Kathy Mangels, outgoing vice president for finance and administration, presented a report on the System Facilities Revenue Bonds Series 2020 refunding of Series 2013A System Facilities Bonds.
In May 2020, the Board authorized a competitive sale of the Series 2020 bonds by University administration to refund the Series 2013A System Facilities Bonds if certain parameters were met.
Mangels said the Series 2020 bonds were priced on July 22, 2020 and closed on August 11, 2020.
The refunding will realize 8.6% net present value savings, or gross savings of $5.025 million in debt service over the remaining life of the bonds, she said. The true interest cost of the bonds was 2.49%, approximately 70 basis points below the parameter set by the Board in May 2020.