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Tax-Free Bonds
Current Referenda | Ballotpedia
Perspective:
- The largest school bond referendum on ballots in November 2025 is the $1.4 billion package for Richardson Independent School District (ISD) in Texas.
- University of Michigan’s 2025 $2 billion general revenue bonds
- New York University’s 2025 $2.18 billion bonds through the Dormitory Authority of the State of New York
- The largest school bond referendum on ballots in November 2024 was Measure US for the Los Angeles Unified School District (LAUSD) in California, totaling $9 billion.
- In the November 2022 elections, a significant number of school bond referenda were presented to voters across the United States. For example, in Wisconsin alone, there were 57 successful capital referenda amounting to nearly $2.1 billion in authorized debt (Wisconsin Policy Forum)
- In Texas, Central Texas schools had a total of $4.24 billion in bonds on the ballot, covering various propositions for school facilities, technology improvements, and athletic facilities (Fox 7 Austin)
- In California and Arkansas, bond measures totaling $74 million — including school choice — were aimed at addressing school facility improvements (The74Million)
- Voters in 16 North Carolina counties approved bond issues totaling $4.27 billion, with $3.08 billion dedicated to K-12 public school construction and improvements (EducationNC)
“The cure for high prices, is high prices” — They say.
Today we explore fiscal runaway in the US education “industry” with particular interest in the financing instruments for building the real assets that are the beating heart of culture in neighborhoods, cities, counties and states. We steer clear of social and political issues. The marketing of these projects — and how the loans are paid off — provides insight into the costs and benefits of this $100+ billion industry; the largest non-residential building construction market in the United States.
We cannot do much to stop the hyperbolically rising cost of administrative functionaries but we can force the incumbents we describe in our ABOUT to work a little harder to reduce un-used (or un-useable) space and reduce maintenance cost. Sometimes simple questions result in obvious answers that result in significant savings.
More recently hybrid teaching and learning space, owing the the circumstances of the pandemic, opens new possibilities for placing downward pressure on cost.
Regulation or Money-Laundering?
After Architect-Engineers and Building Construction Contractors (many of whom finance election advocacy enterprises) the following organizations are involved in placing a bond on the open market:
- School Districts: Individual school districts issue bonds to fund construction or renovation of school facilities, purchase equipment, or cover other educational expenses. Each school district is responsible for managing its own bond issuances.
- Colleges and Universities: Higher education institutions, such as universities and colleges, issue bonds to finance campus expansions, construction of new academic buildings, dormitories, research facilities, and other capital projects.
- State-Level Agencies: Many states have agencies responsible for overseeing and coordinating bond issuances for schools and universities. These agencies may facilitate bond sales, help ensure compliance with state regulations, and provide financial assistance to educational institutions.
- Municipal Finance Authorities: Municipal finance authorities at the state or local level often play a role in facilitating bond transactions for educational entities. They may act as intermediaries in the bond issuance process.
- Investment Banks and Underwriters: Investment banks and underwriters assist educational institutions in structuring and selling their bonds to investors. They help determine bond terms, market the bonds, and manage the offering.
- Bond Counsel: Bond counsel, typically law firms, provide legal advice to educational institutions on bond issuances. They help ensure that the bond issuance complies with all legal requirements and regulations.
- Rating Agencies: Rating agencies, such as Moody’s, Standard & Poor’s, and Fitch Ratings, assess the creditworthiness of the bonds and assign credit ratings. These ratings influence the interest rates at which the bonds can be issued.
- Investors: Various institutional and individual investors, including mutual funds, pension funds, and individual bond buyers, purchase school and university bonds as part of their investment portfolios.
- Financial Advisors: Financial advisory firms provide guidance to educational institutions on bond issuances, helping them make informed financial decisions related to borrowing and debt management.
- Regulatory Authorities: Federal and state regulatory authorities, such as the U.S. Securities and Exchange Commission (SEC) and state-specific agencies, oversee and regulate the issuance of bonds to ensure compliance with securities laws and financial regulations.
These organizations collectively contribute to the process of issuing, selling, and managing school and university bonds in the United States, allowing educational institutions to raise the necessary funds for their capital projects and operations. The specific entities involved may vary depending on the size and location of the educational institution and the nature of the bond issuance.
