The University is an independent coeducational institution of higher learning incorporated in 1963. Overall, Sacred Heart enrolls about 6,100 students; 4,300 undergraduate and 1,800 graduate. The University offers 30 undergraduate degrees in a wide variety of new programs and offerings ranging from the traditional liberal arts to mathematics and science, health and computer sciences.

The largest growth area in undergraduate programs has been social and behavioral sciences, with majors in psychology and criminal justice. Growth in graduate programs has been due to the development of new degree and certificate programs in computer science and information technology, learning, physical therapy, occupational therapy, and geriatric rehabilitation and wellness as well as the expansion and continuation of existing programs such as business administration, religious studies, nursing (patient services administration and family nurse practitioner), and education.

As part of its commitment to continuing education and the life-long learner, the University also offers programs and courses for adult learners utilizing part-time and online formats at a variety of locations, including satellite campuses and corporate sites.

Project:  The proceeds of the Series F issu were used to construct three, three-story residence hall structures on land owned by Sacred Heart University located directly across from the main campus. These residence halls will house a total of 403 students and will be for the exclusive use of University students. The residence halls include 36 student suites consisting of 17 single occupancy beds and 386 double occupancy beds. Amenities in the facilities include common spaces, meeting rooms, recreation and fitness rooms, and a “cyber” café. The project will be wired to the University data network which will provide each student with an individual high-speed data connection.

Structure:  $21,700,000 Issue Series F was sold as a variable rate issue with a weekly interest rate reset sold in $100,000 denominations. The bonds were supported by a Fleet Bank letter of credit.

Closing Date:  December 11, 2003.

Results:  The transaction priced slightly higher than comparable CHEFA issues, with an initial rate of 1.03%. Weekly interest rate resets priced in line with similar CHEFA issues, near the BMA Index.

Financing Team:  Advest, Inc.; Day, Berry & Howard LLP; Fleet Bank N.A.; Public Financial Management; Robinson & Cole LLP; Shipman & Goodwin LLP; Tobin, Carberry, O'Malley, Riley & Selinger, P.C.; U. S. Bank, N.A.; Wachovia Securities.