The Metro Sports Authority will early next month sell more than $60 million in bonds, about a quarter of which will go toward the construction of a two-rink hockey facility at Hickory Hollow Mall. Moody's Investors Service has given the proposed bonds the same Aa2 rating it gave to the rest of the Sports Authority and Convention Center Authority's debt. Appeasing the Moody's analysts somewhat — their outlook is still negative — is Metro's backstop. Mayor Karl Dean's team a month ago said it will step up its annual subsidy of the Sports Authority.
The Sports Authority of Nashville and Davidson County, which owns the stadium used by the National Football League’s Tennessee Titans, is selling $35 million of taxable revenue bonds with yields near the lowest since 1994.
The authority will use $11 million to refund existing debt, saving more than $1 million, and the rest for improvements including high-definition scoreboards and an improved sound system, said Richard Riebeling, director of finance for the Nashville metropolitan government, of which the authority is part. It will be the first bond sale by the nonprofit authority since construction began on the stadium in 1997.
Thirty-five million when the project is costing $23.5 million? Riebeling, via e-mail, explains:
Earlier [Tuesday] we sold $22,860,000 in bonds to finance stadium improvements and $10,545,000 to refund 1198 bonds issued by the Sports Authority.
The National Association of State Boards of Accountancy Inc. has named Nashvillian Alfonzo Alexander as president of its Center for the Public Trust.
Currently serving as NASBA’s chief relationship officer, Alexander will take over as president of the entity’s ethics organization on Jan. 1. On that same date, Ken L. Bishop will succeed David A. Costello as NASBA president and CEO.
Alexander is a past chairman of the board of the Fellowship of Christian Athletes of Middle Tennessee, treasurer of the 100 Black Men of Middle Tennessee and a member of the Metropolitan Nashville Sports Authority Board of Directors. He earned a bachelor of science degree in business administration with an emphasis on human resources management from Tennessee Technological University. He also holds a master’s degree in business administration from Lipscomb University.
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