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.
APPROVED, this the 17th day of February 2012.
Full resolution is available for viewing in the President's Office.
