American university issue bonds doing construction
Faced with the new technology school and beautifying the need to connect with the 1980s and the 1990s compared various institutions are issuing more tax-free bonds. Observers say, private colleges in experienced entrance landslide and delayed after school construction and maintenance, in this respect is playing pioneer role.
Government street bank and trust company general manager of public finance in Boston, Charles profeta Knoll says, the institutions are "put their dormitory into apartment-style or suite type. Both in the classroom, or in the dormitory, they're in selling technical bonds." Lee Wright, and George nussbaum and his company - one in Denver as a base investment Banks company work together for 12 years, and he could see into the tax-free bonds market of military academies and schools has grown steadily.
Higher education fund senior vice President and manager Mr White said: "push into the market, the reason of the institutions in competition is based on winning. They had to good package oneself, to enable students to think of them there. Second, by making investments to money in your fund operation, not flowers in the school construction, you can play in the financial front of in this game. Has good or bad, but in general, the upward trend is."
After 25 years to repay
Sales tax exemption to investors by public and private colleges and universities, bonds actually borrowed purchase price; When bond maturity, they use any repay the turnover process to construction and building updates. In a particular stage of bond during its existence, colleges to investors pay duty-free interest. Xu colleges now pay interest rates is 5% and 6% almost 15 years ago, and double-digit rates are much lower than. According to common and poor evaluation group public fund department director Mary ? Peggy dowd estimate, los quinn ? in national 3600 schools, one-third of the colleges in some time been tax-exempt bond markets. Private colleges may issue a total of $150 million in tax-free bonds. And public colleges and universities can bonds amount is no limit.
According to a securities material company's statistics, in 1995 1 to 5 months, have 160 schools issued bonds, the total sum of 26.7 billion dollars. There are 145 schools in that time for the tax-free bonds issued construction project, another 15 colleges will be used to pay the debt was still. In 1996, a bond issue to the colleges in May, with 189 the total sum of $41.4 billion, including 156 schools which used to construct, 33 for repayment of the debt.
According to "reconfigured to finance higher education with university management to provide news agency, book in the 1980s, the universities about released $410 duty-free bonds. By contrast, in late May 1996, the institutions has issued a total to $55 billion in bonds, but this is just so far amounts. The data from the stock material and Morgan Stanley group company collect assembly, BA securities company vice President Robert Syria this year, said his company with private colleges bond transaction complete exemption has more than last year. Recently, the company has bought San Francisco university and loyola ? Mali monte university bonds.
But Syria to buy bonds Mr Too cautious attitude. He said "funding at one of the particular college can operate with interest, but also must consider other factors, including funds and capital requirements. This may and 15 or 20 schools they might find this coincide is a good chance to issue bonds." Large private colleges in the bond issue down, issue tax-free limit most bond shall not exceed 1.5 billion forehead dollar. But private colleges of tax-free bonds issued after the limitation to still can continue to issue bonds and excess debt to pay taxes. Bonds amount in public colleges and universities in high, and never released tax-free bonds or only released small amounts of medium-sized private institutions is low.
"Cross-century" bonds
"Cross-century" bonds administration and financial vice-chairman David ? HuoFei tulameen, Berkeley, said one of the music college is the kind of colleges and universities. The college is considering rebuilding its classrooms, including in every classroom in order to use between wiring, the school computer network. Berkeley has decided to keep its own has investment finance, and to issue tax-free bonds, to finance the rebuilding institute. He said "who use this project, who will undertake project
costs, that's a very important point. Let this year's student, and contributive installation lines after 15 years of students benefit, this is unfair."
Yale university is another matter. In 1996, spring, Yale became the first issued by the tax "cross-century" bond colleges across the once, who only a few large company just into human territory. The bonds will expire in 100 years in 30 years, but including the choice is to repay. But Yale university in, don't do this 20.96 years ago. During this period, it can through the son generations of time to disperse pay the loan. A sister company in ray door of higher education funds work senior vice President John augustine said, since the early 1980s, the institutions in the tax-free bonds market share only about 5% of total loans issued by colleges, but the total amount of the bonds has greatly improved.
