Featured Municipal Bond Issue, Week of February 12, 2018: Wayne State University General Revenue Bonds – $120 Million

The Board of Governors of Wayne State University is issuing $120 million in water system revenue bonds the week of February 12, 2018. These Los Angeles water bonds are being issued as a single, tax-exempt series to pay costs of various capital projects, which include but are not limited to:

  • Construction, furnishing, and equipping of the Mike Ilitch School of Business
  • Construction, renovation, and expansion of the Hilberry Gateway Theater
  • Renovation and repurposing of the Science and Engineering Laboratory into an enhanced instructional learning environment for undergraduate STEM students
  • Construction of a new data center
  • Construction of a weight room addition to the Matthaei Physical Education Center
  • Construction and relocation of the Campus Health Center
  • Construction of a 6,000 square foot art gallery as part of the Criminal Justice Building project

Security for these bonds is an irrevocable pledge of general revenues, including a first lien, on parity with the lien on other outstanding bonds.  Details on the purposes, tax-status, security, as well as other matters pertaining to these Wayne State University revenue bonds can be found in the preliminary official statement, are available on MuniOS.

Wayne State University is in Detroit, MI. As of December 2017, the Detroit-Warren-Dearborn, MI Metropolitan Area has an unemployment rate of 4.2%, which is 0.1% higher than the national rate for December, and 1.2% lower than at the same time in 2016. MuniNet provides this data and more, easily accessible, for all 50 states and each Metropolitan Statistical Area in the country, in our Employment Database.

Provided at left (click to expand) is a quick snapshot of financial characteristics of Wayne State University as of 09/30/2016, compared with the medians for other public higher education organizations, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness)In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database.

These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.

by Jeffrey L Garceau