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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.
2026 National Patent Application Drafting Competition (Results)
The NPADC is a team competition for law students to develop skills in drafting patent applications, focusing on U.S. patent law. Teams receive a hypothetical invention statement, conduct prior art searches, draft specifications and claims, and present their work to judges, including patent examiners and practitioners. For 2025, the invention was an extra-uterine system for supporting premature fetuses, indicating the complexity of tasks involved
There is no publicly available timetable for the 2027 National Patent Application Drafting Competition (NPADC) from the United States Patent and Trademark Office (USPTO) as of the latest available information. The USPTO typically releases detailed schedules for the NPADC closer to the competition year, often in the fall of the preceding year (e.g., October or November 2025 for the 2026 competition).
After months of hard work, the top five teams met at USPTO headquarters today for the final round of the 2025 National Patent Application Drafting Competition. 🏆 And the winners are … ⬇️
🥇 First place — @UofMNLawSchool pic.twitter.com/uwNSJR0oBy
— USPTO (@uspto) April 4, 2025
Thomas Jefferson was the leader in founding the United States Patent Office. Jefferson was a strong supporter of the patent system and believed that it was essential for promoting innovation and progress in the United States. As the first Secretary of State Jefferson was responsible for implementing the country’s patent system.
Article I, Section 8, Clause 8 of the United States Constitution reads as follows:
“The Congress shall have Power To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries.”
In 1790, Jefferson drafted the first Patent Act, which established the procedures for applying for and granting patents. The act also created the United States Patent Office as a government agency to oversee the patent system. Jefferson appointed the first Patent Board, which was responsible for reviewing patent applications and making recommendations to the Secretary of State.
Jefferson was deeply involved in the early development of the Patent Office and was instrumental in shaping its policies and procedures. He believed that the patent system should be accessible to all inventors, regardless of their social or economic status, and he worked to streamline the patent application process to make it more efficient and user-friendly.
In recognition of his contributions to the development of the patent system, Jefferson is often referred to as the “Father of American Innovation.”
This clause grants Congress the authority to establish a system of patents and copyrights to protect the intellectual property of inventors and authors. The purpose of this system is to encourage innovation and creativity by providing inventors and authors with a temporary monopoly on their creations, allowing them to profit from their work and invest in future projects. The clause also emphasizes the importance of promoting the progress of science and the useful arts, reflecting the belief of the founders that the development of new technologies and inventions was essential for the growth and prosperity of the United States.
Over the years, the Patent Office has played a crucial role in the development of the United States as a technological leader, granting patents for inventions ranging from the telephone and the light bulb to the airplane and the computer. Today, the Patent Office is part of the United States Department of Commerce and is responsible for examining patent applications and issuing patents to inventors and companies.
Welcome to the 2025 National Patent Application Drafting Competition!
2024 National Patent Application Drafting Competition
Congratulations to the winners of this year’s National Patent Application Drafting Competition – Khailee, Bree, Rita, and Maria from @gwlaw, and thank you to all participants! Learn more about the competition: https://t.co/gB64fnXaM6 pic.twitter.com/FWqak6Mr1m
— USPTO (@uspto) April 14, 2023
From creating a race car safety device that protects drivers from injury to revolutionizing chemotherapy, Spartans have contributed to more than 3,300 inventions. #SpartansWill pic.twitter.com/dchCs0BFBx
— MSU (@michiganstateu) February 21, 2025
Game Day Food
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
International Existing Building Code
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“A Square with Imaginary Buildings” | Hendrik van Steenwijck (1614)
2024 International Existing Building Code
2025 GROUP B PROPOSED CHANGES TO THE I-CODES | April 2025
Important 2024 IEBC Changes Affecting College & University Facilities
| Code Change | Campus Impact |
|---|---|
| 1. Occupiable Roofs | New provisions coordinate rooftop occupancy requirements with the 2024 IBC. Universities converting roofs into terraces, student gathering areas, dining spaces, green roofs, or observation decks must evaluate structural capacity, means of egress, accessibility, guardrails, and fire protection. |
