Massachusetts School Building
Authority Senior Dedicated Sales Tax and
Refunding Bonds

Massachusetts School Building Authority

The proceeds of the 2016B Bonds will be used to fund a portion of the costs of the Program, and pay the costs of issuing the 2016B Bonds. The proceeds of the 2016C Bonds will be used, to refund the outstanding 2007A Bonds.


Issuance characteristics
  • Contains callable maturities
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The proceeds of the 2016B Bonds will be used to (i) fund a portion of the costs of the Program, and (ii) pay the costs of issuing the 2016B Bonds. The proceeds of the 2016C Bonds will be used, together with other funds available under the Trust Agreement, to (i) refund in advance of the maturity thereof the outstanding 2007A Bonds (the "Refunded Bonds"), and (ii) pay the costs of issuing the 2016C Bonds.

  • Obligor

    Massachusetts School Building Authority

  • Issuer

    Massachusetts School Building Authority

  • Authority

    Chapter 208 of the Acts of 2004 created the Authority to administer and fund a program for grants to cities, towns, and regional school districts for school construction and renovation projects.

  • Security

    The Commonwealth currently imposes a 6.25% statewide sales tax on retail sales of certain tangible property transacted in the Commonwealth and a complementary use tax on the storage, use or other consumption of like tangible properties brought into the Commonwealth. The sales tax became effective in April 1966 at a rate of 3.00%. It was initially enacted as a temporary tax, but was made permanent by legislation effective January 1968. In November 1975, the rate was increased to 5.00%, and effective August 1, 2009 it was increased to 6.25%. Effective August 1, 2009, the exemption of taxes on alcohol sales was eliminated; this legislation, however, was repealed by the voters at the November 2010 statewide election, effective January 1, 2011.

  • Trustee

    The Bank of New York Mellon Trust Company

Ratings

Ratings

AA+

S&P

Aa2

Moody's

AA+

Fitch

Financing team

Neighborly Securities
Neighborly is a market participant on this issuance.