on its credit profile expected from the school’s upcoming sale of its health system.

DALLAS — The Odessa Junior College District will exhaust the debt capacity approved by voters in November 2010 with Wednesday’s negotiated sale of $68.5 million of limited-tax bonds.

New Jersey Gov. Chris Christie last week announced 10 professionals who will help advise his administration on ways to reform the state’s higher education system and make it more competitive.

Fitch Ratings last week downgraded to B from BB its rating on $18.5 million of revenue bonds issued by the Nebraska Educational Finance Authority on behalf of Midland Lutheran College.

Gov. Gary Herbert last week signed a bill to provide $83 million in bonding authority for buildings at Utah colleges and a mental hospital, despite reservations about using debt.

Trustees of the College of the Mainland Community College District set an election for May 14 on $86 million of general obligation bonds after rejecting a suggestion to delay the vote until November.

DALLAS — A political fundraising scandal, including efforts to influence construction of the bond-financed University of Phoenix National Football League stadium, could cost Arizona’s Fiesta Bowl its nonprofit status and its ranking as one of the top four collegiate Bowl Championship Series games, according to an investigative report.

CHICAGO — Moody’s Investors Service Tuesday downgraded its long-term rating on DePauw University to A3 from A2, warning that the small Indiana liberal arts school suffers from deeply imbalanced operations.

The Arkansas Higher Education Coordinating Board will hear April 15 a request from the University of Arkansas at Fayetteville for a $132.3 million revenue bond package to finance projects at the main campus.

CHICAGO — As it works to reduce its reliance on endowment draws and loans to cover operations, the Illinois Institute of Technology held on to its investment-grade rating from Moody’s Investors Service on Friday, when the agency removed the credit from its watchlist and affirmed its Baa3 rating.