| 2. Risk Category Clarification for Additions | Provides clearer guidance when additions have a different occupancy than the existing building. This is particularly important for laboratory expansions, medical research buildings, student health facilities, and emergency operations centers. |
| 3. Storm Shelter Coordination | Storm shelter provisions now coordinate directly with IBC Section 423 and ICC 500. Campus projects in tornado-prone regions should verify shelter requirements early during planning. |
| 4. Smoke Compartment Requirements | Certain renovations involving healthcare occupancies, student medical clinics, and assisted-living facilities may require additional smoke compartmentation during major alterations. |
| 5. Adult Changing Stations | Projects adding toilet facilities may now require adult changing stations in certain accessible family or assisted-use restrooms. This primarily affects stadiums, arenas, student unions, libraries, and performing arts centers. |
| 6. Exterior Wall Renovations on High-Rise Buildings | Installation of combustible exterior wall coverings or envelope systems on existing high-rise buildings may trigger automatic sprinkler requirements. This should be evaluated during residence hall and research tower renovations. |
| 7. Existing Automatic Sprinkler Systems | New provisions establish conditions under which certain non-required sprinkler systems may be removed following occupancy changes. Campus owners should review this carefully before renovation projects. |
| 8. Temporary Emergency Building Uses | New Appendix E provides guidance for temporary emergency use of existing buildings. Universities can incorporate these concepts into emergency operations planning during natural disasters or public health emergencies. |
| 9. Construction Site Safety Planning | New owner responsibilities emphasize development of site safety plans and designation of responsible personnel during construction. This is especially valuable on occupied campuses where construction occurs adjacent to classrooms, residence halls, hospitals, and pedestrian routes. |
| 10. Better Coordination with the 2024 IBC | Many provisions have been reorganized or updated to improve consistency between the IEBC and the current International Building Code. Campus design teams can expect fewer conflicts between existing-building and new-construction requirements during modernization projects. |
Facilities Most Likely to be Affected
- Research laboratories
- Residence halls
- Athletic stadiums and arenas
- Libraries
- Student unions
- Classroom buildings
- Central utility plants
- Medical schools and student health clinics
- Performing arts centers
- High-rise academic buildings
“`
November 30, 2021
Every month we direct our colleagues in the education industry to the US Census Department’s monthly construction report to make a point: at an average annual clip of about $75 billion, the education industry is the largest non-residential building construction market in the United States. A large part of that construction involves infrastructure upgrades of existing buildings that contribute to sustainability goals but may not make flashy architectural statements for philanthropists.
EDUCATION INDUSTRY CONSTRUCTION SPEND
The International Existing Building Code (IEBC) is a model code in the International Code Council family of codes intended to provide requirements for repair and alternative approaches for alterations and additions to existing buildings (LEARN MORE). A large number of existing buildings and structures do not comply with the current building code requirements for new construction. Although many of these buildings are potentially salvageable, rehabilitation is often cost-prohibitive because compliance with all the new requirements for new construction could require extensive changes that go well beyond the value of building or the original scope of the alteration.
FREE ACCESS: 2021 International Existing Building Code
Education facility planners, architects and managers: Sound familiar?
ICC administered workgroups have been convening with considerable frequency over the past several months to pull together a number of relevant concepts for the next (2019 Group B) revision. For the purpose of providing some perspective on the complexity and subtlety of the issues in play, a partial overview of working group activity is available in the links below. Keep in mind that there are many other proposals being developed by our ICC working group and others.
IEBC Healthcare for BCAC December 11 2018
16-169 IEBC BCC Worksheet October 2-3 2018
There are other many other issues we have been tracking. The foregoing simply presents the level of detail and subtlety that is noteworthy.
On Tuesday the ICC has released its the complete monograph for use at the Group B Committee Action Hearings, April 28-May 8 at the Albuquerque Convention Center:
It is a large document — 2919 pages — so keep that in mind when accessing it. There are many issues affecting #TotalCostofOwnership of the education facility industry so we will get cracking on it again next week. See our CALENDAR for the next online teleconference. Use the login credentials at the upper right of our home page.
