News & Events

Both the Minnesota House of Representatives and the Minnesota Senate passed the Higher Education Omnibus bill near the conclusion of the 2024 Legislative Session. The Higher Education Omnibus bill included a section that increased the allowable outstanding debt issued for borrowers that is issued through the Authority to $2.0 billion, a $700 million increase from the current level of $1.3 billion. The approved bill will be sent to the Governor, who is expected to sign it. The capacity increase for the Authority will be effective on July 1, 2024.

This increase is vital to the Authority. The continuing success of the Authority’s financing assistance has resulted in outstanding debt of over $1.28 billion, leaving little room to assist borrowers if the outstanding debt capacity would not have been increased.

The Authority is grateful to the legislative sponsors of the capacity increase, the House and Senate Higher Education Committee Chairs, members and staff for their assistance and guidance in getting the capacity increase drafted and approved. The firm of Carnival Berns PA and the Minnesota Private College Council also provided valuable guidance and assistance in assuring the success of the capacity increase.

The Authority is a full-service conduit bond financing authority that receives no State of Minnesota financial support. The Authority is completely funded by fees charged to borrowers. Fees are substantially lower than allowed by the Internal Revenue Service and represent a solid value for borrowers.

The bonds issued by the Authority for borrowers are not legal or moral obligations of the State of Minnesota or the Authority, nor do they constitute a debt for which the faith and credit of the Authority or the State, or the taxing powers of the State, are pledged. The Authority has no taxing powers.

Please see the below news item.

The University of St. Thomas completed a $159,390,000 financing for campus project construction issued through the Authority on March 26, 2024. The Bonds are in three Series, including Green bonds. This is the Authority’s largest financing to date.

Congratulations to St. Thomas!

Please see the below news item.

Camille Davidson will start in the role on July 1, and brings experience both practicing and teaching law. 

Mitchell Hamline School of Law has named Camille Davidson, a dean and professor at Southern Illinois University School of Law, as its new leader.

She will become the St. Paul law school's president and dean on July 1, taking over from Interim President and Dean Jim Hilbert.

"Camille emerged early as a clear standout in an extremely qualified field," said Jim Jacobson, a former member of the school's board of trustees, in a statement. "Her extensive experience as a scholar and administrator, commitment to supporting students, and fundraising success make her an excellent choice for Mitchell Hamline."

Davidson said she was drawn to the position because of Mitchell Hamline's innovative approach, including a blended learning option that allows students to do some of their courses online.

"I really think the only way to have true access to justice is to train people to serve their communities," she said. Mitchell Hamline "does a really, really good job with that and I'm excited to be a part of that community."

Davidson will be the third president of the law school, which was created in 2015 when William Mitchell College of Law combined with Hamline University School of Law. She'll be the first Black woman to serve as president and dean of Mitchell Hamline.

Before joining Southern Illinois University School of Law in July 2020, Davidson spent 11 years as a professor and administrator at Charlotte School of Law and Wake Forest University School of Law.

Her legal career began with a clerkship at the D.C. Superior Court in Washington, D.C., followed by a position as an assistant counsel in the Office of the Legislative Counsel for the U.S. House of Representatives. She has also worked as a judicial hearing officer for the state of North Carolina, and in private practice in health law and estate planning and administration in Charlotte, N.C.

Davidson was born and raised in Mississippi. She holds a bachelor's degree in business administration from Millsaps College in Jackson, Miss., and a J.D. from Georgetown University Law Center

She and her husband have two children.

"I'm really looking forward to the move to Minnesota," Davidson said, adding that she's already bought two winter coats to prepare. "I have a long history of both practicing law and teaching law in various environments and I look forward to bringing my wealth of experience to this region."

Please see the below news item.

Read the full article from the Star Tribune: How one of Minnesota’s best-performing colleges confronts declining enrollment

Excerpt:

“The school of 2,200 students in the southern Minnesota town of St. Peter is ranked by the Wall Street Journal as the best college in Minnesota at delivering value for its cost. It’s tied with Macalester College in St. Paul as having the most economically diverse student body in the state in a study by the New York Times.

Despite such laudable marks, first-year student enrollment declined in 2020, 2021 and 2022 before moving back upward this fall.”

“Last month, faculty members approved a new curriculum to fix a problem that crept up on them and to make a clearer case for the value of a Gustavus education.”

“The curriculum change happened quickly — six months after the first meeting of the task force — though not easily, Knutson said. “Nobody likes letting go of things. It’s much easier to just add,” she said.

Some changes at Gustavus are easier. One is a rebranding of financial aid.

About 10% of Gustavus’ students would qualify for free tuition at state-run schools under the program, called the North Star Promise, approved by legislators this spring. Gustavus added up its aid to that group and found it easily matched the free tuition promise while getting more students to finish their degrees on time. With the state aid getting such attention, Gustavus put a name, the “Gustie Guarantee”, on its program.”

