Commission approves university bond sales, multifamily conduit bond and SFCC transactions

The commission reviewed and approved multiple state and school facility bond transactions.

Steve Starkweather, deputy executive director, asked the commission to approve two University of Kentucky general receipts bond transactions: a taxable 2026 series B (estimated $16,535,000 par for asset preservation and the Health Care Education Building) and a tax‑exempt 2026 series C (estimated $123,135,000 par for asset preservation, Health Care Education Building and Chandler expansion). He said the transactions are new‑money authorizations in House Bill 6 of the 2024 regular session, with a competitive sale scheduled for May 5, 2026 and a closing on May 26.

Starkweather also presented a Kentucky Housing Corporation multifamily conduit revenue bond (Winterwood 4 rural housing portfolio) with anticipated net proceeds of about $20,000,000 for acquisition, construction and rehabilitation of six multifamily facilities (about 171 units total), with a sale date in early May and closing on May 7.

The commission additionally considered and approved 11 SFCC transactions (a mix of new money projects and refundings for various counties and school systems) and informational items on university bond anticipation notes. During the later discussion, members asked about updated bond ratings; staff said rating agency conversations would begin in early May with ratings available ahead of a June issuance, and that ratings were expected to be maintained rather than necessarily upgraded.