Munis

Illinois’ recent approval of some funding for higher education and student aid does little to calm concerns about the long-term impact of the funding drought on state university and community college balance sheets and reputations.

Columbia University recently issued $50 million in green bonds through the Dormitory Authority of the State of New York (DASNY) that will fund construction of a new science center for the Ivy League school’s Manhattanville campus, Gov. Andrew Cuomo announced Friday.

Illinois’ cash-starved higher education institutions will soon get some relief after state lawmakers passed a $600 million funding bill to get them through the summer despite the lack of a state budget.

With Illinois’ public higher education schools facing downgrades and accreditation risks, Gov. Bruce Rauner and the legislature’s Democratic majority remain at loggerheads over how to free up their funding amid the ongoing budget impasse.

Kentucky Attorney General Andy Beshear, a Democrat, filed suit Monday contending that budget cuts at nine public colleges and universities ordered by Republican Gov. Matt Bevin were illegal.

Illinois community colleges face downward rating pressure from delays in state aid payments and likely future state aid cuts.

The University of Texas System will seek savings with a $134 million refunding of revenue bonds.

U.S. lawmakers are stepping up scrutiny of colleges and universities with endowments of more than $1 billion and are threatening to introduce legislation that could jeopardize the tax-exempt status of their bonds.

Kentucky Attorney General Andy Beshear said Friday he will file suit if Gov. Matt Bevin fails to rescind immediate budget cuts the governor imposed at state colleges and universities.

Colorado Gov. John Hickenlooper’s signature on recently passed legislation will clear a path for the University of Colorado’s $168 million issue of new money and refunding bonds.

Citing strong enrollment growth and improving financial trends, Standard & Poor’s upgraded Texas Tech University System to AA-plus.

The University of Connecticut intends to sell $342 million of GO bonds under its UConn 2000 infrastructure improvement program, including a $42 million refunding.

Texas A&M University System reported higher-than-expected savings on the refunding of its revenue bonds after a Standard & Poor’s upgrade to triple-A.

Standard & Poor’s put five of the seven Illinois public universities it rates on CreditWatch, citing the Illinois budget impasse.

The University of Pennsylvania received a one-notch bond rating upgrade from Moody’s Investors Service, to Aa1 from Aa2.

DePaul University in Chicago will sell $70 million Tuesday primarily to finance a new music school building.

Since 2010, over 64,000 new beds on more than 100 different campuses across the country have been financed, built and are being maintained by the private sector.

The Illinois General Assembly’s Democratic majority failed Wednesday to override Gov. Bruce Rauner’s veto of a $721 million bill that would have provided aid for cash-starved community colleges and low income student grants.

Chicago-based Roosevelt University lost one of its investment grade ratings as it struggles with operating deficits driven by the strains of enrollment losses and a hefty debt load.

Ohio State University hits the market with its first sale under a $1 billion borrowing program that will use an offering statement style in the same vein as corporate shelf registration that will allow it to sell multiple issues with the same documentation.