Project:  Bond proceeds provided for renovations and an addition to the Freeman Athletic Center, construction of a new university (student) center, renovation of a number of buildings in the humanities district, classroom renovations and upgrades, construction of new residence facilities for undergraduates, and miscellaneous other projects.

Structure:  $62,000,000 Issue Series E was a variable rate transaction with a single 34-year bullet maturity, sold in $100,000 denominations. Interest rates are reset through a Dutch auction process using a seven-day reset.

Closing Date:  July 17, 2003.

Results:  The Series E issue priced at only one basis point higher in yield than the BMA weekly index of adjustable rate bonds at that time. Usually, auction rate bonds price between 10 to 20 basis points higher compared to weekly floating rate issues. The initial rate for the transaction was 0.85%, which was the middle of the initial marketing price range at that time.

Financing Team:  Carmody & Torrance LLP; Hawkins, Delafield & Wood LLP; Lehman Brothers; P.G. Corbin Group, Inc.; Shipman & Goodwin LLP; U.S. Bank, N.A.; Wiggin & Dana LLP.