Higher education bonds

Moody’s Investors Service last week upgraded the Community College District 509 in Elgin to Aaa from Aa1 in conjunction with its upcoming sale this week of $45 million of general obligation bonds that were approved by voters last month. The deal includes taxable Build America Bonds.

The Arizona Sports and Tourism Authority last week said it would make fiscal 2010’s $16 million debt-service payment on the $275 million of revenue bonds it issued to finance the $455 million University of Phoenix Stadium in Glendale.

The Dormitory Authority of the State of New York adopted new borrowing guidelines for lower-rated credits at its monthly board meeting yesterday. DASNY’s board also gave final approval to $1.43 billion of bonds, mostly on behalf of the state.

DALLAS — Two university systems based in Denton, Tex., will use more than $180 million of bond proceeds for new facilities, including a satellite campus in Dallas 35 miles to the south.

Municipalities are preparing a decent slate consisting heavily of taxable bonds for sale this week following a holiday-shortened week with little activity.

DALLAS — Faced with an unprecedented decline in tax revenue, Kansas Gov. Mark Parkinson on Monday slashed almost $260 million from the state’s fiscal 2010 budget.

The Metropolitan Sports Facilities Commission last week signed off on a resolution designed to keep the National Football League’s Minnesota Vikings in the Hubert H. Humphrey Metrodome for an extra two years.

WASHINGTON — Brazos Student Finance Corp. wants to be the first student loan lender to ask institutional investors to voluntarily tender, at a discount, illiquid auction-rate securities in exchange for new floating-rate notes, about a year after a much larger and more complex offer failed.

WASHINGTON — The University of North Carolina at Chapel Hill next week expects to issue $224 million of tax-exempt debt and Build America Bonds, which will be used to finance or refinance the costs of certain capital projects.

DALLAS — Amid an ambitious expansion plan, the University of North Texas Board of Regents is preparing to issue $180 million of system revenue bonds for its Dallas campus and for a new football stadium at the main campus in Denton.

CHICAGO — Chicago-based Roosevelt University enters the market next week to sell $188 million of debt to finance a new multi-use building that officials believe was worth a rating downgrade for the school to keep its transformation from a commuter school to a residential urban campus on track.

New York State plans to market $100 million of tax-exempt fixed-rate student loan bonds this week under a new program. The New York Higher Education Finance Authority will offer the debt to retail investors tomorrow, with institutional sales beginning on Thursday.

WASHINGTON — The Virginia College Building Authority tomorrow expects to competitively sell $237 million of revenue bonds for nine public higher education institutions, which may lose up to 15% of their state aid this fiscal year.

Yale University priced $1 billion of five-year taxable fixed-rate notes yesterday. The notes, which will mature in five years, will be used to take out $560 million of taxable commercial paper and provide working capital.

DALLAS — Texas voters today will decide whether to issue $2 billion of bonds for veterans housing, partner with the Veterans Administration on a South Texas hospital, and redirect a $450 million education fund toward the creation of more top-tier universities.

CHICAGO — Though student demand remains strong, the recession is taking its toll on tuition and fee revenue at some private higher education institutions, and the stress is expected to hurt the operating performance of some schools, especially in the Midwest and mid-Atlantic regions, a new report being released today from Moody’s Investors Service found.

The University of Arkansas Board of Trustees unanimously approved a $30 million revenue bond issue to finance a new residence hall and an outdoor sports complex at the University of Arkansas at Little Rock.

The Texas Higher Education Coordinating Board on Thursday approved a proposal by the University of North Texas System for a 28,000-seat football stadium that will be financed in part with $38 million of student fee revenue bonds.

The Dormitory Authority of the State of New York at its board meeting yesterday gave final approval for $1 billion of bonds to finance workers’ compensation settlements with New York State and $520 million of debt for two colleges.

DALLAS — If Texas voters approve Proposition 4 next week, the state would invest $450 million toward adding seven Tier 1 universities in hopes of closing an educational gap with other large states.