Bond issuances affect local property values.
Current Projects
We track action in the catalog of this consortia standards developer because we continually seek ways to avoid spending a dollar to save a dime; characteristic of an industry that is a culture more than it is a business.
While not an ANSI accredited the FASB/GASB standards setting enterprise’s due process requirements (balance, open-ness, appeal, etc.)* are “ANSI-like” and widely referenced in education enterprise management best practice. Recent action in its best practice bibliography is listed below
ACCOUNTING STANDARDS UPDATES ISSUED
For obvious reasons, we have an interest in its titles relevant to Not-For-Profit Entities
WHAT IS THE FASB NOT-FOR-PROFIT ENTITY TEAM
Inside the latest PCC meeting: a closer look at what’s shaping the Council’s current priorities. 🎥 Watch the update: https://t.co/VZ02TZwcVu
— FASB, GASB, and FAF (@FAFNorwalk) October 28, 2025
At present the non-profit titles are stable with the 2020 revision. That does not mean there is not work than can be done. Faculty and students may be interested in the FASG program linked below:
Also, the “Accounting for Environmental Credit Programs”, last updated in January, may interest colleges and universities with energy and sustainability curricula. You may track progress at the link below:
EXPOSURE DOCUMENTS OPEN FOR COMMENT
The Battle about Money
We encourage our colleagues to communicate directly with the FASB on any issue (Click here). Other titles in the FASB/GASB best practice bibliography are a standing item on our Finance colloquia; open to everyone. Use the login credentials at the upper right of our home page.
Issue: [15-190]
Category: Finance, Administration & Management, Facility Asset Management
Colleagues: Mike Anthony, Jack Janveja, Richard Robben
What do you think: Do investors need a clearer picture of non-financial donations made to not-for-profits?#FASB needs your feedback to help help the Board determine how to move forward. Share your thoughts by April 10.#giftsinkind #charitablegivinghttps://t.co/MBMhEOFUlE pic.twitter.com/o4pdMC0yXq
— FASB, GASB, and FAF (@FAFNorwalk) March 31, 2020
Carnegie Classifications
The Carnegie Classification of Institutions of Higher Education, or simply the Carnegie Classification, is the framework for classifying colleges and universities in the United States. Created in 1970, it is named after and was originally created by the Carnegie Foundation for the Advancement of Teaching, but responsibility for the Carnegie Classification was transferred to Indiana University‘s Center for Postsecondary Research, in 2014.
The framework primarily serves educational and research purposes, where it is often important to identify groups of roughly comparable institutions. The classification includes all accredited, degree-granting colleges and universities in the United States that are represented in the National Center for Education Statistics Integrated Postsecondary Education Data System.
The Carnegie Classification of Institutions of Higher Education ®
Educational Settlement Finance
Giovanni Paolo Panini, An architectural capriccio with figures among Roman ruins
The post-pandemic #WiseCampus transformation requires significant capital to meet the sustainability goals of its leadership. Campuses are cities-within-cities and are, to a fair degree, financed in a similar fashion. Tax-free bonds are an effective instrument for school districts, colleges and universities — and the host community in which they are nested — for raising capital for infrastructure projects while also providing investors with, say $10,000 to $100,000, to allocate toward a tax-free dividend income stream that produces a return in the range of 2 to 8 percent annually.
An aging population may be receptive to investment opportunities that protect their retirement savings from taxation.
Curious about the municipal bond market? Check out the MSRB’s new resource “Municipal Market Basics” to start your journey through the MSRB’s newly updated Education Center: https://t.co/BIMBxWpKGkhttps://t.co/PLhtaXzdD9 pic.twitter.com/FVARkkYZAD
— MSRB (@MSRB_News) November 28, 2023
Once a month, we walk through the prospectuses of one or two bond offerings of school districts, colleges and universities and examine offering specifics regarding infrastructure construction, operations and maintenance. We pay particular attention to details regarding “continuing operations”. Somehow the education industry has to pay for its green agenda. See our CALENDAR for the next Finance colloquium; open to everyone.
The interactive map provided by Electronic Municipal Market Access identifies state-by-state listings of tax-free bonds that contribute to the construction and operation of education facilities; some of which involved university-affiliated medical research and healthcare delivery enterprises.
