Central Washington University Vice President for Business and Financial Affairs February 9, 2018 ACTION – CWU System Revenue Bond Sale Resolution No. 18-02 Attachment 1: CWU System Revenue Bonds Series 2018 Resolution No. 18-02 Attachment 2: Preliminary Official Statement (POS)
At the November 2017 Board of Trustees meeting, the Board endorsed the development of three capital projects: a new residence hall, expanded recreation facilities, and an upgrade to Tomlinson Stadium. CFO Joel Klucking has led the development of financing analysis. The project will be funded by tax exempt bonds against CWU’s System revenues, including dining, residence facilities, the Wildcat Shop, parking and student activities. The project is anticipated to cost $45 million inclusive of capitalized interest and issuance costs; CWU anticipates bond payments to be $2.8 million annually for 30 years. The funding model assumes annual 5-percent increases in residence hall fees as has been our past practice. The project team already has met and consulted with CWU’s bond consultants, Public Financial Management (PFM) Group, and bond counsel, Foster Pepper, to prepare the university for a March bond issuance, and to determine bonding capacity for the residence hall and how it will impact bonding capacity for future projects. PFM and Foster Pepper will present analysis regarding CWU’s bond position at the February 8 work session. We recommend the following motion: The CWU Board of Trustees approves Resolution No. 18-02, which authorizes System Revenue Bonds, Series 2018, in the aggregate principal amount not to exceed $45 million, for the purpose of providing funds (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 residential campus in Ellensburg 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. Submitted: Approved for submission:
_________________________________ __________________________________ Joel Klucking, Vice President James L. Gaudino Business and Financial Affairs President
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