South Carolina’s Jobs–Economic Development Authority (JEDA) is successfully turning around available capital in the form of tax-exempt bond funding in order to minimize improvement costs for the Ashley Hall Foundation’s school building in Charleston.
“Providing refinancing of projects we’ve already [helped to] fund is always exciting for JEDA, especially when it involves education of our state’s young people,” Harry A. Huntley, Columbia-based JEDA’s executive director, said.
By utilizing Series 2015 economic development revenue refunding bonds, the 650-student school employing a staff of 137 will be able to refinance its existing debt load, previously allotted to purchasing and construction of the iconic building on Rutledge Avenue in Downtown Charleston, as well as equipping and furnishing the facilities. The funding amount was $18.7 million.
“Saving money on financing our facilities projects helps us further our mission of educating women who are independent, ethically responsible and prepared to face the challenges of society with confidence,” Audrey Tamekazu, Ashley Hall’s assistant head of school and CFO, said. “Being good stewards of the families who comprise our student body and all those to come is critical.”
Bond counsel Sam Howell of Howell, Linkous & Nettles in Charleston also expressed satisfaction at the fiscal achievement.
“Ashley Hall has firmly established itself as a linchpin of Lowcountry education since its founding in 1909,” Howell said. “Helping the school make the most of its ability to finance growth has been a privilege and a pleasure.”