-Star Tribune, November 22, 2023

Read the full article from the Star Tribune: How one of Minnesota’s best-performing colleges confronts declining enrollment

“As well-established members of this community, it is incredibly encouraging to me and so many at the university that the Slaggie’s have chosen to assist us in this way. Their support demonstrates that they view Saint Mary’s as a pillar in the Winona area and beyond. They want us to stay and thrive, and they understand how critical we are to the local community. Barb and Steve believe that Saint Mary’s has what it takes to deliver on an excellent faith-based education. It is even more heartening to be recipients of their generosity since they knew we had to make difficult decisions over the last few years. Their gift is an affirmation of the direction we have moved in,” said the Very Rev. James P. Burns, IVD, Ph.D., president of Saint Mary’s.

Read the full article here: Saint Mary’s announces $10 million gift from Slaggie Family Foundation; impactful gift tied to innovation and university’s future

Dunwoody College of Technology has launched “‘For All Time,’ a $75 million fundraising campaign to change lives and help close the skills gap by providing industry-driven, innovative, hands-on technical education.”

“Our goal is to build transformational pathways for students to succeed and our industry partners to thrive so together we can realize a better future,” said Dunwoody President Rich Wagner. “We are over 85 percent of the way there, and already, the impact is clear. Investment in Dunwoody’s mission has and will continue to bring solutions to challenges, help change lives, and make sure Minnesota’s economy prospers.”

Read More: Dunwoody’s LinkedIn Announcement

Full Article Available on Dunwoody’s Website

“After a four-month nationwide search, the Hamline University Board of Trustees has selected Dr. Kathleen M. Murray to be the 21st president of Hamline University. Dr. Murray will assume her role of Acting/Interim President on Jan. 1, 2024. Dr. Murray will succeed Dr. Fayneese Miller who is retiring after ably leading the University for the past eight years.”

Read the full article on Hamline’s website:

Dr. Kathleen M. Murray to Become Hamline’s 21st President

“Hamline University has exceeded the $110 million fundraising goal of its “Take the Lead” comprehensive fundraising campaign…”

“The campaign namesake comes from Hamline’s status as Minnesota’s first university, having taken the lead since 1854. The fundraising efforts of the past four years now give Hamline the resources to build the Hamline University of the 21st Century – a place which will create opportunities for all, provide upward mobility for graduates and develop the leaders of tomorrow.”

Read the full article here: Hamline Exceeds $110M Comprehensive Fundraising Campaign Goal

MHEFA’s Executive Director, Barry Fick, participated in the 2023 Bond Buyer Conference in Chicago this week as a panelist.

The panel, titled, “State of the Union: An Overview of the Muni Industry,” discussed global challenges and opportunities, current market conditions, possible future changes, and how the panelists are navigating the economic and financial environment.

The University of St. Thomas has appointed Wade Holmberg as the Associate Vice President of Finance and Controller. Previously, Wade was the Assistant Controller at Bethel Univeristy.

After a nationwide search, Joel Costa has been named the next chief financial officer and vice president of administration at Bethel University. With more than 34 years of ascending leadership experience in industries as diverse as healthcare, transportation, and energy, Costa specializes in building thriving organizations through operational transformation.

“As we continue to focus on operational excellence, I am confident that Joel will advance our finance, operations, and strategic initiatives in ways that promote Bethel’s sustainability and ability to thrive,” says President Ross Allen. “I’m so excited to see how Joel’s leadership will drive our mission forward as he combines his career experience with his deep passion for Jesus.”

Most recently the senior vice president of investment management at UnitedHealthcare, Costa has a proven track record of effective financial planning, investment discipline, and process improvement. His ability to develop high-performing teams—helping people succeed both personally and professionally—has helped him lead organizations toward sustainable growth.

"I have been fortunate to have spent the first 34 years of my career learning from and leading some of the largest corporations in the country,” says Costa, who will begin his new role on May 8. “I believe that God has used that experience in preparation for the opportunity to join the talented, Christ-centered cabinet at Bethel University. I can’t wait to get started!"

MHEFA’s recently awarded Digital Transformation Award 2022 from BondLink was mentioned in a recent Bond Buyer Article.

“The winners, five municipalities in three categories, were awarded for their efforts especially during the recent “turbulent” years, specifically the COVID-19 pandemic, according to BondLink.”

“Use of technology and increased communication tools as well as transforming their digital presence won five issuers recognition from the firm.”

“We launched the public phase of our campaign in 2021 in full hope that we could achieve our goals,” President Barbara McDonald said. “Even as economic challenges emerged, our donors provided amazing support that led to this accomplishment.”

College officials are planning a campaign celebration event as part of the President’s Dinner on June 23, 2023. “It will be a time to celebrate our success and what our generous donors have done to enhance the student experience,” said Chris Mueller, vice president for College Advancement. “We are looking forward to sharing in the success of this campaign with our community.”

Read more on this achievement on the College’s website: St. Scholastica Reaches Campaign Milestone Early 

We thank those who attended the Minnesota Higher Education Facilities Authority’s 35th Annual Conference on Financing Issues for Higher Education in the RedCap Room of Union Depot – St. Paul. If you missed the conference or would simply like to revisit the content of the conference, please visit the event page below for video and document content of MHEFA’s 35th Annual Conference. We look forward to seeing you all next April!

The Minnesota Higher Education Facilities Authority’s website has been awarded the 2022 BondLink Investor Relations Award for Digital Transformation.

See the full list of winners here.