Finally, we persist in encouraging education industry facility managers (especially those with operations and maintenance data) to participate in the ICC code development process. You may do so by CLICKING HERE. Real asset managers for school districts, colleges, universities and technical schools in the Albuquerque region should take advantage of the opportunity to observe the ICC code-development process. The Group B Hearings are usually webcast — and we will signal the link to the 10-day webcast when it becomes available — but the experience of seeing how building codes are determined is enlightening when you can watch it live and on site.
Issue: [16-169]
Category: Architectural, Facility Asset Management, Space Planning
Colleagues: Mike Anthony, Jack Janveja, Richard Robben
#StandardsNewMexico
LEARN MORE:
ICC Group B Code Development Schedule
Plan now to participate in the International Code Council's 2019 Committee Action Hearings in Albuquerque, April 28 – May 8. Your expertise & participation in this year's code hearings are vital. Register for FREE now! https://t.co/kuLDyCiOH6 #CodeHeroes #BuildingSafety365 pic.twitter.com/SpZuehOmd8
— IntlCodeCouncil (@IntlCodeCouncil) March 6, 2019
Readings / PYROTECHNIC ARTS & SCIENCES IN EUROPEAN HISTORY
“Royal Fireworks 1749” | CLICK ON IMAGE
FIREWORKS: PYROTECHNIC ARTS AND SCIENCES IN EUROPEAN HISTORY
Simon Werrett | University College London
Fireworks are synonymous with celebration in the twenty-first century. But pyrotechnics—in the form of rockets, crackers, wheels, and bombs—have exploded in sparks and noise to delight audiences in Europe ever since the Renaissance. Here, Simon Werrett shows that, far from being only a means of entertainment, fireworks helped foster advances in natural philosophy, chemistry, mathematics, and many other branches of the sciences.
Fireworks brings to vibrant life the many artful practices of pyrotechnicians, as well as the elegant compositions of the architects, poets, painters, and musicians they inspired. At the same time, it uncovers the dynamic relationships that developed between the many artists and scientists who produced pyrotechnics. In so doing, the book demonstrates the critical role that pyrotechnics played in the development of physics, astronomy, chemistry and physiology, meteorology, and electrical science. Richly illustrated and drawing on a wide range of new sources, Fireworks takes readers back to a world where pyrotechnics were both divine and magical and reveals for the first time their vital contribution to the modernization of European ideas.
Municipalization
Municipalization refers to a local governmental unit purchasing a merchant utility; a practice gathering pace in university towns in recent years. It is a very large transaction. Best practice discovery and promulgation begins with an accumulation of case studies before any concepts stabilize into a “standard”. Today at the usual hour we examine a few representative case studies. Use the login credentials at the upper right of our home page.
This topic is a standing item on the agenda of the IEEE Education & Healthcare Facilities Committee
Relata:
Joint Use of Electric Power Transmission & Distribution Facilities and Equipment
Telephone, telegraph, and power lines over the streets of New York City 1888
Guide for the Joint Use of Electric Power Transmission & Distribution Facilities and Equipment
Abstract: This guide identifies the mechanisms and an analytic approach for developing consistent rules, agreements, and/or methodologies for the evaluation and inter-entity cooperation managing pole attachments on utility infrastructure that can contain both electric supply as well as communications wireline and wireless facilities.
The common safety codes and accepted good industry practices for joint use are referenced, including items such as clearances and strength/loading requirements, appropriate work rules during installation, maintenance and restoration, and general guidelines. The considerations within this guide can be used to help perform a detailed assessment of attachment installations where communications antennas and related wireline and wireless equipment are to be co-located on joint use structures.
Scope: This guide provides recommendations for the development of consistent guides, agreements, and/or methodologies for the evaluation and inter-company cooperation on managing pole attachments on Electric Utility infrastructure.
Purpose: The Joint Use Guide documents consistent approaches, methodologies and rules for the sharing and co-location of equipment with electric Transmission & Distribution (T&D) facilities for communications such as antennae and/or cable. With the emergence of new communications networks and emerging technologies which depend on widely distributed communications {e.g. 5G and Internet of Things ( IoT)}, the needs of vertical real-estate for use in communications is expected to dramatically increase in the coming years. While electric T&D facilities provide an excellent platform to help meet these needs, there are significant safety and reliability issues associated with their use.
Related:
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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