CLICK ON IMAGE FOR INTERACTIVE MAP
If you need help cutting through this list please feel free to click in any day at 11 AM Eastern time. Use the login credentials at the upper right of our hope page. We collaborate with subject matter experts at Municipal Analytics and UBS.
Issue: [Various]
Category: Administration & Management, Finance, #SmartCampus
Colleagues: Mike Anthony, John Kaczor, Liberty Ziegahn
*We see the pandemic as a driver for a step-reduction in cost in all dimensions of education communities. We coined the term with a hashtag about two years ago.
*College and university infrastructure projects are classified with public school districts under the rubric “municipal bonds” at the moment. CLICK HERE for more information.
Good question. pic.twitter.com/FtW0eSaQs7
— Thomas Sowell Quotes (@ThomasSowell) January 27, 2025
More:
Duke Law Review: Don’t ‘Screw Joe the Plummer’: The Sausage-Making of Financial Reform
An Expanded Study of School Bond Elections in Michigan
Gallery: School Bond Referenda
As of January 2022, there were a few municipalities in the United States that allowed non-citizens to vote in local elections, but no entire states. These municipalities included:
San Francisco, California: Non-citizens are allowed to vote in school board elections.
Chicago, Illinois: Non-citizens are allowed to vote in school board elections.
Takoma Park, Maryland: Non-citizens are allowed to vote in local elections.
It’s worth noting that these policies may change over time as local governments make decisions regarding voting rights. For the most up-to-date information, it’s best to consult the specific laws and regulations of each municipality or state.
“Election Day, 1944” | Norman Rockwell for the Saturday Evening Post
School bond elections — either at county or district level — are processes through which communities vote to authorize the issuance of bonds to fund various projects and improvements in their local school districts. The elections determine the quality of educational settlements –new school buildings, renovating existing facilities, upgrading technology, and improving safety measures. The outcomes of these elections directly affect the quality of education and learning environments for students within the county. Successful bond measures can stimulate economic growth by creating jobs and attracting families to the area.
Community involvement and voter turnout are essential in determining the allocation of resources and shaping the quality of life for its citizens. In recent years, however, voter ambivalence about the education “industry” in general, the rise of home schooling and other cultural factors, complicate choices presented to voters.
Energy 300
Today we refresh our understanding of energy-related best practice literature according to the topical tranches we have deployed since 2023:
Energy 200: Codes and standards for building premise energy systems. (Electrical, heating and cooling of the building envelope)
Energy 300: Codes and standards that support the energy systems required for information and communication technology
IEEE Energy Efficiency in Data Centers
ISO/IEC 30134 Series | CENELEC EN 50600 Series
ASHRAE 90.4 Energy Standard for Data Centers
ENERGY STAR Data Center Storage
European Code of Conduct for Data Centres Energy Efficiency
TIA-942 Telecommunications Infrastructure Standard for Data Centers
BICSI 002: Data Center Design and Implementation Best Practices, including energy management
Uptime Institute Annual Global Data Center Survey
Energy 400: Codes and standards for energy systems between campus buildings. (District energy systems including interdependence with electrical and water supply)
A different “flavor of money” runs through each of these domains and this condition is reflected in best practice discovery and promulgation. Energy 200 is less informed by tax-free (bonded) money than Energy 400 titles.
Some titles cover safety and sustainability in both interior and exterior energy domains so we simply list them below:
ASME A13.1 – 20XX, Scheme for the Identification of Piping Systems | Consultation closes 6/20/2023
ASME Boiler Pressure Vessel Code
ASME BPVC Codes & Standards Errata and Notices
ASHRAE International 90.1 — Energy Standard for Buildings Except Low-Rise Residential Buildings
2018 International Green Construction Code® Powered by Standard 189.1-2017
NFPA 855 Standard for the Installation of Stationary Energy Storage Systems
IEEE Electrical energy technical literature
ASTM Energy & Utilities Overview
Underwriters Laboratories Energy and Utilities
There are other ad hoc and open-source consortia that occupy at least a niche in this domain. All of the fifty United States and the Washington DC-based US Federal Government throw off public consultations routinely and, of course, a great deal of faculty interest lies in research funding.
Please join our daily colloquia using the login credentials at the upper right of our home page.
