Gov. Kay Ivey on Thursday announced more than $298 million has been awarded to 20 Public School and College Authority projects statewide.
“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,” Ivey said in a statement. “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.”
The PSCA is comprised of Ivey, State Finance Director Kelly Butler and Alabama Superintendent of Education Eric Mackey.
“I am thrilled that the PSCA is able to provide these funds to worthwhile projects throughout the state,” Butler said in a statement. “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.”
The state Legislature in 2019, authorized the PSCA to sell up to $1.25 billion in bonds and allocated money to every city and county K-12 school system and to higher education institutions, with 73 percent of the funds going to K-12 schools and 27 percent going to two-and four-year colleges.
Because of low interest rates, the bond sale resulted in the PSCA receiving over $300 million in premium revenues, according to a press release from Ivey’s office. The true interest cost of the bonds is two percent over the 20-year repayment period.
The PSCA projects funded from the premium revenue and announced today are:
- 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 and 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 and 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