Project:  Proceeds from the Series K bond issue refunded the University’s 1993 Series G bond issue and also financed between $10–$15 million for construction of an administrative office building, refurbishing townhouses, heating/cooling units, science building improvements, and other campus improvements.  The Series G issue funded various campus construction and renovation projects.

Structure:  $38,075,000 Issue, Series K was sold as auction rate variable bonds set in a weekly mode, and insured by FGIC.

Closing Date:  April 14, 2004.

Results:  The initial interest rate set was 0.90% compared to the BMA Index of 1.08% at the time. Fairfield’s Series K bonds were sold to 30 investors.

Financing Team:  Hawkins, Delafield & Wood LLP; Financial Guaranty Insurance Company; J.P. Morgan Securities Inc.; Public Financial Management; Owens, Schine & Nicola; Pullman & Comley LLC; Shipman & Goodwin LLP; U.S. Bank N.A.