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News & Press Releases

September 7, 2021

News
Higher Ed Advisor: preserving and protecting your institution’s credit rating

Click the link below to listen to the latest episode of Baker Tilly's Higher Ed Advisor podcast, featuring the Authority's Executive Director, Barry Fick.

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July 6, 2021

News
Mary Yang Thao is Appointed to the MHEFA Board

Mary Yang Thao, of Circle Pines, MN, has been appointed to the MN Higher Education Facilities Authority Board as the Board member who is a trustee, director, officer, or employee of an institution of higher education. The Governor’s Press Release is available here.

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July 6, 2021

News
David Rowland is Reappointed to the MHEFA Board

David Rowland, of Edina, MN, has been reappointed to the MN Higher Education Facilities Authority Board as the Board member having a favorable reputation for skill, knowledge, and experience in the field of state and municipal finance. The Governor’s Press Release is available here.

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June 1, 2021

Press Release
Minnesota Higher Education Facilities Authority Receives Hermes Award for New Authority Website

For Immediate Release: June 1, 2021

ST. PAUL, MN - The Minnesota Higher Education Facilities Authority (MHEFA) and Voom Creative are proud to announce that the MHEFA website, www.mnhefa.org, is a Hermes Award Gold Winner. The Hermes Creative Awards is an international award for creative professionals who bring the industry’s best ideas to life through traditional and digital platforms.

MHEFA and Voom Creative worked closely to design a comprehensive website, linking all areas of MHEFA operations into an integrated and fully featured experience. The website focuses on material for investors, information about the MHEFA’s borrowing process, and recent news/reports for the general public.

“This new website reflects the vison of the Authority, allowing us to grow our information resources, enhance service to our borrowers, as well as to other parties interested in our activity. In collaboration with Voom Creative, we are honored to receive this award,” said Barry W. Fick, Executive Director of MHEFA. “Being innovative with our online presence is a top priority and this reward reflects our efforts, especially as we celebrate our 50th Anniversary this year.”

“We are so proud to have helped the Authority bring this site to life in a creative way that met their objectives,” said Melissa McGath, Principal and Founder of Voom Creative in a press release. “This was a tremendously fun project, and we are honored to see it recognized.”

During MHEFA’s 33rd Annual Conference held on April 21, 2021, Voom Creative discussed the design and innovative process used to create the website with MHEFA. A detailed presentation and the entire recording of the conference can be found on the Authority’s website here.

For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

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May 10, 2021

News
Minnesota Higher Education Facilities Authority Announces Details of Its Upcoming Bond Sale

For Immediate Release: May 10, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announces it is offering approximately $22 million of Saint John’s University Revenue Bonds, Series 2021 on or about Tuesday, May 18, 2021. The bonds will be offered via negotiated sale through RBC Capital Markets. The Municipal Advisor is Baker Tilly Municipal Advisors LLC. 

“This bond sale will provide financing for improvements to the Saint John’s landscape which will include new townhouse-style residence halls, Science Center renovations, other campus building renovations, and a pedestrian foot bridge connecting the upper and lower campus.  For Saint Johns’ students, most of whom live on campus throughout their University experience, these improvements will enhance student life. We anticipate a successful bond sale and are confident the University’s strong bond rating of A2 (Moody’s Investors Service) shows the University’s fiscal stability and will prove attractive to investors,” said Barry W. Fick, Executive Director of MHEFA.

Saint John’s University (for men), along with the nearby College of Saint Benedict (for women) are nationally recognized liberal arts colleges distinguished by a singular, undergraduate experience. Their partnership gives students the opportunities of a large university while retaining the close personal attention of a premier liberal arts college.

Set amid 2,700 acres of varied terrain, the Saint John's campus is remarkable in its natural beauty. It includes wetlands, several lakes, an oak savanna, a restored prairie, and hiking trails that wind through an extensive pine and hardwood forest. In addition to its recreational value, the landscape inspires spiritual and artistic reflection and fosters the Benedictine traditions of land stewardship, education, and environmental respect.

A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. The Minnesota Higher Education Facilities Revenue Bonds, Series 2021 (Saint John’s University) are rated “A2” by Moody’s. 