“Three categories of excellence were recognized for municipalities: Best Investor Relations (IR) Website; Most Significant Digital Transformation; and Best ESG Reporting.”

“Digital Transformation: Bond investors live online to complete their credit evaluation work, so it’s critical for issuers to meet them using digital channels. We found issuers who recognized the important of that and transformed their organization’s digital presence from one that was either non-existent or week, to one that’s strong and valuable to credit analysts.”

The MSRB thanked MHEFA Executive Director and NAHEFFA President, Barry Fick, for the invitation to speak at the Spring 2023 NAHEFFA Conference earlier this week in Washington, D.C.

MHEFA Executive Director, Barry Fick, introduced Congresswoman Sewell at the NAHEFFA Spring 2023 Conference this week in Washington, D.C.

Congresswoman Sewell, a former bond lawyer, is currently serving her 7th term in the U.S. House of Representatives and is a member of the powerful House Committee on Ways & Means where she is a champion for tax-exempt municipal bonds.

MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY

NOTICE OF PUBLIC HEARING ON REVENUE OBLIGATIONS

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the “Authority”) with respect to a proposal to issue revenue bonds or other obligations on behalf of St. Catherine University (the “University”), as owner and operator of St. Catherine University, in the Red Cap Room of Union Depot Saint Paul at 214 4th Street, Saint Paul, Minnesota on Wednesday, April 26, 2023, at 2:30 p.m.

Under the proposal, the Authority would issue its tax-exempt or taxable revenue bonds or other obligations in one or more series (the “Obligations”) to finance a project (the “Project”) consisting of  the acquisition, design, demolition, construction, renovation, improvement, furnishing and equipping of various facilities, including (i) Mendel Hall (approximately 36,000 square feet of classroom, labs, office, and common space) on the University’s St. Paul campus, including creating flexible and adaptable spaces, modernizing science teaching spaces, upgrading accessibility, and upgrading infrastructure; (ii) Sister Alberta and Sister Georgia student apartment buildings and Caecilian and St. Mary residence halls, including renewing flooring, plumbing, fixtures, walkways, and community learning spaces; (iii) the Butler Center, including repairs to entrance and renovation of HVAC system; (iv) Whitby Hall, including repairs to building entrance, masonry upgrades, and renovation of simulation classroom lab spaces to accommodate a shared services model of teaching; (v) Fontbonne Hall, including repairs to building entrance, masonry upgrades and renovation of classroom space to support the University’s Fashion Merchandizing program; (vi) certain stormwater infrastructure and drainage improvements (including installation of a drainage pond and new grading) to support the University’s tennis, track and softball programs; (vii) elevator replacement in the Music Building, and (viii) campus wide IT infrastructure improvements.

All the facilities and improvements to be financed by the Project are or will be owned and operated by the University and are or will be located on the University’s main campus, the principal street address of which is 2004 Randolph Avenue, Saint Paul, Minnesota and the boundaries of which are Randolph Avenue on the north, Fairview Avenue on the east, Bayard Avenue on the south, and Cleveland Avenue on the west.

The Obligations to finance the Project would be issued in an original aggregate principal amount of up to approximately $22,500,000.

Members of the public may also attend by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.021. Members of the public may attend the hearing in person at the Union Depot Saint Paul, Red Cap Room, 214, 4th Street, Saint Paul, or by telephone by calling toll-free 1-877-978-6969; Access Code 602-114-696# or by video at https://www.gomeet.com/602-114-696 (requires Google Chrome for best performance). Some members of the Authority may participate by telephone or other remote means.

Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority at 860 Blue Gentian Road, Suite 145, Eagan, Minnesota 55121, emailed to info@mnhefa.org, or sent by facsimile to (651) 297-5751.  Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at (651) 296-4690 at least 48 hours in advance of the hearing to arrange for any necessary accommodations.

For additional information on such public hearing, see the Notice of Public Hearing – St. Catherine University, on the Authority’s website:  mnhefa.org – Recent News.

At said time and place the Authority shall give all parties who appear or have submitted written comments an opportunity to express their views with respect to the proposal to undertake and finance the Project.

Dated:  April 14, 2023

By Order of the

Minnesota Higher Education Facilities Authority

Barry W. Fick

Executive Director

MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY

Notice of Public Hearing on Revenue Obligations

on Behalf of the Minneapolis College of Art and Design

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the “Authority”) with respect to the proposal to issue revenue bonds or other obligations on behalf of the Minneapolis College of Art and Design, a Minnesota nonprofit corporation (the “College”), an institution of higher education, in the Red Cap Room of Union Depot Saint Paul at 214 4th Street, Saint Paul, Minnesota on Wednesday, April 26, 2023, at 2:30 p.m. Under the proposal, the Authority would issue its revenue bonds or other obligations, in one or more series, in an aggregate original principal amount of up to $18,500,000, to finance the acquisition, construction of improvements to, equipping and related expenses of property located at 113 26th Street E., Minneapolis, Minnesota to be owned and operated by the College for student housing and related operational purposes of the College (the “Project”), and to pay costs of issuance associated with the financing. The proposed revenue obligations will be qualified 501(c)(3) bonds as defined in Section 145 of the Code.

