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HEHF Board approves up to $62 million in education revenue bonds for Baylor School
Summary
The Health Education Housing Facilities Board approved a resolution authorizing issuance of education facilities revenue bonds for Baylor School, Series 2026, not to exceed approximately $62 million, after members discussed refinancing and term structure.
The Health Education Housing Facilities Board of the City of Chattanooga voted to approve a resolution authorizing issuance of education facilities revenue bonds for Baylor School, Series 2026, not to exceed $62,000,000.
The board’s chair introduced the resolution and invited questions. A financial advisor explained that the financing is effectively two parts: refinancing an outstanding 2017 bond of about $18 million that carries payments through roughly 2042, and a longer 30‑year piece to support additional campus needs. The advisor said the initial issuance is expected to be about $47 million and that the school plans to use pledges expected over the next five years to pay down a substantial portion of the balance.
Board members asked about term length and implementation. The advisor summarized: "this max 61 ish million dollars is really sort of two separate issues," noting the refinance component and the 30‑year long‑term component for longer‑lived improvements. After discussion, a motion and second were called and the chair put the resolution to a vote; members responded "aye" and the chair declared the resolution passed.
The action authorizes the board chair and staff to execute documents necessary for issuance, sale and delivery of the Series 2026 education facilities revenue bond. The transcript does not record a roll‑call vote or named yes/no tallies.
The board moved on to the next agenda item following the approval.
