Proceeds Will Fund High-Quality Educational Facilities
State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (MSBA), and Katherine Craven, MSBA Executive Director, announce a bond offering of Dedicated Sales Tax Bonds, 2011 Series B. The planned sale is to offer tax-exempt bonds to individual investors exclusively during a retail order period on Wednesday, October 26, 2011 and to provide an institutional order period on Thursday, October 27, 2011.
The MSBA will use proceeds from the sale to fund grants to local school districts for the construction, renovation, or repair of public schools across the Commonwealth.
“Through responsible management and strong fiscal stewardship, the MSBA is able to sell bonds at a highly competitive rate on behalf of the Commonwealth’s taxpayers,” said Treasurer Grossman. “The end result will be a host of new projects that will deliver a competitive 21st Century learning environments for countless Massachusetts schoolchildren.”
“The money from this bond deal will go a long way toward improving the teaching and learning environment for students across the Commonwealth and allow the MSBA to continue to fund school building construction projects in a cost-effective way,” said Katherine Craven, Executive Director of the MSBA.
The MSBA strives to find the right-sized, most fiscally-responsible, and educationally-appropriate solutions to create safe and sound learning environments. It is committed to protecting taxpayer dollars by improving the school building grant process and avoiding the costly mistakes of the past in the funding and construction of schools. The MSBA reformed the Commonwealth’s formerly rampant and unsustainable school building program.
Since its inception in 2004, the Authority has made over $8 billion in reimbursements to cities, towns, and regional school districts for school construction projects. These timely payments have saved municipalities over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities.
Learn more about the transaction
Legal Disclaimer: Under no circumstances does the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Massachusetts School Building Authority, Dedicated Sales Tax Bonds, 2011 Series B in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers to purchase the Series B Bonds may be made only through a registered broker-dealer and through an Official Statement.