The Georgia Higher Education Facilities Authority (“GHEFA”) was created on July 1, 2006 and consists of a five member Board. GHEFA’s purpose is to finance the acquisition, construction, and equipping of facilities for the benefit of the public colleges, universities, and technical colleges of the State of Georgia. GHEFA is assigned to the Georgia State Financing and Investment Commission (“GSFIC”) for administrative purposes. Since GHEFA’s creation, staff of GSFIC’s Financing and Investment Division has served as the staff for GHEFA in the performance of various administrative functions.
GHEFA has issued three series of revenue bonds to finance a total of nineteen projects at fifteen institutions for the Board of Regents of the University System of Georgia (“BOR”): $99,855,000 in November 2008 (“2008 Bonds”); $100,850,000 in July 2009 (“2009A Bonds”); and $94,210,000 in August 2010 (“2010A Bonds”).
To provide debt service savings, GHEFA has issued the following series or refunding bonds:
- In June 2015, GHEFA issued $85,570,000 refunding revenue bonds (“2015 Refunding Bonds”) to refund all of the outstanding 2008 Bonds.
- In March 2019, GHEFA issued $58,395,000 refunding revenue bonds ("2019 Refunding Bonds") to refund all of the the outstanding 2009A Bonds.
- In March 2020, GHEFA issued $47,640,000 refunding revenue bonds ("2020 Refunding Bonds") to refund all of the outstanding 2010A Bonds.