Coverage Requirement on all Parity Bonds to be outstanding during the full fiscal year succeeding the date of issuance of such future Parity Bonds; but if such Parity Bonds are proposed to be issued at any time during any fiscal year when the audited financial report of the System for the preceding fiscal year is not available, then Net Revenues for the previous fiscal year is to be calculated, for purposes of meeting the requirements of this section, based upon the unaudited statement of revenue and expenses for any 12 successive calendar months in the 15 months immediately preceding the date of issuance of the Parity Bonds proposed to be issued, prepared by the Designated University Representative in accordance with GAAP; or (2) A certificate of the Designated University Representative to the effect that the estimated Net Revenues, plus the net revenues from any other sources pledged as security for all Outstanding Bonds during the three consecutive full fiscal years next succeeding the date of issuance of such proposed Parity Bonds (or, if new facilities or improvements are to be constructed with any portion of the proceeds of such Parity Bonds, in the three full fiscal years following the fiscal year in which such new facilities or improvements are expected to be completed) will be equal to at least the Coverage Requirement on all Parity Bonds to be outstanding during such three full fiscal years. Computation of future Net Revenues of the then existing System, and other pledged revenues, is to be based on actual Net Revenues for the fiscal year immediately preceding the issuance of Parity Bonds, adjusted to reflect the schedule or rates and charges to become effective when the additional facilities become revenue producing, and after giving recognition to anticipated changes in Operating Expenses of the System. Computation of the estimated net revenues of any facility or facilities under construction, to be constructed or acquired, or not in operation for the preceding full fiscal year is to be predicated upon reasonable utilization rates. (c) In accordance with the requirements of the Master Resolution, and in lieu of the requirements of (b) above, Parity Bonds may be issued solely for the purpose of financing the cost or estimated cost of completing a capital project where Parity Bonds have been issued under a Series Resolution to pay costs of such a project; provided, however, the aggregate principal amount of Parity Bonds issued to finance the completion of a project shall not exceed 15 percent of the principal amount of Bonds originally issued or incurred to finance such project. Nothing in the Bond Resolution limits the University’s right to issue bonds, notes or other obligations, for any lawful System purpose, secured in whole or in part by liens against the Gross Revenue and the money and investments in the Revenue Fund that are junior and inferior to the lien against the Gross Revenue and money and investments in the Revenue Fund securing the payment of the Parity Bonds. The University currently has no such subordinate lien bonds or other obligations outstanding. At the time of issuance of the Series 2018 Bonds, the University will be in compliance with the conditions for issuance of Parity Bonds as contained in the Master Resolution. THE SYSTEM The System includes the following facilities: The Housing and Dining System operates student residence halls and apartment options for approximately 3,800 students. The Housing and Dining System includes 20 residence halls, 5 apartment complexes with 498 units, and 4 dining centers, as well as administrative, warehouse and maintenance facilities. For the 2016-17 academic year the designed occupancy of the residence halls was 3,717, however, the System considers approximately 3,523 to be available for student occupancy.[Why was only 3,523 of the 3,717 beds offered to students?] For the 2017-18 academic year the designed occupancy of the residence halls is [____], however, the System considers approximately [___] to be available for student occupancy due to [________]. For the 2016-17 academic year the annual average occupancy for the appartments was 2,423 and there were 821 contract holders (there may be more than one student contract holder per apartment unit) and for the 2017-18 academic year the annual average occupancy for the appartments is [_____] and there were [____] contract holders. The Housing and Dining System includes a conference program, which provides approximately 2.5 percent of the Housing and Dining System’s annual revenue. Residence hall room and board fees, based on double occupancy and a standard meal plan, are $10,077 per student for the 2016-17 academic year. See “Tuition and Room and Board Charges” in APPENDIX A herein. The Services and Activities (“S&A”) System provides for the nonacademic needs of the Associated Students of the University, including programs such as student government, radio station, student clubs, recreation opportunities, various student service programs, and operations of a student union and recreation center building. Revenues are provided through student services and activities fees (“S&A fees”) authorized under State law (RCW 28B.15) and approved by the Board. The University’s S&A fee for the 2017-18 academic year is $237 per quarter for all full-time students. In addition, certain students enrolled on the Ellensburg campus pay mandatory fees for support of the
6
Made with FlippingBook - professional solution for displaying marketing and sales documents online