Moody's vice chairman and public funds, assistant director of Obama meters within, said Ritchie, according to moody's investors service in the report, $in 1996 heart has 44 schools in the first quarter, the bonds issued amounted to $21 billion. Compared with the first quarter in 1995, the center evaluated the bonds issued 14 colleges, approximately 850 million total. In 1995, the center throughout the year 100 schools assess bonds.
Some colleges and universities, the executive says the number of bonds issued with the increase in value, may reflect people's confidence in economic growth. In addition, many colleges are proof of financial balance ability in the basis of the debt, take more this proved to be from the months strong stock market for background. Other universities are issuing bonds to complete a few years ago implementation school construction and updated part of the strategic plan. In many other cases, some colleges are issuing new debt, and the new bond interest than old low bond. Some experts speaking, borrowing has increased make colleges in debt, under the support of ideas better after a day. Financial and management commission vice chairman C ? wen said, harvard Fred colleges are carrying a pen was released in 1990, for the amount of $24 million bond debt. Ten years ago, officials won't consider tax-exempt bond market, but their ideas for harvard college in Fred has the money after the updating of immediate changes. He explained that "balance but the situation to rags
schoolhouse, not a good thing."
Improve credit evaluation value
BA securities, says Mr Orchid on how to improve the college reputation is becoming more sophisticated. For example, some evaluation value in the colleges and universities between ambiguity by never buy letter of credit with a bank only method as a "matting" to improve their credit, which makes their bond issuance more market competitiveness each credit each year could take half a percent bonds value, but these credits can help them get lower pay interest rates.
Although tax-free bonds market has become very popular, but colleges or avoid bear long-term debt. For example, New Hampshire, dean of the college of Richard gustaf Carson says, this college most recently using short-term tax-free bonds funded the three new facilities, as they are equipment as well. Federal tax law in tax-free bonds market of college borrow money hand doing construction, on the other hand to buy or rent equipment practice is treated differently. But if the building is to press modular design and construction of the tax law, that they are equipment. Equipment can more easily get funding.
National capital reserve the company President Rodney ? Jones said "if building sites as equipment by design, we can go to that kind of market with equipment bond interest rate instead of real estate market." And the more long term instead, this bond deadline for 10 years. He said "the important thing is that you now borrow money, is tantamount to you in the whole process less pay cash. In addition, I can more gratified to after 10 years rather than 20 years later assert institute will is what appearance."
A few colleges totally avoid debts. For example, rice university regulations forbade debt. So the school is built on the basis of the amount people from it, rice university borrowed funds in similar donations in a pen short-term loans engineering construction. The loan donated assets as mask in moab and redemptive assets played a role of bridge between. Rice university President and vice director of financial and administrative management, currie said, rice university school construction method of this funding "under the current is unusual", "but this is not true in 30 years ago to unusual. The federal government, and from family to social each part of a debt, the
university also didn't much different".
But ordinary and poverty assessment team peja los quinn ? Christopher dodd, says ms rice university through money doing construction are paid a "opportunity cost". Otherwise, it is can get investment. She explained that "this does not mean that spend cash to buy things. Even if you can use 40 years with cash to buy a house, if you put the same money into the stock market, you may get more investment opportunities." New Hampshire college Mr Paulson gustav understanding the point, but he is worried about the debt would secretly snapped. He said: "any growing colleges are regularly need financial groups support. But in my opinion, only when we really need to seek support as much as possible, and urged us to pay off his debt, not every time meet on the way a little turbulence, and then to issue new bonds.
