Overview

The Authority is a public corporation and a governmental instrumentality of the Commonwealth of Pennsylvania, created by the Act of July 5, 1947 (P.L. 1217, No. 498), known as the State Public School Building Authority Act of 1947 (24 P.S. §791.1 et seq.), for the purpose of financing the construction and improvement of public school facilities. The Authority is governed by a nine-member body composed of the Governor, State Treasurer, Auditor General, Secretary of Education, Secretary of General Services, President Pro Tempore of the Senate, Speaker of the House of Representatives, Minority Leader of the Senate, and Minority Leader of the House of Representatives.

The Authority finances projects through the issuance of bonds, the principal and interest of which are paid by the annual lease/loan payments collected from public schools. The Authority serves as a financing conduit, bringing the ultimate borrower and the ultimate lender together. The goal of the Authority is to make lower cost tax-exempt financings available to school districts, community colleges, area vocational/technical schools and intermediate units.

Benefits of using SPSBA for your financing needs:

  • SPSBA is a well-known name in the public finance community issuing over $8 billion since inception in 1947.
  • Professional full-time staff to expedite the bond issuance process.
  • Expertise and singular focus on bond issuance.
  • Working relationship with a large number of public finance professionals including bond counsels, underwriters, financial advisors and trustees.
  • The Authority does not charge an initial or annual fee.  Authority counsel fees are paid from bond proceeds.
  • Payment of construction related costs (direct pay or reimbursement).
  • Arbitrage Rebate calculations and compliance.
  • Review of monthly trust statements.
  • Preparation of final cost documentation required for PLANCON projects (if the expenditures were processed by SPSBA).
  • SPSBA stays on top of the latest trends in public finance by being an active member of the National Association of Health & Educational Facilities Finance Authorities (NAHEFFA).

 

Latest News

Board Meeting:

November 17, 2016 – Room 515, North Office Building Harrisburg, PA

Project Closing:

Community College of Allegheny County, Series of 2008 - Closed 09/30/2016

Contact & Location

OFFICE
1035 Mumma Road, Suite #300
Wormleysburg, PA 17043

rbaccon@spsba.org

PHONE (717) 975-2203