Governor Kay Ivey (R-AL) on Thursday announced that a total of $298,317,492 has been awarded to 20 Public School and College Authority (PSCA) projects across the Yellowhammer 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,” Ivey explained in a statement.
During her 2020 State of the State Address in February, 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 Ivey, State Finance Director Kelly Butler and Alabama Superintendent of Education Dr. Eric Mackey.
SB 242 authorized the PSCA to sell up to $1,250,000,000 in bonds and allocated money to every one of Alabama’s public city and county K-12 school systems and higher education institutions. The money was formulaically divided, with 73% going to K-12 schools and 27% going to two-and four-year colleges.
Because of very low interest rates, the passage of SB 242 and subsequent 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 announced Thursday are funded from premium revenue.
“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,” Ivey said.
The announced projects are as follows:
University of Alabama in Huntsville (UAH)
Huntsville Regional Lab and Morgue: $11,000,000
Expansion of Biotech Campus/designate Alabama the Discovery Life Sciences Global Headquarters: $15,000,000
New STEM & Agricultural Sciences Complex: $50,000,000
University of Alabama at Birmingham (UAB)
Genomic Medical & Data Sciences Building: $50,000,000
Center for Materials and Manufacturing: $9,450,000
Alabama Center for Arts
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
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
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
“I am thrilled that the PSCA is able to provide these funds to worthwhile projects throughout the state,” commented Butler. “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.”
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