美国大学发行债券搞建设
面对美化学校和与新技术接轨的需要,与20世纪80年代相比,90年代的各
院校正在发行更多的免税债券。观察家说,私立院校在经历了入学滑坡和推迟了学校建设与维修之后,在这方面正起着急先锋的作用。
政府街银行与波士顿信托公司公共财务部总经理查尔斯·普罗克诺说,各院
校正在“把它们的宿舍改成公寓式或套房式。不论是在教室,还是在宿舍,它们都在发售技术债券。”李·怀特与乔治·鲍姆和他的公司—一个以丹佛为基地的银行投资公司一起工作了12年,他就看到了进入免税债券市场的院校数量在稳步上升。
高等教育基金高级副总裁兼经理怀特先生说:“推动院校进入市场的原因,
是基于要在竞争中获胜。它们不得不很好地包装自己,以使学生们想到它们那儿去。第二,通过使投资来的钱在你的基金里运转,而不是花在学校建设上,你就能
在财力上抢在这场游戏的前面。情况有好有坏,但总地来说,趋势是向上的。”
过25年再偿还
通过向投资者销售免税债券,公立和私立院校实际上借到了购买价；当债券
到期时再行偿还，它们利用这一周转过程搞建设和校舍更新。在债券存续期间的特定阶段,院校向投资者支付免税利息。许院校现在支付的利息率是5%或6%,与15年前几乎两位数的利率相比,要低得多。据普通与贫困评定小组公共基金部主任玛丽·佩洛奎因·多德估计,在全国3600所院校中,有三分之一的院校在某些时候去过免税债券市场。私立院校可以发行总额达1.5亿美元的免税债券。而公立院校可以发行的债券数额则没有限制。
据一所证券资料公司的统计数字,在19xx年1至5月,有160所院校发行了
债券,总金额达26.7亿美元。其中有145所院校在那段时间发行的免税债券用于建设项目,另15所院校则用于偿付未还的债务。19xx年的一到五月,发行债券的院校有189所,总金额达41.4亿美元,其中156所院校用于建设,33 所用于偿还债务。
据《重新改造大学管理与资助高等教育机构》一书提供的消息,在整个20
世纪80年代,各院校大约发行了410亿美元的免税债券。相比之下,19xx年5月
底,各院校已经发行了总额为550亿美元的债券,然而这还只是到目前为止的数额。该数据由证券资料与摩根·斯坦利集团公司搜集汇编，BA证券公司副总裁罗伯特·兰说,他的公司今年与私立院校完成的免税债券交易比去年全年的都多。最近,公司还购买了旧金山大学和罗耀拉·马里蒙特大学发行的债券。
但是兰先生对过多地购买债券持谨慎态度。他说“资助某一所特定的院校可以凭兴趣运作,而且还必须考虑其他一些因素,包括集资和资本需求。这可能与15或20所学校不谋而合它们可能会发现这正是一个发行债券的好机会。”大型私立院校的债券发行限额在下降,发行免税债券额至多不得超过1.5亿美元。但私立院校发行的免税债券达到了限额后仍可继续发行债券,超额债券要纳税。债券数额在公立院校很高,而在从未发行过免税债券或仅发行过小数额的中型私立院校里却很低。
“跨世纪”债券
“跨世纪”债券行政与财务副主席大卫·霍菲斯彻说,伯克利音乐学院就是那种院校之一。该学院正在考虑改建其教室,包括在各教室之间布线,以便能够利用学校的计算机网络。伯克利已决定保持它自己已投资的财源,并发行免税债券, 以资助学院的改建。他说“谁使用这一工程,谁就承担工程的费用,这一点很重要。让今年的学生出资安装线路,而15年后的学生来受益,这是不公平的。”
耶鲁大学则另辟蹊径。19xx年春天,耶鲁成为第一所发行纳税“跨世纪” 债券的院校,跨人了曾经只有少数几家大公司才进人的领地。该债券将在100年后到期,但包括在30年后即偿还的选择。但耶鲁大学在20xx年前,不必这样做。在此期间,它可以通过儿代人的时间来分散偿付借款。一位在雷门兄弟公司工作的高等教育基金资深副主席约翰·奥古斯丁说,自20世纪80年代初,各院校在免税债券市场的份额大约只占全部借款的5%,但由院校发行的债券总额已大大提高了。