Members of the public may also attend by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.015. Members of the public may attend the hearing in person at the Union Depot Saint Paul, Red Cap Room, 214 4th Street, Saint Paul, or by telephone by calling toll-free 1-877-978-6969; Access Code 602-114-696# or by video at https://www.gomeet.com/602-114-696 (requires Google Chrome for best performance). Some members of the Authority may participate by telephone or other remote means.

Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority at 860 Blue Gentian Road, Suite 145, Eagan, Minnesota 55121, emailed to info@mnhefa.org, or sent by facsimile to (651) 297-5751. Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at (651) 296-4690 at least 48 hours in advance of the hearing to arrange for any necessary accommodations. For additional information on such public hearing, see the Notice of Public Hearing – Minneapolis College of Art and Design, on the Authority’s website: mnhefa.org – Recent News.

By Order of the

Minnesota Higher Education Facilities Authority

Barry W. Fick, Executive Director

“St. Olaf College’s 12th president will be Susan Rundell Singer, an experienced leader in higher education who has led national efforts to advance undergraduate teaching and learning. She is currently the vice president for academic affairs and provost at Rollins College in Winter Park, Florida, where she is also a professor in the Department of Biology. ”

Read the full announcement from St. Olaf here:

St. Olaf names Susan Rundell Singer as its next president

Moody’s has released their most recent credit opinion for Hamline University, affirming their rating of Baa3/stable.

Read the full Credit Opinion here.

Any move to restrict issuers from issuing labeled bonds or more broadly consider ESG factors would be “ill-advised,” said Barry Fick, executive director of the Minnesota Higher Education Facilities Authority, which has issued labeled bonds with more deals coming this year. He has said the green label drove demand for a 2022 deal priced by the authority.

“It’s not something that’s suddenly new and thought up by individuals who are saying we have a liberal agenda,” Fick said. “If you look at the majority of the items and the factors that are included in the ESG analysis, most of them are items that are normally looked at it in credit rating analysis and by investors anyway,” he said. “The restrictions would mean less information than we have always provided for a multiple number of years, so [now] investors are going to say, ‘I’m going to have less information than I had before ESG and now my risk increases, so I’m going to have to accommodate that risk by either charging a higher interest rate or asking for more difficult covenants.'”

Read the full Bond Buyer Article, “DeSantis spotlights issuers in escalation of red state anti-ESG movement”

Executive Director Barry Fick is quoted in the Bond Buyer article, “Issuers express concerns over FDTA costs,” from comments made during the Government Finance Officers Association’s winter meeting in Washington earlier this week.

Read the full article by clicking here.

Join us by registering here for The Bond Buyer National Outlook on February 2, 2023 in New York to hear Barry Fick, MHEFA Executive Director, speak about The Credit Landscape. The full list of speakers can be found here.

Dear St. Thomas community,

On behalf of the Board of Trustees, we are pleased to announce that Rob Vischer has been selected to serve as the 16th president of the University of St. Thomas. The board unanimously chose Rob following a thorough nationwide search. He will assume the permanent role as president on Jan. 1, 2023.

Rob is known and loved by the St. Thomas community and highly regarded as a national thought leader. He is an effective relational leader with a long-standing dedication to the mission of the university and to the students we serve. Rob is someone who puts students at the center of every decision and action and cares passionately about the well-being of the students, staff and faculty in our community.

As many of you already know, Rob truly embodies the mission of St. Thomas to serve the common good and leads with humility and grace. His leadership style is to elevate others and forge effective working relationships that result in transformative impact. In his articulate, collaborative way, he leads others to leverage our inspirational mission to transform lives.

You can read more about this exciting news on the Newsroom. Click below to hear from Rob in his own words:

Rob Vischer 16th President of the University of St. Thomas

Our Excitement for St. Thomas

This is an exciting time for St. Thomas, and the opportunity for this institution to make an impact on our community has never been greater. Throughout our national recruitment for this position, we heard very positive feedback about the reputation of St. Thomas as an innovative institution with a bright future. St. Thomas stands out for its courageous initiatives that are increasing the impact and reach of a St. Thomas education. Rob will build upon the strong assets of this outstanding institution and lead it to even greater impact and reach. The board has put its faith in Rob as the leader who will continue the St. Thomas trajectory as the undisputed premier private university in our region.

Adapting to serve the needs of students, employers and the greater community is embedded in the culture at St. Thomas. The university has a strong fundraising campaign under way, recently opened a new Morrison Family College of Health and transitioned to a Division I athletics program. The new Schoenecker Center STEAM complex will expand interdisciplinary opportunities for students, we continue to cultivate the next generation of entrepreneurial problem solvers and innovators via the Schulze School of Entrepreneurship, and our Dougherty Family College is a national model on how to powerfully engage underrepresented students. These initiatives are laying the groundwork for an even stronger future for St. Thomas.

About Rob Vischer

Rob has been highly regarded for his role as dean of the University of St. Thomas School of Law, where he served for nearly 10 years. He helped leverage the law school’s mission to achieve critical objectives in student success and community impact. Over the course of his deanship, the law school dramatically improved employment outcomes for its graduates, built a global student body by establishing partnerships with law schools in more than a dozen countries, redoubled its commitment to whole-person professional formation, maintained its top 25 ranking for scholarly impact, and made racial justice core to its mission.

