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When most people think of municipal bonds, they think of debt issued by a government institution. But these popular securities can also come from your local university, and some of them offer more attractive yields and fundamentals than their governmental counterparts.

Below, we outline 25 universities with municipal bonds that feature low, stable yields, giving them an added attraction. Note that munis with high yields are often very risky and can fall under the “junk” umbrella, which is what sets the following issues apart [keep up with municipal bond news and analysis with a free account].

1. Montana State University

Montana State University Seal

Founded in 1893, Montana State University’s campus sprawls across 1,170 acres, making it the largest in the state. The school features some of the most unique research facilities in the U.S., including its Plant Growth Center (comprising nearly 30 greenhouses) and the Center for Bison and Wildlife Health. Furthermore, the University’s municipal bond offers a relatively attractive coupon.

  • Name: State of Montana The Board of Regents of Higher Education Montana State University Facilities Refunding Revenue Bonds Series O 2012
  • CUSIP: 61212LMQ9
  • Maturity: 11/15/2016
  • Coupon: 1.451%

2. Iowa State University

Iowa State University Seal

Iowa State University is one of the top three U.S. universities in the development of patentable biotechnology and was the birthplace of the world’s first electronic digital computer. In addition to being widely known for its strengths in science and technology, the school’s municipal bond offering exhibits an appealing and stable yield.

  • Name: Board of Regents, State of Iowa Parking System Revenue Bonds, Series S. U.S. 2013A (The State University of Iowa)
  • CUSIP: 857536DZ6
  • Maturity: 07/01/2022
  • Coupon: 2.000%

3. University of Iowa

University of Iowa Seal

Established in 1847, the University of Iowa was the first U.S. public university to admit men and women on an equal basis. It is also home to the world-renowned Iowa Writers’ Workshop, the National Advanced Driving Simulator and one of America’s best hospitals. The university’s municipal bond issue has also received significant attention from investors with its stable and promising outlook.

  • Name: University of Iowa Facilities Corporation Revenue Refunding Bonds, Series 2012 (Roy J. And Lucille A. Carver Biomedical Research Building Project)
  • CUSIP: 914364QQ0
  • Maturity: 01/06/2019
  • Coupon: 2.000%

4. University of Richmond

University of Richmond Shield

Ranked as one of the best schools for international business education, the University of Richmond also holds the title of being the only college or professional sports organization to have an arachnid (the Spider) as its mascot. Its municipal bond issues also make it stand out from the rest, with its relatively high and stable yield.

  • Name: Virginia College Building Authority (21st Century College and Equipment Programs) Educational Facilities Revenue Bonds Series 2012B
  • CUSIP: 927781L36
  • Maturity: 01/02/2026
  • Coupon: 2.000%

5. University of Miami (FL)

University of Miami Seal

The University of Miami is a well-known state school in Florida. It is highly respected in the medical and marine science fields for its contributions and is engaged in hundreds of millions of dollars of research and sponsored program expenditures each year, especially in the field of health and human services. Its muni bond issues are also popular choices for investors as they offer stable and relatively attractive yields.

  • Name: Miami Dade County Educational Facilities Authority Revenue Bonds, Series 2012B (University of Miami Issue) (Taxable)
  • CUSIP: 59333ALA7
  • Maturity: 04/01/2019
  • Coupon: 2.439%

6. North Carolina State University, Raleigh

North Carolina State Seal

Commonly known as N.C. State, or simply State, the North Carolina State University was established in 1887 and is currently the largest four-year institution in North Carolina. The school’s municipal bonds are traded often, and generally exhibit stable yields.

  • Name: North Carolina State University At Raleigh Taxable General Revenue Bonds Series 2013 B
  • CUSIP: 658289B36
  • Maturity: 10/01/2022
  • Coupon: 2.473%

7. University of South Carolina

University of South Carolina Seal

Founded in 1801, the University of South Carolina, Columbia has been recognized by the Carnegie Foundation for its research and engagement, and has received praise for its prestigious international business programs. The university’s municipal bond issues have also garnered a lot of attention for their attractive and stable yield.

  • Name: Coastal Carolina University South Carolina Higher Education Revenue Bonds Series 2013
  • CUSIP: 19043CAJ1
  • Maturity: 06/01/2024
  • Coupon: 2.500%

8. Southern Illinois University, Carbondale

Southern Illinois University Seal

Located in Carbondale, Illinois, the Southern Illinois University is home to the largest student center in the nation and boasts its own bowling alley. The school’s athletics division has also received national attention as three of the university’s swimmers qualified for the 2012 Olympics, and their precision flight team has won 8 national championships. The university’s muni bond issue has also performed well over the last year, maintaining relatively stable and high yields.

