MONTGOMERY, Ala. – Governor Kay Ivey on Thursday announced $298,317,492 has been awarded to Public School and College Authority (PSCA) projects to 20 entities around the state.
“The Public School and College Authority was established with the intent on tackling long-standing school infrastructure projects or educational upgrades that have been delayed due to limited funding,” Governor Ivey said. “I’m pleased to announce these 20 projects with the people of Alabama in full transparency. The announcement today marks a significant investment in the future of this state. I’m grateful to the Alabama Legislature for the enabling legislation which established the PSCA and the astute work of State Finance Director Kelly Butler for positioning the bond sale in the best way possible.”
During the 2019 State of the State, Governor Ivey announced her support of SB 242, the PSCA Bond Issue for public schools to use toward construction, safety improvement or technology upgrades. The PSCA is comprised of Governor Kay Ivey, State Finance Director Kelly Butler and Alabama Superintendent of Education Dr. Eric Mackey.
“I am thrilled that the PSCA is able to provide these funds to worthwhile projects throughout the state, Director Butler said. “I am grateful to the legislature for authorizing the sale and to Governor Ivey for her leadership in supporting this transaction. The successful sale is the result of outstanding work by the financing team, and I thank them for all of their efforts.”
SB 242 authorized the PSCA to sell up to $1,250,000,000 in bonds and allocated money to every city and county K-12 school system and to higher education institutions. The money was divided with 73% going to K-12 schools and 27% going to two-and four-year colleges.
Because of very low interest rates, the bond sale resulted in the PSCA receiving over $300 million in premium revenues. The true interest cost of the bonds is 2.145% over the 20-year repayment period
The PSCA projects funded from the premium revenue and announced today are as follows:
University of Alabama Huntsville
Huntsville Regional Lab and Morgue 11,000,000
HudsonAlpha
Expansion of Biotech Campus/designate Alabama the Discovery
Life Sciences Global Headquarters 15,000,000
Auburn University
New STEM & Agricultural Sciences Complex 50,000,000
University of Alabama at Birmingham
Genomic Medical & Data Sciences Building 50,000,000
Troy University
Center for Materials and Manufacturing 9,450,000
Alabama Center for Arts
Dorm 15,000,000
University of South Alabama
New Medical School Building 50,000,000
University of North Alabama
Computer Science & Mathematics Building 15,000,000
Alabama School of Deaf and Blind
North Alabama Campus 28,519,992
Alabama Aviation College
Phase 2 renovations of Barnett Building and upgrade the hanger floor 500,000
Lauderdale County
Workforce Development Center 8,000,000
Alabama Shakespeare Festival
Renovations & Repairs 5,000,000
Alabama School of Math & Science
Science Research Center 6,000,000
Outdoor Classrooms 235,000
AIDT
Toyota/Mazda 8,000,000
Jacksonville State University
Randy Owen Performance Center 15,000,000
The American Village
Central Independence Hall & Tower Classrooms and Experiences 5,000,000
Alabama A&M University
Library Roofing 907,500
Wilson Hall, Drake Hall, Carnegie Hall wood restoration project 605,000
University of Montevallo
Residence Halls – HVAC/Roof Repair 1,000,000
University of West Alabama
Brock Hall 2nd Floor Renovation 2,600,000
Alabama State University
Friendship Manor 1,500,000
Total 298,317,492