Rob was an inaugural recipient of the Minnesota Lawyer Diversity and Inclusion Award for his DEI work. Rob received his bachelor’s degree, summa cum laude, from the University of New Orleans, and his Juris Doctor, cum laude, from Harvard Law School, where he was an editor of the Harvard Law Review. Rob is married to Maureen, and they have three daughters – Sophia, Lila and Ava.  

Celebrate with Us

We want to share in the excitement of this announcement. After the holiday break, the Board of Trustees and the Presidential Search Committee invite you to celebrate Rob as our new president at a reception on Monday, Jan. 9, at 3:30 p.m. in the Iversen Center for Faith. Look for more information soon about this event.

We hope that you and your families have a wonderful Christmas season. 

With warmest regards,

Pat Ryan

Chair, Ryan Companies

Chair, University of St. Thomas Board of Trustees

Dr. Amy Goldman

CEO and Chair, GHR Foundation

Chair of the Presidential Search Committee

Vice Chair, University of St. Thomas Board of Trustees

The Authority is pleased to announce the appointments of the below individuals who have assumed the chief financial officer duties in the last year at six MHEFA schools.

Minnesota College of Art & Design - Mary Alma Noonan, VP of Finance and CFO

Hamline University - Brent Gustafson, VP for Finance and Administration

Northwestern Health Sciences University - Michelle Hegarty, CFO and Treasurer

College of St. Scholastica - Jill Larson, Executive Director of Finance & CFO

St. John's University - Jennifer Meyer, CFO

College of St. Benedict - Anne Oberman, VP of Finance and CFO

Dr. Bruess became the first person to serve as president of both the College of Saint Benedict and Saint John's University on July 1, 2022. He is responsible for leading two strong, respected Catholic, Benedictine, residential liberal arts institutions with distinct but supporting missions. 

Bruess recently served as the 8th president of St. Norbert College, a nationally renowned Catholic liberal arts school with over 2,000 students in De Pere, Wisconsin.

During his tenure there, he guided St. Norbert to record enrollments and the most diverse student body in the college’s history; visioned and implemented campus-wide focus on student success and retention; launched an innovative strategic planning process; inspired new academic offerings including integrated studies, data analytics, actuarial science and pathway partnerships for post-baccalaureate programs; introduced educational-centric financial management; created systemic change toward integrated equity, diversity, inclusion and belonging; increased focus on outcomes, evidence-based decision-making and assessment; developed a new fundraising campaign focused on student learning and doubling the college’s endowment; and guided the St. Norbert College board of trustees toward more generative governance. 

Prior to taking the presidency at St. Norbert, Brian spent nearly 22 years at St. Catherine University in St. Paul, Minnesota, rising to serve with distinction as the executive vice president and chief operating officer. Shortly after leaving St. Catherine to take over at St. Norbert, he was honored with the 2017 Presidents’ Steward Award at the Minnesota Campus Compact’s Annual Summit and Award ceremony. 

While at St. Kate’s, Brian was involved in achieving comprehensive accreditation and laudatory praise from two Higher Learning Commission self-studies and site visits (2003, 2013); unprecedented enrollment growth of 27% (women’s colleges nationally had seen a 21% decline during those years) including 17 consecutive years of record enrollment; sustained success in building the diversity of the university’s enrollment (racial and ethnic, nonregional, generational, socio-economic and degree-level); establishing a collaborative, innovative approach to academic, student affairs, enrollment and financial innovation and planning (resulting in 17 new academic programs in six years); and designing and implementing a comprehensive academic program-prioritization process. 

Brian earned his bachelor’s degree from St. Norbert College (1990) and his master’s and doctoral degrees in college student personnel/research and evaluation from Ohio University. 

Brian and his wife of 30 years, Carol Bruess, Ph.D., make their home at Renner House on the College of Saint Benedict campus. Carol is Professor Emerita of Communication and the former Director of Family Studies at the University of St. Thomas. She is an active scholar of relationship communication, the author of five books with two more forthcoming, and a highly sought speaker with a popular TEDx-Minneapolis talk. 

Brian and Carol have two young adult children: Tony, a 2018 Stanford University graduate and tech entrepreneur living in New York; and Gracie, a 2022 graduate of Loyola Marymount University, Los Angeles.

Executive Director Fick recently participated in a panel discussion regarding ESG designation considerations hosted by the GFOA at their MiniMuni conference on October 20, 2022. The Authority issued a series of bonds designated as “Green” in May on behalf of the University of St. Thomas. “I am glad to have participated in this panel as I think it provided valuable insight into the designation process and the benefit that labeling bonds “green” holds,” said Executive Director Fick. “The Authority will continue to explore ESG considerations going forward and will take action if it will benefit the school.”

For more information on the conference, please visit the GFOA’s website here.

MHEFA Executive Director, Barry Fick, the newly appointed President of NAHEFFA, spoke at several sessions in Montana for the Fall 2022 NAHEFFA Conference in September this year.