  • Name: Board of Trustees of Southern Illinois University Southern Illinois University Housing and Auxiliary Facilities System Revenue Bonds, Series 2012A
  • CUSIP: 8431462J9
  • Maturity: 04/01/2019
  • Coupon: 2.550%

9. Northwest Missouri State University

Northwest Missouri State University Seal

The Northwest Missouri State University is widely recognized for its use of technology to deliver, improve and accelerate learning. In 1987, the school installed the nation’s first comprehensive Electronic Campus, which today includes PCs for every student. Moody’s has also recognized the university for its careful budgeting practices, which is one of the reasons why its muni bond issue holds an A3 rating.

  • Name: Northwest Missouri State University Housing System Refunding Revenue Bonds, Series 2012
  • CUSIP: 667598GA8
  • Maturity: 06/01/2024
  • Coupon: 2.625%

10. Worcester State University

Worcester State University Seal

Located in Massachusetts, Worcester State University offers more than 50 academic programs across its two schools: the School of Education, Health & Natural Sciences and the School of Humanities and Social Sciences. The university’s muni bond issues currently hold an A2 Moody’s rating.

  • Name: Massachusetts Development Finance Agency Revenue Bonds, Worcester State University Issue, Series 2012
  • CUSIP: 57583UTJ7
  • Maturity: 11/01/2027
  • Coupon: 2.750%

11. University of Minnesota

University of Minnesota Seal

The University of Minnesota, Twin Cities boasts the largest main campus student body in the state, and has been acknowledged as the birthplace of the tradition of cheerleading. Though the school was established in 1851, its municipal bond issue is fairly new.

  • Name: Regents of The University of Minnesota General Obligation Taxable Bonds, Series 2013B
  • CUSIP: 914460KR0
  • Maturity: 02/01/2025
  • Coupon: 2.750%

12. University of Denver

University of Denver Seal

The University of Denver is the oldest independent university in the Rocky Mountain area, established in 1864 in Denver, Colorado. Combined, the school’s athletic teams have won 30 NCAA championships, most of which are in ice hockey and skiing, as of 2015. The university’s regularly traded muni bond has also posted solid performances.

  • Name: Colorado Educational and Cultural Facilities Authority Revenue Bonds (University of Denver Project) Series 2013
  • CUSIP: 19645RSN2
  • Maturity: 03/01/2027
  • Coupon: 3.000%

13. Central College

Central College Seal

Located in Pella, Iowa, Central College was founded in 1853 and is affiliated with the Reformed Church in America. The school offers 39 majors, and approximately 50% of the students enroll in study-abroad programs, compared to the nation’s average of 1%. The university’s municipal bond issues are fairly new and have a relatively short maturity.

  • Name: Iowa Higher Education Loan Authority Private Collage Facility Revenue Bonds (Upper Iowa University Project) Series 2012
  • CUSIP: 462460X35
  • Maturity: 09/01/2019
  • Coupon: 3.000%

14. Kansas State University

Kansas State University Seal

Commonly referred to as K-State, Kansas State University currently boasts more national CASE/Carnegie Professors of the Year than any other public research university in the nation. Notable alumni include former Chairman of the Joint Chiefs of Staff Gen. Richard Myers, Environmental Activist Erin Brockovich, and Actors Eric Stonestreet and Kirstie Alley. The university’s municipal bonds are regularly traded and feature a relatively attractive yield.

  • Name: Kansas Development Finance Authority Revenue Bonds, Series 2012 (Kansas State University Energy Conservation Project)
  • CUSIP: 485429SV7
  • Maturity: 05/01/2032
  • Coupon: 3.000%

15. University of Maryland

University of Maryland Seal

Established in 1856, the University of Maryland has produced six Nobel laureates, seven Pulitzer Prize winners, and more than 40 members of the national academies as of 2015. In addition, the school’s close proximity to the nation’s capital has also led to strong research partnerships with the Federal government. According to Moody’s, the university’s municipal bond rating of AA1 reflects its very strong student and research market position as a multi-campus public university system serving an AAA-rated state.

  • Name: University System of Maryland Auxiliary Facility and Tuition Revenue Bonds 2012 Refunding Series A
  • CUSIP: 914402R79
  • Maturity: 04/01/2016
  • Coupon: 3.000%

16. New York University

New York University Seal

New York University is perhaps one of the most notable and well-known schools in the nation and has grown to become one of the country’s largest private universities. Many graduates of NYU have gone on to pursue distinguished careers; Foursquare, Pinterest and Def Jam Records were all started by NYU students. The university’s municipal bonds are also highly popular among investors, featuring relatively stable and attractive yields.

  • Name: Dormitory Authority of the State of New York New York University Revenue Bonds, Series 2012A
  • CUSIP: 649906TD6
  • Maturity: 07/01/2023
  • Coupon: 3.000%

17. Mount Saint Mary College

Mount Saint Mary College Seal

Mount Saint Mary College was founded by the Sisters of Saint Dominic in 1959, but its education roots stem back to 1883. The school is located in Newburgh, New York, midway between New York City and New York’s capital city, Albany. The college’s municipal bond issues offer a stable yield and have a relatively long maturity.