穆迪公共基金部副主席兼助理主任内奥米·里奇曼说,据穆迪投资者服务中美元心的报告, 19xx年第一季度有44所院校发行了债券,总值达21亿美元。与19xx年第一季度相比,该中心评估过14所院校发行的债券,总值大约为8.5亿。在19xx年全年中,该中心评估过100所院校发行的债券。
一些院校的行政人员说,发行债券的次数和金额的增加,可能反映了人们对
经济增长的自信。另外,许多院校正在证明自己有能力在财务平衡的基础上承担更多的债务,这种证实是由过去的个月中强劲的股市行情为背景的。其它院校正在发行债券,以完成几年前实施的学校建设和更新部分的战略计划。在许多其它情况下,一些院校正在发行新债券, 而新债券的利率比旧债券的低。对一些专家来说,借贷的增加使高等院校在债务观念的支持下,日子变得更好过了。财务与管理委员会副主席C·温说, 哈佛弗德学院正背着一笔发行于19xx年、金额为2400万美元的债券债务。10年前,官员们不会考虑免税债券市场,但他们的想法因哈佛弗德学院在有了这笔钱后立竿见影的更新而改变了。他解释说“ 收支平衡但校舍破烂不堪的状况,并非是件好事。”
提高信誉评估值
BA证券所的兰先生说,学院对如何提高它们的信誉也变得更老练。例如, 一些评估值在两可之间的院校通过从不只一家银行购买信用证的方法作为“铺垫” 来提高自己的信誉,从而使它们的债券发行更具市场竞争力每份信用证每年可能耗费半个百分点的债券值,但这些信用证能帮助它们得到较低的偿还利率。
尽管免税债券市场变得流行起来,但院校还是尽量避免承担长期债务。例如, 新罕布什尔学院院长理查德·古斯塔夫森称,该学院最近利用短期免税债券资助了三项新设施,就如同它们是设备一样。联邦税收法对高校在免税债券市场借钱一方面搞建设,另一方面购买或出租设备的做法是区别对待的。但如果建筑物是按模件设计和建造的,税收法就认为它们是设备。设备能够更容易地得到资助。
国家资金储备公司总裁罗德尼·琼斯说“如果建筑场地能通过设计被当成设备,我们就可以去那种以设备债券利率的市场而不去不动产市场。”与更长的期限相反,这种债券的期限为10年。他说“ 重要的是,你现在借钱,就等于你在整个过程中少付了现金。另外,我可以更加欣慰地在10年后而非20年后断言学院将是什么样子。”
少数院校完全避免债务。例如,赖斯大学的规章制度就禁止借债。所以该学校就建立在量人为出的基础上，赖斯大学从它类似捐款款项中借到了一笔短期贷款从事工程建设。这笔贷款在捐赠资产作为掩押和赎回资产之间起了桥梁作用。赖斯大学校长兼财务与行政管理副主任·柯里说, 赖斯大学这种资助学校建设的方法“在当今是不寻常的” ,“但这在30年前却并非如此地不寻常。从家庭到
联邦政府, 社会的每一部分都有债务，大学也没多少不同” 。
但普通与贫困评定小组的佩洛奎因·多德女士说,赖斯大学通过花钱搞建设是付出了一次“机会的代价” 。否则,它是可以得到投资的。她解释说“ 这并不意味着花现金买的东西能用40年。即使你能用现金买一所房子,如果你把同样的钱投到股票市场上,你可能会得到更多的投资机会。”新罕布什尔学院的古斯塔夫森先生理解这一点，但他担心债务会暗中作怪。他说：“任何一所成长中的院校都时不时地需要金融团体的支持。但在我看来,只有在真正需要的时候我们才尽可能地去寻求支援,并敦促我们自己偿还债务,而不是每次在路上碰到一点颠簸,就又去发行新的债券。