Get an insider view through the link below:

NAHEFFA Fall 2022 Conference Panel

Get an insider view through the link below:

GFOA 2022 Conference Panel

Brent Gustafson ’94, who has served the last ten years as Chief Financial Officer of the University of Minnesota’s College of Liberal Arts, will return to his alma mater as Hamline University’s new Vice President for Finance and Administration.

A summa cum laude graduate in political science and social studies at Hamline, Gustafson then went on to receive a Master in Public Policy degree from Harvard University’s Kennedy School of Government in 1996 before embarking on his professional career.

“We are very happy to welcome Brent Gustafson home,” Hamline President Fayneese Miller said. “Since he graduated from Hamline, he has achieved great things in his field and I know he’ll do equally great things here.”

Gustafson’s hiring culminated a nationwide search.

“I am looking forward to assuming new responsibilities and facing new challenges at Hamline, a place I know and love,” Gustafson said. “I don’t believe most people think that when they graduate from an institution they’ll one day come back to help run it, but that has happened for me and I couldn’t be happier.”

After graduating from the Kennedy School, Gustafson worked for the Minnesota Department of Health for two years and the Minnesota Department of Finance (now known as the Office of Management and Budget) from 1997 to 2008. From there, he served three years as budget director for Dakota County before serving as a lead fiscal analyst for the Minnesota Senate for two legislative sessions.

Since 2012, he has overseen finances and facilities in the University of Minnesota’s College of Liberal Arts, which has a $270 million annual budget and over 1,300 faculty and staff. CLA is the largest college in the University of Minnesota system.

“Hamline, like virtually all other institutions of higher education, has had to adapt due to COVID-19,” President Miller added. “We have come through the storm in a strong financial position and a big part of Brent’s responsibilities will be to ensure that stability going forward.”

Gustafson, who resides in Stillwater, will assume his duties on June 20.

Nancy Sampair, of Saint Paul, MN, has been reappointed to the MN Higher Education Facilities Authority Board as a General Member. The Governor’s Press Release is available here.

Mikeya Griffin, of Saint Paul, MN, has been appointed to the MN Higher Education Facilities Authority Board as a General Member. Ms. Griffin fills the board vacancy from Michael Ranum’s departure. The Governor’s Press Release is available here.

On October 9, 2021, Macalester formally inaugurated Dr. Suzanne M. Rivera as the college’s 17th president.

Macalester College inaugurates Dr. Suzanne M. Rivera as its 17th president

Click the link below to listen to the latest episode of Baker Tilly's Higher Ed Advisor podcast, featuring the Authority's Executive Director, Barry Fick.

Mary Yang Thao, of Circle Pines, MN, has been appointed to the MN Higher Education Facilities Authority Board as the Board member who is a trustee, director, officer, or employee of an institution of higher education. The Governor’s Press Release is available here.

David Rowland, of Edina, MN, has been reappointed to the MN Higher Education Facilities Authority Board as the Board member having a favorable reputation for skill, knowledge, and experience in the field of state and municipal finance. The Governor’s Press Release is available here.

For Immediate Release: June 1, 2021

ST. PAUL, MN - The Minnesota Higher Education Facilities Authority (MHEFA) and Voom Creative are proud to announce that the MHEFA website, www.mnhefa.org, is a Hermes Award Gold Winner. The Hermes Creative Awards is an international award for creative professionals who bring the industry’s best ideas to life through traditional and digital platforms.

MHEFA and Voom Creative worked closely to design a comprehensive website, linking all areas of MHEFA operations into an integrated and fully featured experience. The website focuses on material for investors, information about the MHEFA’s borrowing process, and recent news/reports for the general public.

“This new website reflects the vison of the Authority, allowing us to grow our information resources, enhance service to our borrowers, as well as to other parties interested in our activity. In collaboration with Voom Creative, we are honored to receive this award,” said Barry W. Fick, Executive Director of MHEFA. “Being innovative with our online presence is a top priority and this reward reflects our efforts, especially as we celebrate our 50th Anniversary this year.”

“We are so proud to have helped the Authority bring this site to life in a creative way that met their objectives,” said Melissa McGath, Principal and Founder of Voom Creative in a press release. “This was a tremendously fun project, and we are honored to see it recognized.”

During MHEFA’s 33rd Annual Conference held on April 21, 2021, Voom Creative discussed the design and innovative process used to create the website with MHEFA. A detailed presentation and the entire recording of the conference can be found on the Authority’s website here.

###

For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

For Immediate Release: May 10, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announces it is offering approximately $22 million of Saint John’s University Revenue Bonds, Series 2021 on or about Tuesday, May 18, 2021. The bonds will be offered via negotiated sale through RBC Capital Markets. The Municipal Advisor is Baker Tilly Municipal Advisors LLC. 

“This bond sale will provide financing for improvements to the Saint John’s landscape which will include new townhouse-style residence halls, Science Center renovations, other campus building renovations, and a pedestrian foot bridge connecting the upper and lower campus.  For Saint Johns’ students, most of whom live on campus throughout their University experience, these improvements will enhance student life. We anticipate a successful bond sale and are confident the University’s strong bond rating of A2 (Moody’s Investors Service) shows the University’s fiscal stability and will prove attractive to investors,” said Barry W. Fick, Executive Director of MHEFA.