  • Name: The Orange County Funding Corporation Tax-Exempt Revenue Bonds (Mount Saint Mary College Project), Series 2012B
  • CUSIP: 684594BJ2
  • Maturity: 07/01/2027
  • Coupon: 3.000%

18. East Carolina University

East Carolina University Seal

Located in Greenville, North Carolina, East Carolina University is home to the world’s first robotic mitral valve repair and the creators of the Greenville Gastric Bypass bariatric procedure. Notable alumni include Academy Award Winner Sandra Bullock and three-time Pulitzer Prize Winner Rick Atkinson. The school’s municipal bond issues currently hold an AA2 rating from Moody’s.

  • Name: East Carolina University General Revenue Refunding Bonds, Series 2013A
  • CUSIP: 271371UE4
  • Maturity: 10/01/2029
  • Coupon: 3.000%

19. Ohio State University

Ohio State University Seal

Ohio State University ranks as one of the top-20 national public universities, and is recognized for a top-rated academic medical center and a premier cancer hospital and research center. Considering the Buckeye’s reputation, it is not surprising that the university also holds the record for the most square feet dedicated to recreation and fitness. The school’s municipal bond issues are popular among investors, offering a stable and attractive yield.

  • Name: The Ohio State University Special Purpose General Receipts Bond Series 2013A
  • CUSIP: 677632ZY0
  • Maturity: 06/01/2027
  • Coupon: 3.000%

20. Florida State University

Florida State University Seal

Florida State University is a leading public university best known for its space-grant and sea-grant research. The main campus is located in Tallahassee and is home to the successful Seminoles athletic program and a robust social scene. This tropical university offers an investment grade municipal bond with an attractive yield.

  • Name: Florida State University Financial Assistance Incorporate Florida Series C
  • CUSIP: 302644EW5
  • Maturity: 10/02/2021
  • Coupon: 3.00%

21. University of Arizona

University of Arizona Seal

The University of Arizona is located in the city of Tuscon and was founded in 1885 (27 years before Arizona achieved statehood). This public research institution boasts the nations top-ranked geology program and receives more NASA grants annually than the next nine top NASA-Jet Propulsion Laboratory-funded universities combined, making it a key driver in space research. The University of Arizona’s municipal bond offers a healthy yield with a stable investment grade rating of AA3 from Moody’s.

  • Name: Arizona Board of Regents Certificates Refunding University of Arizona Series C
  • CUSIP: 04048PJJ0
  • Maturity: 06/01/2024
  • Coupon: 3.000%

22. Murray State University

Murray State University Shield

Murray State University has consistently been ranked as one of the top regional universities in Kentucky as of 2015 by “U.S. News & World Report’s Best Colleges” and operates extended campuses offering upper level and graduate programs. The most popular programs at Murray State include business and education and its Conversation Partner Program encourages students to study abroad and brings in a significant number of international students. The university’s municipal bond offers investment grade rating as well as a competitive yield for investors.

  • Name: Murray State University Kentucky General Receipts Series A
  • CUSIP: 627175FQ0
  • Maturity: 03/01/2029
  • Coupon: 3.000%

23. Washington and Lee University

Washington & Lee University Seal

Washington and Lee University is named after our Founding Father, George Washington, and the infamous Confederate General, Robert E. Lee, who served as president of the college for five years. This small liberal arts college located in Lexington, Virginia is both full of American history and academic aptitude. It is consistently ranked as one of the best liberal arts colleges in the nation and notable alumni include three United States Supreme Court Justices, Explorer Meriwether Lewis, and billionaire Rupert Johnson Jr. of Franklin Templeton Investments. W&L’s municipal bond is rated AA2 by Moody’s and offers a stable yield.

  • Name: Virginia College Building Authority Washington and Lee University Series A
  • CUSIP: 9277816V1
  • Maturity: 01/01/2030
  • Coupon: 3.000%

24. University of Kentucky

University of Kentucky Seal

The University of Kentucky is the largest university in the state and offers 93 undergraduate programs, 99 masters programs, 66 doctoral programs, and four professional programs.Since 2000 it has focused on becoming one of the top 20 research universities in the country. Kentucky’s Men’s Basketball team receives national attention as perennial national championship contenders and future NBA superstars. The university’s municipal bond offers a competitive yield and Moody’s rates it as AA2.

  • Name: University of Kentucky General Receipts Series A
  • CUSIP: 914378EP5
  • Maturity: 04/01/2031
  • Coupon: 3.500%

25. Clemson University

Clemson University Seal

Clemson University is located in Clemson, South Carolina and its mascot is the Tiger. It is a “Top 20” public institution according to U.S. News & World Report, making it an excellent mix of fine academics, successful athletics, and a dynamic student experience. Clemson was an all-white male military school until 1955 when it became a civilian, coeducation institution that has grown immensely since its conversion. Moody’s rates Clemson’s municipal bonds as AA3 making them investment grade.

  • Name: Clemson University South Carolina University Revenues Athletic Facilities
  • CUSIP: 185630VA5
  • Maturity: 05/01/2036
  • Coupon: 3.500%

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