Higher education bonds

Moody’s Investors Service downgraded Creighton University’s $144 million of debt one notch to A3 due to an overall weakening in operating performance.

DALLAS - The San Jacinto Community College District is coming to market today with the second tranche of a $295 million bond package voters overwhelmingly approved last year.

Oklahoma State University’s credit rating was increased last week by Standard & Poor’s to AA-minus from A-minus with a stable outlook. The new rating applies to OSU’s outstanding athletic facility revenue bonds, recreational facility bonds and student union revenue bonds.

New York could sell $192 million of qualified school construction bonds this year through the Dormitory Authority of the State of New York, according to a resolution adopted by the agency at its monthly board meeting yesterday.

DALLAS - Louisiana State University System's governing board on Monday rejected a proposed management agreement for a new academic and charity hospital in New Orleans to avoid sharing power with Tulane University.

University Medical Center in Tucson opened a new emergency room last week, part of the hospital’s $200 million capital improvement program financed with proceeds from $137 million of revenue bonds sold in 2005 and another $55 million of bonds sold in March of this year.

WASHINGTON - The Internal Revenue Service is conducting audits of $38.2 million of revenue bonds issued by Howard County, Md., for a continuing-care retirement community and $49.3 million of revenue bonds issued by the Tompkins County, N.Y., Industrial Development Agency for Ithaca College.

WASHINGTON - The University of North Carolina System expects to issue $127 million of bonds tomorrow to finance the construction of dormitories, athletic facilities, and other projects as it and other higher-education institutions face state-supported and endowment revenue declines amid the economic recession.

BRADENTON, Fla. - Tennessee lawmakers adjourned their legislative session Thursday after passing a nearly $30 billion budget that made some cuts in the bottom line but also relies on $2.2 billion in federal stimulus funds.

The U.S. Department of Education last week released $681 million in federal stimulus funds that will allow Arizona to restore some cuts made to higher education in fiscal 2009 and boost its education budget for fiscal 2010.

DALLAS - The College of Santa Fe is on the verge of closing and defaulting on $30 million of debt after a year of efforts to save New Mexico's oldest private university.

The University of Maryland expects to take bids for $144 million of revenue bonds on Tuesday with a portion of the deal pricing as Build America Bonds.

Standard & Poor’s revised its credit outlook on Howard University to negative as the school and its affiliated hospital have suffered operating losses.

BRADENTON, Fla. - Confusion over the outlook for the rating of the Alabama Public School and College Authority may have contributed to the failure of the refunding and new-money deal to sell last week, several market players said on Friday.

BRADENTON, Fla. - The Alabama Public School and College Authority tomorrow plans to competitively sell $324.4 million of refunding and new capital improvement bonds.

DALLAS - The University of Texas System is preparing the state's largest debt issue so far this year: $625 million of revenue bonds, including $330 million of Build America Bonds.

Administrators at the Maricopa County Community College District have asked the district board to increase the property tax rate to bring in an additional 2% in revenue, or about $7.5 million a year. The current tax generates $360 million a year.

Arizona State University in August will open its new College of Nursing and Health Innovation in downtown Phoenix that has been built with proceeds from bonds issued by the city.

Moody’s Investors Service last week downgraded Ohio Northern University’s $80 million of debt to A3 from A2 and warned of further action by assigning a negative outlook as the school struggles with investment losses and enrollment.

DALLAS — Standard & Poor’s raised its rating on the Texas Southmost College District’s general obligation debt to AA with a stable outlook from A-plus, as the issuer prepares to come to market next month.