Saint John’s University (for men), along with the nearby College of Saint Benedict (for women) are nationally recognized liberal arts colleges distinguished by a singular, undergraduate experience. Their partnership gives students the opportunities of a large university while retaining the close personal attention of a premier liberal arts college.

Set amid 2,700 acres of varied terrain, the Saint John's campus is remarkable in its natural beauty. It includes wetlands, several lakes, an oak savanna, a restored prairie, and hiking trails that wind through an extensive pine and hardwood forest. In addition to its recreational value, the landscape inspires spiritual and artistic reflection and fosters the Benedictine traditions of land stewardship, education, and environmental respect.

A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. The Minnesota Higher Education Facilities Revenue Bonds, Series 2021 (Saint John’s University) are rated “A2” by Moody’s. 

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $3.1 billion, of which approximately $964 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

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For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the “Authority”) with respect to a proposal to issue revenue bonds or other obligations on behalf of Saint John’s University (the “Corporation”), a Minnesota nonprofit corporation, as owner and operator of Saint John’s University (the “Institution”), at the Authority’s offices at Suite 450, 380 Jackson Street, St. Paul, Minnesota, on Wednesday, April 21, 2021, at 2:00 p.m. Under the proposal, the Authority would issue its revenue bonds or other obligations, which will be qualified 501(c)(3) bonds, in an aggregate original principal amount not to exceed $25,000,000 to finance projects generally described as (i) the acquisition, construction and equipping of a new 96-bed townhouse style student residence facility; (ii) renovation and upgrades to Peter Engel Science Center; (iii) renovation of the first floor and third floor of Wimmer Hall; (iv) construction of a pedestrian bridge connecting the lower campus and upper campus; and (v) capital improvement and renovation projects, including a student center (Sexton Commons) and student residence facilities (Saint Thomas Aquinas Hall and Saint Mary Hall) (collectively, the “Projects”), and to fund costs of issue. The Projects are or will be owned or leased and operated by the Corporation, and located on the Institution’s main campus in Collegeville, Minnesota.

The Authority’s meeting and public hearing on April 21, 2021, will be conducted by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.021. Members of the public may attend the meeting in person or via telephone by calling toll-free 1‑877‑978-6969; Access Code 474-257-269#. Some members of the Authority may participate by telephone or other remote means.

Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority, 380 Jackson Street, Suite 450, Saint Paul, Minnesota 55101, or emailed to info@mnhefa.org or sent by facsimile to (651) 297-5751. Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at (651) 296-4690 at least 48 hours in advance of the meeting to arrange for any necessary accommodations.

For additional information on such public hearing, see the Notice of Public Hearing – St. John’s University, on the Authority’s website: mnhefa.org – Recent News.

By Order of the

Minnesota Higher Education Facilities Authority

Barry W. Fick, Executive Director

For Immediate Release: April 6, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announced today it is offering approximately $13 million of Revenue and Refunding Bonds, Series 2021 (Macalester College) bonds on April 14, 2021. The bonds will be offered via negotiated sale through Piper Sandler & Co. The Municipal Advisor is North Slope Capital Advisors. 

“To help Macalester College continue its philosophy of fostering global citizenship and collaborative learning, this bond sale will provide debt service savings and make funds available to undertake roof replacement to several buildings on the campus. The school’s strong bond rating of Aa3 (Moody’s Investors Service) demonstrates the commitment by the College to fiscal responsibility, and we anticipate a successful bond sale,” said Barry W. Fick, Executive Director of MHEFA.

Macalester College is located in a residential section of Saint Paul, Minnesota. It is a liberal arts college that combines a close-knit, welcoming community with the benefits of being in the Minneapolis/St Paul metro area. Macalester students come from every state and 98 countries for an academic program ranked among the top 20 in the nation.

A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. Macalester’s Series 2021 bonds are rated “Aa3” by Moody’s. 

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $2.85 billion, of which approximately $900 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the “Authority”) with respect to a proposal to issue revenue bonds or other obligations on behalf of Macalester College, a Minnesota nonprofit corporation (the “College”), as owner and operator of Macalester College, at the Authority’s offices at Suite 450, 380 Jackson Street, Saint Paul, Minnesota, on Wednesday, March 17, 2021, at or after 2:00 p.m.

Under the proposal, the Authority would issue its revenue bonds or other obligations in an approximate maximum principal amount of $15,500,000 to finance a project (the “Project”) consisting of (a) the refunding of the Authority’s outstanding Revenue Bonds, Series Seven-S (Macalester College) (the “Series Seven-S Bonds”), dated December 12, 2012, which were issued in the original aggregate principal amount of $14,730,000; and (b) the replacement of the roofs on the Olin Building, the College’s Campus Center building and library, and the College’s humanities building.

The Series Seven-S Bonds were issued to finance the second phase of renovation and expansion of the Janet Wallace Fine Arts Center complex, including renovation, construction, equipping, and furnishing of the approximately 35,000 square foot studio arts portion of the complex, and to finance the replacement of a portion of the boiler capacity in the College’s heating plant, together with all related improvements, upgrades, and site work.

