Munis

Gov. Gary Herbert last week signed a bill to provide $83 million in bonding authority for buildings at Utah colleges and a mental hospital, despite reservations about using debt.

Trustees of the College of the Mainland Community College District set an election for May 14 on $86 million of general obligation bonds after rejecting a suggestion to delay the vote until November.

DALLAS — A political fundraising scandal, including efforts to influence construction of the bond-financed University of Phoenix National Football League stadium, could cost Arizona’s Fiesta Bowl its nonprofit status and its ranking as one of the top four collegiate Bowl Championship Series games, according to an investigative report.

CHICAGO — Moody’s Investors Service Tuesday downgraded its long-term rating on DePauw University to A3 from A2, warning that the small Indiana liberal arts school suffers from deeply imbalanced operations.

The Arkansas Higher Education Coordinating Board will hear April 15 a request from the University of Arkansas at Fayetteville for a $132.3 million revenue bond package to finance projects at the main campus.

CHICAGO — As it works to reduce its reliance on endowment draws and loans to cover operations, the Illinois Institute of Technology held on to its investment-grade rating from Moody’s Investors Service on Friday, when the agency removed the credit from its watchlist and affirmed its Baa3 rating.

Standard & Poor’s last week revised its outlook on the University of Rochester to positive from stable as revenue growth and limited spending have improved the school’s operating performance.

WASHINGTON — Two District of Columbia universities are tapping the bond markets this week in separate tax-exempt and taxable transactions totaling $145 million.

New York City received expressions of interest from 18 different academic institutions looking to construct and operate a new applied science and engineering research campus in the city.

DALLAS — The Arizona budget bill passed by the Senate on Wednesday calls for $1.3 billion in cuts to avoid borrowing and sharply reduces funding for education.

DALLAS — Louisiana Gov. Bobby Jindal presented the Legislature on Friday with a proposed $24.93 billion operating budget for fiscal 2012 that allocates $1.12 billion less than in the current fiscal year.

CHICAGO — The Illinois Finance Authority board advanced borrowing plans Tuesday for three central Illinois hospitals seeking to refund debt or raise funds for new projects, including $400 million for the Carle Foundation’s overhaul of its Urbana campus.

CHICAGO — Trinity Health Credit Group’s plan to buy Loyola University Health System should bolster the latter’s fiscal standing, though analysts say it’s too early to tell what impact the acquisition will have on Trinity’s balance sheet.

CHICAGO — Fitch Ratings has stripped the Illinois Institute of Technology of its investment-grade rating and assigned a negative outlook to the school and its $190 million of outstanding revenue bonds, which were issued through the Illinois Finance Authority.

Moody’s Investors Service last week revised its outlook for Fordham University to stable from positive as the school plans to increase its borrowing more quickly in advance of expected fundraising and balance-sheet growth.

The University of Oregon is pushing ahead with legislation for a controversial plan to sell $800 million of bonds to help create an endowment twice that size.

The Dormitory Authority of the State of New York last week gave final approval to $150 million of bonds for a university and preliminary approval to $72.8 million for lower education projects.

Standard & Poor's Tuesday revised its outlook to positive from stable on the A rating of Western Kentucky University's 2002 and 2003 consolidated educational buildings revenue bonds.

Moody's Investors Service has downgraded Hamline University's rating to Baa2 from Baa1 due to its highly leveraged balance sheet. The move affects $56 million of debt, including this week's $26 million issued through the Minnesota Higher Education Facilities Authority.

DALLAS — A wave of financial emergencies brought on by deep cuts in Texas education spending will bring additional credit scrutiny to school districts but not necessarily downgrades, Standard & Poor's analysts said Tuesday.