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $3.1 billion, of which approximately $964 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

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April 21, 2021

News
Notice of Public Hearing on Revenue Obligations on Behalf of Saint John’s University

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the “Authority”) with respect to a proposal to issue revenue bonds or other obligations on behalf of Saint John’s University (the “Corporation”), a Minnesota nonprofit corporation, as owner and operator of Saint John’s University (the “Institution”), at the Authority’s offices at Suite 450, 380 Jackson Street, St. Paul, Minnesota, on Wednesday, April 21, 2021, at 2:00 p.m. Under the proposal, the Authority would issue its revenue bonds or other obligations, which will be qualified 501(c)(3) bonds, in an aggregate original principal amount not to exceed $25,000,000 to finance projects generally described as (i) the acquisition, construction and equipping of a new 96-bed townhouse style student residence facility; (ii) renovation and upgrades to Peter Engel Science Center; (iii) renovation of the first floor and third floor of Wimmer Hall; (iv) construction of a pedestrian bridge connecting the lower campus and upper campus; and (v) capital improvement and renovation projects, including a student center (Sexton Commons) and student residence facilities (Saint Thomas Aquinas Hall and Saint Mary Hall) (collectively, the “Projects”), and to fund costs of issue. The Projects are or will be owned or leased and operated by the Corporation, and located on the Institution’s main campus in Collegeville, Minnesota.

The Authority’s meeting and public hearing on April 21, 2021, will be conducted by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.021. Members of the public may attend the meeting in person or via telephone by calling toll-free 1‑877‑978-6969; Access Code 474-257-269#. Some members of the Authority may participate by telephone or other remote means.

Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority, 380 Jackson Street, Suite 450, Saint Paul, Minnesota 55101, or emailed to info@mnhefa.org or sent by facsimile to (651) 297-5751. Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at (651) 296-4690 at least 48 hours in advance of the meeting to arrange for any necessary accommodations.

For additional information on such public hearing, see the Notice of Public Hearing – St. John’s University, on the Authority’s website: mnhefa.org – Recent News.

By Order of the

Minnesota Higher Education Facilities Authority

Barry W. Fick, Executive Director

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April 6, 2021

Press Release
Minnesota Higher Education Facilities Authority Announces Details of Its Upcoming Bond Sale

For Immediate Release: April 6, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announced today it is offering approximately $13 million of Revenue and Refunding Bonds, Series 2021 (Macalester College) bonds on April 14, 2021. The bonds will be offered via negotiated sale through Piper Sandler & Co. The Municipal Advisor is North Slope Capital Advisors. 

“To help Macalester College continue its philosophy of fostering global citizenship and collaborative learning, this bond sale will provide debt service savings and make funds available to undertake roof replacement to several buildings on the campus. The school’s strong bond rating of Aa3 (Moody’s Investors Service) demonstrates the commitment by the College to fiscal responsibility, and we anticipate a successful bond sale,” said Barry W. Fick, Executive Director of MHEFA.

Macalester College is located in a residential section of Saint Paul, Minnesota. It is a liberal arts college that combines a close-knit, welcoming community with the benefits of being in the Minneapolis/St Paul metro area. Macalester students come from every state and 98 countries for an academic program ranked among the top 20 in the nation.

A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. Macalester’s Series 2021 bonds are rated “Aa3” by Moody’s. 

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $2.85 billion, of which approximately $900 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

Read Press Release

March 3, 2021

News
Minnesota Higher Education Facilities Authority (MHEFA) Notice of Public Hearing on the Issuance of Revenue Obligations of Behalf of Macalester College

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the “Authority”) with respect to a proposal to issue revenue bonds or other obligations on behalf of Macalester College, a Minnesota nonprofit corporation (the “College”), as owner and operator of Macalester College, at the Authority’s offices at Suite 450, 380 Jackson Street, Saint Paul, Minnesota, on Wednesday, March 17, 2021, at or after 2:00 p.m.

Under the proposal, the Authority would issue its revenue bonds or other obligations in an approximate maximum principal amount of $15,500,000 to finance a project (the “Project”) consisting of (a) the refunding of the Authority’s outstanding Revenue Bonds, Series Seven-S (Macalester College) (the “Series Seven-S Bonds”), dated December 12, 2012, which were issued in the original aggregate principal amount of $14,730,000; and (b) the replacement of the roofs on the Olin Building, the College’s Campus Center building and library, and the College’s humanities building.

The Series Seven-S Bonds were issued to finance the second phase of renovation and expansion of the Janet Wallace Fine Arts Center complex, including renovation, construction, equipping, and furnishing of the approximately 35,000 square foot studio arts portion of the complex, and to finance the replacement of a portion of the boiler capacity in the College’s heating plant, together with all related improvements, upgrades, and site work.

All of the facilities and improvements to be financed or refinanced as part of the Project are or will be owned and operated by the College and located on the College’s campus, the principal street address of which is 1600 Grand Avenue, Saint Paul, Minnesota 55105.

The Authority’s meeting and public hearing on March 17, 2021 will be conducted by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.021.  Members of the public may attend the meeting via telephone by calling toll-free 1-877-978-6969; Access Code 198-566-367#.  Some members of the Authority may participate by telephone or other remote means.

Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority, Suite 450, 380 Jackson Street, Saint Paul, Minnesota 55101, or emailed to info@mnhefa.org, or sent by facsimile to 651-297-5751.  Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at 651-296-4690 at least 48 hours in advance of the meeting to arrange for any necessary accommodations.

