logo

  • Home
  • News Departments
    • Education
    • Environment & Natural Resources
    • Health Care
    • Tax & Budget
    • Transparency & Open Records
    • Press Releases
  • NewsTracker Blog
  • Video
  • Tenn10 Club Charter Members
  • MISSION
  • Contact Us
  • Home
  • News Departments
    • Education
    • Environment & Natural Resources
    • Health Care
    • Tax & Budget
    • Transparency & Open Records
    • Press Releases
  • NewsTracker Blog
  • Video
  • Tenn10 Club Charter Members
  • MISSION
  • Contact Us


TN Saves Nearly $13M in Bond Deal to Fund University, College Construction Projects

0
09 May 2015
by TN Press Release Center

Press release from the Tennessee Comptroller of the Treasury; May 7, 2015:

The Tennessee State School Bond Authority (TSSBA) has closed a bond deal that will save the state $12.9 while also helping to finance construction projects at Tennessee colleges and universities.

The TSSBA was able to take advantage of its strong credit rating and favorable market conditions to refinance outstanding bonds with lower interest rates. Those rates will result in additional savings over time.

The bonds are revenue bonds that will be repaid with the revenues – such as parking and dormitory fees – that are generated by the projects that are being financed. Revenue bonds are different than general obligation debt this is repaid with taxpayer dollars.

The School Bond Authority sold $75 million in 2015 Series A taxable bonds at a true interest cost of 2.85%. The bonds included $31 million in new money and $44 million in refunding bonds. The refunding will save the state’s higher education institutions more than $3.5 million.

The School Bond Authority also sold $389 million of 2015 Series B tax-exempt bonds at a true interest cost of 3.39%.  The bonds included a refunding that refinanced $134 million in par amount of bonds, resulting in a $9.4 million in savings to the institutions.

“I am delighted by the closing of today’s bond sale,” Comptroller Justin P. Wilson said. “This allows Tennessee’s higher education institutions to not only move forward with important projects, but once again, it has resulted in a substantial savings. Conservative fiscal management has set Tennessee on the path to long-term success.”

About the Author
Social Share

Search the Archive


Press Release Center

  • TNGOP’s Haynes: TN a ‘Republican Model for Success’
  • Republicans Want Legislative Probe of UT Diversity Office
  • Year-to-Date State Budget Surplus Nearly $375M
  • Two Law Enforcement Officers Indicted for Stealing From Nonprofit Association
  • Senator Wants State Insurance Commissioner to Justify ‘Double-Digit Increases’ to Health Premiums

NewsTracker

  • Bulk of Record-Setting Year from Comptroller’s Fraud Hotline Involved Just Two Cases
  • House GOP Caucus Meeting Planned to Discuss ‘Leadership Position of Majority Whip’
  • Haslam Defends UT Chancellor Amid Latest Diversity Office Controversy
  • Executive Budget Hearings Planned This Week
  • Haslam Exits RGA Chairmanship Post


Copyright © TNReport News Services, Inc. 2009 - 2012. All rights reserved. Developed by The Liberty Lab, Inc.