| Part I Bond Issues |
(f) Description of Purpose |
(A) $65,000,000 St. Joseph County, Indiana Variable Rate Educational Facilities Revenue Bonds, Series 2003 originally issued on December 16, 2003. Bond proceeds were utilized to refund the Indiana Educational Facilities Authority Educational Facilities Revenue Bonds, Series 1992 dated November 5, 1992 and to refund the Indiana Educational Facilities Authority Educational Facilities Revenue Bonds, Series 1994 dated November 30, 1994. Proceeds were also applied to finance and reimburse a portion of the costs of various campus improvements. Those improvements include (i) construction of a performing arts center and science learning center, (ii) general repairs and improvements to the Alumni and Dillon Residence Halls, (iii) renovation and improvements to utility infrastructure, and (iv) general construction and renovation projects. (B) $185,000,000 St. Joseph County, Indiana Variable Rate Educational Facilities Revenue Bonds, Series 2005 originally issued on December 8, 2005, with CUSIP number 79061ABA4 (reflected in Part I (c) and (d)). $75,000,000 of the Series 2005 Bonds were then converted from a weekly rate period to a term rate period commencing November 6, 2008, with a new CUSIP number 79061ABF3 and ending February 29, 2012. $75,000,000 of the Series 2005 Bonds were then converted from a term rate period to a weekly rate period commencing on March 1, 2012. $110,000,000 of the Series 2005 Bonds were refunded by the St. Joseph County Series 2009 Bonds (see Part I (D)). Bond proceeds were used to refund the Indiana Health and Educational Facility Financing Authority Educational Facilities Revenue Bonds, Series 1995 dated August 9, 1995, to refund the St. Joseph County, Indiana Educational Facilities Revenue Bonds, Series 1996 dated September 12, 1996, and to refund a portion of the St. Joseph County, Indiana Variable Rate Educational Facilities Revenue Bonds, Series 2002 dated March 5, 2002. Proceeds were also utilized to finance and reimburse a portion of the costs of various campus improvements. Those improvements include (i) the construction of new roads along the south and east boundaries of the University's campus and the realignment of Angela Boulevard, Edison Road and Ivy Road in connection therewith, and the closing of Juniper Road, (ii) renovation and improvements to the Student Health Center, (iii) repair and regilding of the dome on top of the Administration Building, (iv) renovation and improvements to laboratory facilities within the Galvin Life Science Building, (v) general construction and renovation projects. (C) $75,000,000 St. Joseph County, Indiana Educational Facilities Refunding Revenue Bonds, Series 2007 originally issued on December 14, 2007. Bond proceeds were utilized to refund the St. Joseph County, Indiana Educational Facilities Revenue Bonds, Series 1997 dated November 20, 1997, and to refund the Indiana Educational Facilities Authority Educational Facilities Refunding Revenue Bonds, Series 1997 dated November 19, 1997. Proceeds were also applied to finance and reimburse a portion of the costs of various campus improvements. These improvements include (i) the construction of an addition to the Mason Support Services Center, (ii) the renovation and improvements to a laboratory facility within Nieuwland Science, (iii) general construction and renovation projects. (D) Total issue price of $153,953,341.65, comprised of an original issue premium of $7,388,341.65 and principal amount of $146,565,000 St. Joseph County, Indiana Educational Facilities Refunding Revenue Bonds, Series 2009 issued on September 30, 2009. Bond proceeds were used to refund the St. Joseph County, Indiana Variable Rate Educational Facilities Revenue Bonds, Series 1998 dated October 1, 1998 and ($110,000,000 of) the St. Joseph County, Indiana Variable Rate Educational Facilities Revenue Bonds, Series 2005 dated December 8, 2005 (see Part I (B)). |
| Part II Proceeds |
Line 1 Amount of bonds retired |