ICYMI – here is our 50th anniversary lecture from Professor Helen Thompson on the 1970s energy crises and what we can learn from it, with some great questions from our audience! https://t.co/9XUqc3fx5f pic.twitter.com/zHvqY8HYL1
— Clare College (@ClareCollege) March 9, 2023
More
United States Department of Energy
International Energy Agency World Energy Outlook 2022
International Standardization Organization
Energy and heat transfer engineering in general
Economics of Energy, Volume: 4.9 Article: 48 , James L. Sweeney, Stanford University
Helmholtz and the Conservation of Energy, By Kenneth L. Caneva, MIT Press
NRG Provides Strategic Update and Announces New Capital Allocation Framework at 2023 Investor Day
From our video archive:
Ask me why pic.twitter.com/zQIpuI7vCh
— Grace S. Vanderhei (@GraceMVanderhei) August 23, 2023
“I Made The Witches’ Brew from Macbeth, and Things Got Weird”
Witches; Brew Incantation | Macbeth, Act 4, Scene 1
First Witch
Round about the cauldron go;
In the poison’d entrails throw.
Toad, that under cold stone
Days and nights has thirty-one
Swelter’d venom sleeping got,
Boil thou first i’ the charmed pot.
Round about the cauldron go;
In the poison’d entrails throw.
Toad, that under cold stone
Days and nights has thirty-one
Swelter’d venom sleeping got,
Boil thou first i’ the charmed pot.
ALL
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Second Witch
Fillet of a fenny snake,
In the cauldron boil and bake;
Eye of newt and toe of frog,
Wool of bat and tongue of dog,
Adder’s fork and blind-worm’s sting,
Lizard’s leg and owlet’s wing,
For a charm of powerful trouble,
Like a hell-broth boil and bubble.
Fillet of a fenny snake,
In the cauldron boil and bake;
Eye of newt and toe of frog,
Wool of bat and tongue of dog,
Adder’s fork and blind-worm’s sting,
Lizard’s leg and owlet’s wing,
For a charm of powerful trouble,
Like a hell-broth boil and bubble.
ALL
Double, double toil and trouble;
Fire burn and cauldron bubble.
Double, double toil and trouble;
Fire burn and cauldron bubble.
Third Witch
Scale of dragon, tooth of wolf,
Witches’ mummy, maw and gulf
Of the ravin’d salt-sea shark,
Root of hemlock digg’d i’ the dark,
Liver of blaspheming Jew,
Gall of goat, and slips of yew
Silver’d in the moon’s eclipse,
Nose of Turk and Tartar’s lips,
Finger of birth-strangled babe
Ditch-deliver’d by a drab,
Make the gruel thick and slab:
Add thereto a tiger’s chaudron,
For the ingredients of our cauldron.
Scale of dragon, tooth of wolf,
Witches’ mummy, maw and gulf
Of the ravin’d salt-sea shark,
Root of hemlock digg’d i’ the dark,
Liver of blaspheming Jew,
Gall of goat, and slips of yew
Silver’d in the moon’s eclipse,
Nose of Turk and Tartar’s lips,
Finger of birth-strangled babe
Ditch-deliver’d by a drab,
Make the gruel thick and slab:
Add thereto a tiger’s chaudron,
For the ingredients of our cauldron.
ALL
Double, double toil and trouble;
Fire burn and cauldron bubble.
Double, double toil and trouble;
Fire burn and cauldron bubble.
Case Study: Central Utilities Building
Net Position 2025: $814,610 (000) Page 7
#BrockU is applying to @TIPS_SPIIE Canada Excellence Research Chairs program with the goal of securing a #CERC in Sustainable Agriculture for Grape & Wine. Global scholars interested in leading Brock’s CERC team are encouraged to apply. Learn more ➡️ https://t.co/vUlVaymFs8 pic.twitter.com/pOAMTILIS6
— Brock University (@BrockUniversity) August 8, 2025
New update alert! The 2022 update to the Trademark Assignment Dataset is now available online. Find 1.29 million trademark assignments, involving 2.28 million unique trademark properties issued by the USPTO between March 1952 and January 2023: https://t.co/njrDAbSpwB pic.twitter.com/GkAXrHoQ9T
— USPTO (@uspto) July 13, 2023
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