anticipated to cost up to $48 million, inclusive of capitalized interest and issuance costs; CWU anticipates bond payments to be $2.8 million annually for 30 years. On February 9, the Board of Trustees approved Resolution No. 18-02, which authorized System Revenue Bonds, Series 2018 in the aggregate principal amount not to exceed $48 million. The purpose of the bonds is to provide funds for the following purposes: (1) to pay all or a portion of the cost of acquiring, constructing, and equipping a new residence hall and dining facility on CWU’s Ellensburg campus and renovating a student apartment complex, (2) to capitalize interest on the bonds, if interest is capitalized, and (3) to pay the costs of issuance and sale of the bonds. On February 23, Moody’s Investors Service assigned an A1 rating to CWU’s proposed $48-million System Revenue Bonds, Series 2018, and affirmed A1 ratings on approximately $115 million of the university’s outstanding parity debt, with a stable outlook. On the morning of February 28, CWU sought bids for bonds, selected a high bidder, and secured the interest rate associated with the bonds for inclusion in the motion below that authorizes the sale. Motion 18-10: Mr. Nellams moved that the Board of Trustees of Central Washington University approves Bond Sale Resolution No. 18-03, which authorizes the competitive sale of System Revenue Bonds, Series 2018 award to the winning bidder Bank of America Merrill Lynch, based on a True interest cost of 3.73. The motion was seconded by Mr. Conner and approved unanimously.
The next meeting of the Board of Trustees is May 17 and 18, 2018 in Ellensburg. Meeting adjourned at 4:14 PM.
Linda Schactler, Secretary to the
Keith Thompson, Chair
Board of Trustees
Board of Trustees
Central Washington University
Central Washington University
2 Board of Trustees Minutes Special Telephonic Meeting, February 28, 2018
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