Dated:  March 3, 2021

BY ORDER OF THE MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY

/s/  Barry W. Fick  

Executive Director

Minnesota Higher Education Facilities Authority

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February 5, 2021

Press Release
Minnesota Higher Education Facilities Authority Announces Results of Its Recent Bond Sale

For Immediate Release: February 5, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA), today, announced the successful sale of its Series 2021 Revenue Bonds, St. Olaf College Project which sold through negotiated sale on February 3, 2021. The proceeds of the bonds will be used to finance enhancements to the St. Olaf College campus, including a new residence hall and additional housing.

“This bond sale was very successful, with over $1 billion in orders for approximately $57 million of bonds. The bonds were well received by investors due in part to the financial strength and reputation of the College. Additionally, a low supply of bonds in the market and investor demand helped the offering receive a strong reception.” said Barry W. Fick, Executive Director of MHEFA.

The sale consisted of four term bonds maturing in October 2038, 2041, 2046, and 2050. After the order period, the par amount of the term bonds was increased based on the strong demand. In addition, the substantial oversubscription for the bonds allowed yields to be reduced on all four maturities.

Piper Sandler & Co. served as underwriter for this transaction with North Slope Capital Advisors acting as Municipal Advisor.

About Minnesota Higher Education Facilities Authority

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $3.00 billion, of which approximately $922 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

Read Press Release

January 29, 2021

Press Release
Minnesota Higher Education Facilities Authority Announces Details of Its Upcoming Bond Sale

For Immediate Release: January 29, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announced today it is offering approximately $58 million of Series 2021 Revenue Bonds, St. Olaf College Project on February 3, 2021. The bonds will be offered via negotiated sale through Piper Sandler & Co. The Municipal Advisor is North Slope Capital Advisors. 

“This bond sale will provide financing for enhancements to the St. Olaf College campus. We anticipate a successful bond sale and are confident the school’s strong bond rating and financial strength will prove attractive to investors,” said Barry W. Fick, Executive Director of MHEFA.

St. Olaf’s 350-acre campus is located in the city of Northfield, Minnesota, 40 miles south of the Minneapolis/Saint Paul metropolitan area.  The College also owns approximately 650 acres of land that adjoins the campus.  In addition, several hundred acres have been set aside as natural lands. 

The physical facilities include 17 academic and administrative buildings, 11 student residence halls, and 10 athletic competition venues.  The College also owns 36 off-campus houses, 24 of which are used as student housing.  St. Olaf College’s 3,000 students come from all 50 states and82 foreign countries. Fifty-seven percent (57%) of full-time students come from outside Minnesota. St. Olaf offers 44 graduation majors, including 10 teaching certifications, 129 concentrations and 20 pre-professional fields.

A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. St. Olaf College’s Series 2021 bonds are rated “A1” by Moody’s.

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $2.85 billion, of which approximately $900 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

Read Press Release

October 14, 2020

News
MHEFA Requests Responses to Municipal Advisor Request For Proposal

The Minnesota Higher Education Facilities Authority (“MHEFA”) is requesting your consideration of providing a response to this Request for Qualifications / Request for Proposal (“RFP”) to provide Municipal Advisor services to the Authority.

Please follow the link below to download the RFP form.

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January 2, 2020

Press Release
January 2, 2020 Press Release

FOR IMMEDIATE RELEASE: January 2, 2020

The Minnesota Higher Education Facilities Authority (the “Authority”) is pleased to announce that Barry W. Fick, its Executive Director, has been appointed to two national public finance organization committees. Executive Director Fick has been appointed to a 3-year term on the Committee on Governmental Debt and Fiscal Policy of the Government Finance Officers Association (GFOA). The GFOA Committee on Governmental Debt and Fiscal Policy promotes sound financial practices for local and state governments. The Committee works on best practices, actively engages with participants in the market to help develop guidelines and updates for its members and monitors legislative and regulatory activities that impact the ability of state and local governments to borrow in a cost-effective manner. He has also been appointed to the Compliance Advisory Group (CAG) of the Municipal Securities Rulemaking Board (MSRB). “The MSRB’s advisory groups provide the organization with another touch-point to the industry and further insight into the municipal securities market,” said Interim Chief Executive Officer and Chief Financial Officer and Treasurer Nanette D. Lawson. “We greatly value the contributions of the professionals who volunteer to serve on our advisory groups.” The CAG provides feedback on compliance resources, tools and educational materials to enhance dealers’ and municipal advisors’ understanding of MSRB rules and to assist their efforts in developing effective supervisory and compliance programs. The Authority is an agency of the State of Minnesota. Created in 1971, the Authority assists non-profit higher education institutions in the State of Minnesota with low-cost financing or refinancing capital projects for the benefit of their students, helping lower the cost of higher education.

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