Governor Ivey Announces Over $298 Million Awarded to Public School and College Authority Projects

By  | November 21, 2020 | Filed under: News

Alabama's public education system ranked nation's worst as 'bold change' set for legislative committee hearing - Yellowhammer News | Yellowhammer News MONTGOMERY – 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.”

Department of Finance - Office of the Governor of Alabama

Kelly Butler

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

Media Release/Gina Maiola, Press Secretary/Office of Governor Kay Ivey

Print Friendly, PDF & Email

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NWS_CC Helen Keller Hospital Coldwater Inn Cynefin
Champy's 306 Barbecue Pie Factory Smokin Jalapeno OTR