All of the facilities and improvements to be financed or refinanced as part of the Project are or will be owned and operated by the College and located on the College’s campus, the principal street address of which is 1600 Grand Avenue, Saint Paul, Minnesota 55105.

The Authority’s meeting and public hearing on March 17, 2021 will be conducted by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.021.  Members of the public may attend the meeting via telephone by calling toll-free 1-877-978-6969; Access Code 198-566-367#.  Some members of the Authority may participate by telephone or other remote means.

Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority, Suite 450, 380 Jackson Street, Saint Paul, Minnesota 55101, or emailed to info@mnhefa.org, or sent by facsimile to 651-297-5751.  Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at 651-296-4690 at least 48 hours in advance of the meeting to arrange for any necessary accommodations.

Dated:  March 3, 2021

BY ORDER OF THE MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY

/s/  Barry W. Fick  

Executive Director

Minnesota Higher Education Facilities Authority

For Immediate Release: February 5, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA), today, announced the successful sale of its Series 2021 Revenue Bonds, St. Olaf College Project which sold through negotiated sale on February 3, 2021. The proceeds of the bonds will be used to finance enhancements to the St. Olaf College campus, including a new residence hall and additional housing.

“This bond sale was very successful, with over $1 billion in orders for approximately $57 million of bonds. The bonds were well received by investors due in part to the financial strength and reputation of the College. Additionally, a low supply of bonds in the market and investor demand helped the offering receive a strong reception.” said Barry W. Fick, Executive Director of MHEFA.

The sale consisted of four term bonds maturing in October 2038, 2041, 2046, and 2050. After the order period, the par amount of the term bonds was increased based on the strong demand. In addition, the substantial oversubscription for the bonds allowed yields to be reduced on all four maturities.

Piper Sandler & Co. served as underwriter for this transaction with North Slope Capital Advisors acting as Municipal Advisor.

About Minnesota Higher Education Facilities Authority

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $3.00 billion, of which approximately $922 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

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For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

For Immediate Release: January 29, 2021

ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announced today it is offering approximately $58 million of Series 2021 Revenue Bonds, St. Olaf College Project on February 3, 2021. The bonds will be offered via negotiated sale through Piper Sandler & Co. The Municipal Advisor is North Slope Capital Advisors. 

“This bond sale will provide financing for enhancements to the St. Olaf College campus. We anticipate a successful bond sale and are confident the school’s strong bond rating and financial strength will prove attractive to investors,” said Barry W. Fick, Executive Director of MHEFA.

St. Olaf’s 350-acre campus is located in the city of Northfield, Minnesota, 40 miles south of the Minneapolis/Saint Paul metropolitan area.  The College also owns approximately 650 acres of land that adjoins the campus.  In addition, several hundred acres have been set aside as natural lands. 

The physical facilities include 17 academic and administrative buildings, 11 student residence halls, and 10 athletic competition venues.  The College also owns 36 off-campus houses, 24 of which are used as student housing.  St. Olaf College’s 3,000 students come from all 50 states and82 foreign countries. Fifty-seven percent (57%) of full-time students come from outside Minnesota. St. Olaf offers 44 graduation majors, including 10 teaching certifications, 129 concentrations and 20 pre-professional fields.

A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. St. Olaf College’s Series 2021 bonds are rated “A1” by Moody’s.

MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $2.85 billion, of which approximately $900 million is outstanding.  Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school.  MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.

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For more information:

Barry W. Fick, Executive Director, MHEFA

bwf@mnhefa.org

(651) 296-4690

The Minnesota Higher Education Facilities Authority (“MHEFA”) is requesting your consideration of providing a response to this Request for Qualifications / Request for Proposal (“RFP”) to provide Municipal Advisor services to the Authority.

Please follow the link below to download the RFP form.

Read the article in The Bond Buyer.

FOR IMMEDIATE RELEASE: January 2, 2020

The Minnesota Higher Education Facilities Authority (the “Authority”) is pleased to announce that Barry W. Fick, its Executive Director, has been appointed to two national public finance organization committees. Executive Director Fick has been appointed to a 3-year term on the Committee on Governmental Debt and Fiscal Policy of the Government Finance Officers Association (GFOA). The GFOA Committee on Governmental Debt and Fiscal Policy promotes sound financial practices for local and state governments. The Committee works on best practices, actively engages with participants in the market to help develop guidelines and updates for its members and monitors legislative and regulatory activities that impact the ability of state and local governments to borrow in a cost-effective manner. He has also been appointed to the Compliance Advisory Group (CAG) of the Municipal Securities Rulemaking Board (MSRB). “The MSRB’s advisory groups provide the organization with another touch-point to the industry and further insight into the municipal securities market,” said Interim Chief Executive Officer and Chief Financial Officer and Treasurer Nanette D. Lawson. “We greatly value the contributions of the professionals who volunteer to serve on our advisory groups.” The CAG provides feedback on compliance resources, tools and educational materials to enhance dealers’ and municipal advisors’ understanding of MSRB rules and to assist their efforts in developing effective supervisory and compliance programs. The Authority is an agency of the State of Minnesota. Created in 1971, the Authority assists non-profit higher education institutions in the State of Minnesota with low-cost financing or refinancing capital projects for the benefit of their students, helping lower the cost of higher education.