Higher education bonds

DALLAS — The Houston Community College System is maximizing taxpayer dollars with today’s $74.6 million negotiated sale that includes $26.7 million of senior-lien student revenue bonds and $47.9 million of tax maintenance notes.

Moody’s Investors Service last week downgraded to Baa3 from Baa2 its underlying rating on Central College’s $23.5 million of outstanding variable-rate bonds from a 2008 issue.

A $1.5 billion general obligation bond sale from the Los Angeles Community College District shares the primary market spotlight this week with $900 million of BABs from Illinois, expected to price Wednesday after a two-week delay.

Standard & Poor last week raised to A-plus from A its rating for Missouri State University’s auxiliary enterprise system revenue bonds due to an improved balance sheet.

The Austin Community College District has completed the latest land acquisition financed with proceeds from a 2009 bond sale that provided some $30 million to buy property for future campuses.

The Dormitory Authority of the State of New York will be able to issue tax-exempt bonds for nonprofits in the manner previously handled by Industrial Development Agencies, under legislation Gov. David Paterson submitted Tuesday.

Standard & Poor’s upgraded to A-plus from A its long-term rating on the Columbus State Community College District following steady improvements in operations and enrollment.

DALLAS — Amid tightening finances, the Arizona Board of Regents will issue $34 million of taxable and tax-exempt bonds this week as part of the state “Speed” stimulus program.

The New York Court of Appeals ruled last week that the state can seize private property on behalf of Columbia University, which wants to expand its campus into Harlem.

Proposed legislation that would allow the State University of New York and City University of New York to set their own tuition rates would have positive credit effects, Moody's Investors Service said last week in a special comment.

The Dormitory Authority of the State of New York gave final and preliminary approval to six bond transactions totaling more than $245 million at its monthly board meeting Wednesday.

University of Puerto Rico officials and students reached an agreement this week that will end a two-month strike that shut down campuses and will allow the university to complete the school semester.

Moody’s Investors Service has revised its outlook to negative from stable on Hamline University’s Baa1 rating ahead of its $15 million refunding bond issue this week.

DALLAS — The University of Texas System Board of Regents plans to price $520 million of Build America Bonds today, its largest single issue of the taxable debt and second-largest deal overall in at least a decade.

CHICAGO — The University of Cincinnati Thursday will price $128 million of debt that includes a mix of new-money and refunding tax-exempt bonds, taxable Build America Bonds, and notes. Roughly half of the long-term borrowing is earmarked for the renovation of the university’s Medical Science Building.

The Internal Revenue Service has closed an audit of $119.2 million of student loan bonds issued by the Massachusetts Educational Financing Authority with no change to the tax-exempt status of the debt.

Trustees of Maricopa County Community College District last week narrowly defeated a proposed 2% increase in the district’s property tax rate.

The New Jersey Educational Facilities Authority is seeking requests for qualifications to provide it with post-issuance analysis for tax-compliance issues.

BRADENTON, Fla. — In its first municipal bond deal in two years, the Kentucky Higher Education Student Loan Corp. today will price $225 million of revenue bonds to take out a portion of its auction-rate securities.

CHICAGO — Illinois’ state universities should have sufficient liquidity to meet their fiscal obligations, at least through November, under a newly approved power to borrow against late state payments and an infusion of tuition revenue expected in late August, Moody’s Investors Service reported in its latest credit outlook.