Higher education bonds

The Dormitory Authority of the State of New York gave final approval to $791.3 million of bonds at its board meeting yesterday, while also creating a finance committee as required under a public authorities reform measure enacted last year.

The University of North Carolina Chapel Hill has $645 million in deferred maintenance needs and may tap the bond market for the renovations, said a board of trustees report published last week.

WASHINGTON — President Obama’s enactment of a new law yesterday that would require all federally guaranteed student loans to be originated by the federal government has led the state and nonprofit entities that have historically loaned to students to contemplate their future in the market.

CHICAGO — Principal and interest on $14.5 million of bonds issued in 2002 for a Joliet Junior College housing project in Illinois is now due, after bondholders frustrated with the project’s failure to make timely interest payments since 2005 triggered the payment-acceleration provision in the bond indenture last week.

DALLAS — Louisiana’s 14 state colleges and universities were advised at a legislative budget hearing on Tuesday to begin preparing now for a loss of almost $300 million in federal stimulus funds after fiscal 2011.

CHICAGO — Legislation that would allow Illinois’ eight public universities to issue short-term debt to manage through the state’s chronic payment delays ­advanced this week towards a House floor vote.

DALLAS — In its second large deal of the month, the ­University of Texas Board of Regents plans to take advantage of its triple-A ratings with a $373 million refunding issue scheduled to price today.

Moody’s Investors Service last week revised Temple University’s outlook to negative from stable as fiscal challenges at Temple University Health System may affect the school’s balance sheet.

Stanford University is preparing to issue up to $300 million of new tax-exempt debt this month, said treasurer Odile Disch-Bhadkamkar.

CHICAGO — Facing a $13 billion deficit, Illinois Gov. Pat Quinn yesterday unveiled a $52 billion fiscal 2011 budget that cuts spending by $2.4 billion, relies on $4.7 billion in deficit borrowing, and leaves nearly $6 billion in bills unpaid.

DALLAS — With higher education at the center of Arizona’s debate over how to revive its struggling economy, two of its major state universities will issue $237 million of revenue bonds to upgrade their flagship campuses.

CHICAGO — With Illinois more than $700 million in arrears on aid it owes its public universities, the Senate approved a measure yesterday that would allow the universities to issue short-term debt to manage through the ongoing payment delays.

The University of North Carolina system expects to issue $151.4 million of pool revenue bonds for six state universities next week as the state’s difficult budget decisions may affect tuition rates.

Standard & Poor’s last week revised its outlook to stable from negative on the University of Chicago Medical Center’s AA-minus rating due to its strong operating performance over the last year.

DALLAS — In a lean budget environment, the University of Texas Board of Regents will hit the market with $700 million of triple-A rated revenue bonds this month, starting today with a $330 million issue.

WASHINGTON — ­The Maryland Health and Higher Educational Facilities Authority is expected Wednesday to price the state’s first charter school municipal bonds, an achievement 18 months in the making and another sign that investor appetite for credit risk has returned.

The Dormitory Authority of the State of New York yesterday gave final approval to up to $778 million of bonds to refund certain state-backed debt.

CHICAGO — Lincoln, Neb., would partner with the University of Nebraska to build a $344 million arena on a stretch of blighted rail yard west of downtown under a plan that will go before the city’s voters in May.

Fees levied by special business districts on Arizona state university land could be used to support bonds for athletic facilities under a bill introduced by Rep. Warde Nichols, R-Gilbert.

CHICAGO — The Illinois Finance Authority this week advanced plans for $750 million of health care borrowing planned by Alexian Brothers Health System, the University of Chicago Medical Center, Palos Community Hospital, and a continuing-care community.