Higher education bonds

The New Jersey Educational Facilities Authority yesterday approved nearly $740 million of borrowing for higher educational institutions, including a plan to restructure roughly $130 million of University of Medicine and Dentistry of New Jersey debt insured, in part, by Ambac Assurance Corp. and MBIA Insurance Corp.

A backlog of delayed state matching funds for endowed chairs at Oklahoma state schools that was estimated at $125 million in May has grown to more than $360 million at the latest count.

DALLAS - The Dallas County Community College District is planning to price $220 million of limited general obligation bonds representing the second issue from a 2004 authorization of $450 million.

New York Gov. David Paterson yesterday proposed selling tax-exempt bonds to finance a low-interest student loan program.

While reiterating its current stable outlook for the U.S. Higher Education sector, Moody’s Investors Service cautions that conditions have worsened and that its rating outlook could turn negative by 2009, according to a mid-year outlook issued to reflect changing conditions.

The Empire State Development Corp. yesterday approved the general project plan for a controversial $6.28 billion expansion of Columbia University that could use tax-exempt bond financing issued through the Dormitory Authority of the State of New York.

A plan by Akron Mayor Mark Plusquellic to sell or lease the city’s sewer system to fund a scholarship program for local high school graduates hit a possible roadblock last week when opponents presented a petition containing more than 5,000 signatures asking that voters be allowed to weigh in on the action.

IBM Corp. will invest $1.5 billion in nanotechnology research and development in New York's capital region, Gov. David Paterson announced yesterday. The state will pitch in $140 million in economic development grants.

CHICAGO - The Wisconsin Health and Educational Facilities Authority yesterday approved three transactions tied to borrowers' efforts to exit the auction-rate market. They include a $152 million deal from Children's Hospital and Health System of Wisconsin Inc. that will mark the second use in the tax-exempt market of a floating-rate structure promoted by Goldman, Sachs & Co.

DALLAS - Texas' oldest university system - Texas State University - is preparing to market $164 million of revenue bonds for construction projects on the flagship campus in San Marcos and at Sam Houston State University in Huntsville, as well as expansion of the North Austin campus.

DALLAS - The Texas Public Finance Authority will give investors a chance to grab some of its general obligation debt this week as the agency issues $225 million of bonds for refunding and new money.

A bipartisan group of four congressional staffers gave the Department of Education a rhetorical beating Friday over its cumbersome interpretation of a new law meant to help student loan lenders and said that Congress will likely have to act yet again to prevent private lenders that sell federally-guaranteed loans from going out of business.

WASHINGTON - Triple-A rated Maryland on Wednesday will bring $415 million of general obligation bonds to market, with the proceeds going primarily for school construction.

Rutgers University officials last week said the school will maintain the $102 million budget on its stadium expansion project and not increase the $72 million borrowing plan that officials approved in January.

WASHINGTON - Department of Education officials said yesterday that they will take several steps toward easing lender access to emergency liquidity, a move that received applause from nonprofit members of the student loan industry who are still grappling with how to originate loans for the new academic year that began July 1.

ATLANTA - North Carolina lawmakers have approved a roughly $22 billion budget for the 2008-09 fiscal year, which includes almost $900 million of borrowing.

CHICAGO - The University of Toledo will enter the market today with roughly $35 million of fixed-rate general receipts bonds in the first of two series that will refund recent notes used to take out all the system's insured variable-rate demand bonds.

The Dormitory Authority of the State of New York got a new executive director yesterday with the appointment by the board of Paul T. Williams Jr., a senior counsel at Nixon Peabody LLP.

CHICAGO - Akron, Ohio, could raise up to $250 million to fund a university scholarship program for the city's public school students by leasing its sewer system under a first-of-its-kind proposal floated by Mayor Donald Plusquellic.

CHICAGO — Strong growth in Evanston, Ill.-based Northwestern University's endowment prompted Standard & Poor's to move the credit up into the elite ranks of higher education institutions as it prepares to sell $125 million of new money tomorrow.