Line 1 (B) Reflects the amount of the Series 2005 Bonds refunded by the Series 2009 Bonds Line 3 Total proceeds of issue Line 3 (A), (B), (C), (D) - Amount reported on Line 3 includes investment earnings and as a result, does not agree to issue price listed on Part I. Line 3 (B) The original par amount of the Series 2005 Bonds was $185,000,000. The amount reported includes the $185,000,000 par plus investment earnings. $110,000,000 was later refunded as part of the Series 2009 bonds. $75,000,000 remain outstanding as the Series 2005 Bonds. Line 3 (D) The Series 2009 Bonds refunded the Series 1998 Bonds ($43,000,000) and a portion of the Series 2005 Bonds ($110,000,000 of $185,000,000). This amount reported includes the original issue price of $153,953,341.65 (including the original issue premium of $7,388,341.65, a portion of which is amortized each year) plus investment earnings of $44.66. Line 5 Capitalized interest from proceeds Line 5 (A) Includes capitalized interest and swap payments Line 10 Capital expenditures from proceeds Line 10 (D) The Series 2009 Bonds was a refunding issue that did not fund capital expenditures Line 11 Other spent proceeds Line 11 (A), (B), (C), (D) Includes refunded bonds Line 11 (B) Also includes capitalized line of credit fees that were not taken into account in determining the yield on the issue (per the Schedule K instructions) Line 13 Year of substantial completion Line 13 (D) Bonds only refunded previous issues and did not finance capital expenditures. Therefore, response was left blank. Line 16 Has the final allocation of proceeds been made? Line 16 (A), (B), (C) The University's intent upon issuance of the bonds was that equity contributions would first be allocated to any potential private business use in the financed facilities. Line 16 (D) Bonds only refunded previous issues and did not finance capital expenditures. Therefore, response was indicated as "NO". |
| Part III Private Business Use |
|
Line 2 (D) The Series 2009 Bonds refunded the Series 1998 and a portion of the Series 2005 Bonds. Schedule K does not require consideration of the projects financed by the Series 1998 Bonds. The Series 2005 Bond projects are considered and reflected in Column B of this Schedule. Therefore, response was indicated as "NO". Line 3a (D) The Series 2009 Bonds refunded the Series 1998 and a portion of the Series 2005 Bonds. Schedule K does not require consideration of the projects financed by the Series 1998 Bonds. The Series 2005 Bond projects are considered and reflected in Column B of this Schedule. Therefore, response was indicated as "NO". Line 3c (D) The Series 2009 Bonds refunded the Series 1998 and a portion of the Series 2005 Bonds. Schedule K does not require consideration of the projects financed by the Series 1998 Bonds. The Series 2005 Bond projects are considered and reflected in Column B of this Schedule. Therefore, response was indicated as "NO". Line 3b & 3d (A), (B), (C) Internal General Counsel routinely reviews agreements. External counsel occasionally engaged to review agreements. Line 3b & 3d (D) The Series 2009 Bonds refunded the Series 1998 and a portion of the Series 2005 Bonds. Schedule K does not require consideration of the projects financed by the Series 1998 Bonds. The Series 2005 Bond projects are considered and reflected in Column B of this Schedule. Therefore, response was left blank. Line 4 (A), (B), (C) The University reported the private business use percentages in Part III of Schedule K after reviewing the private business activity on campus. The University's intent upon issuance of the bonds was that equity contributions would first be allocated to any potential private business use in the financed facilities. The University financed a number of infrastructure/renovation projects that met the criteria as Qualified Improvement Exceptions. Line 4 (D) The Series 2009 Bonds refunded the Series 1998 and a portion of the Series 2005 Bonds. Schedule K does not require consideration of the projects financed by the Series 1998 Bonds. The Series 2005 Bond projects are considered and reflected in Column B of this Schedule. Therefore, response was left blank. Line 5 (A), (B), (C) The University reported the private business use percentages in Part III of Schedule K after reviewing the private business activity on campus. The University's intent upon issuance of the bonds was that equity contributions would first be allocated to any potential private business use in the financed facilities. The University financed a number of infrastructure/renovation projects that met the criteria as Qualified Improvement Exceptions. Line 5 (D) The Series 2009 Bonds refunded the Series 1998 and a portion of the Series 2005 Bonds. Schedule K does not require consideration of the projects financed by the Series 1998 Bonds. The Series 2005 Bond proje cts are considered and reflected in Column B of this Schedule. Therefore, response was left blank. |