Given prevailing market conditions, substantial debt service savings would be achieved through the refunding of portions or all of certain outstanding State Institution Bonds issued on behalf of the University. After a review of debt service requirements with respect to presently outstanding State Institution Bonds, an estimated savings of $1,500,000 in debt service payments may be realized for the remaining life of the Institution Bonds.
This resolution would allow the issuance of not exceeding Twenty Two Million ($22,000,000)
of General Obligation State Institution Refunding Bonds, which will be used to defease
and replace the existing bonds, or portions of existing bonds.
February 17, 2012
Full resolution is available for viewing in the President's Office.
