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Committee signs off on $150M KHC bond tranche, U of L refunding and school bond issues
Summary
The Office of Financial Management presented several debt items: Kentucky Housing Corporation requested a $150M tranche (two series) for mortgage financing of first-time homebuyers, the University of Louisville refunding bond sale was approved, and Hancock and Taylor County school bond issues were endorsed by the committee.
The Office of Financial Management presented multiple debt and refunding items July 16 and the committee approved them by roll call.
Bob Miller, executive director for OFM, said the Kentucky Housing Corporation plans to issue $75 million in 2026 series E non-AMT bonds and $75 million in series F taxable bonds as part of a larger $600 million single-family mortgage revenue bond authorization; OFM recommended approval and the committee granted favorable expression. Miller said the bonds will support mortgage financing for first-time low- and moderate-income Kentucky homebuyers and are scheduled for a negotiated sale Aug. 17–18.
The committee also approved University of Louisville refunding bonds not to exceed $43 million (series 2026A), which OFM said would refund certain 2016 series D bonds and is preliminarily estimated to produce net present value savings of about $3.12 million (approx.7.39%). Both items had prior approval by the State Property and Buildings Commission.
On school district debt, OFM presented Hancock County School District Finance Corporation's plan to issue about $25.95 million in school building revenue bonds for a new middle school (state's estimated annual debt service 2.84% of total) and Taylor County's $4 million general obligation financing for middle-school and athletic improvements (state share ~14.5%). Committee members noted athletic vs instructional allocation concerns on Taylor County's request but approved both items by roll call.
All bond matters presented at the meeting were approved; OFM will continue to coordinate sale timing and provide bond documentation as required.
