Trinity is a private, non-profit, co-educational, non-sectarian institution of higher education committed to education in the classical tradition of liberal arts and sciences. Founded in 1823 as Washington College, it was the second college established in the State of Connecticut.

Since most full-time undergraduates are residents, the capacity of the dormitories largely dictates enrollment. Trinity has a very small number of graduate students with 81 full-time and 73 part-time. The College has indicated that its maximum desirable FTE enrollment is 2,000 students. Trinity draws approximately 49% of its students from New England with 19% from Connecticut and 30% from other New England states. Students from Mid-Atlantic states represent 27% of the enrollment.

Project:  Proceeds from the Series I Issue financed a number of capital projects, including dormitory renovations and improvements; classroom and laboratory renovations; studio arts building, performing arts center renovation and addition; theater, dance and music center renovations; and a hockey rink and community sports center.

Structure:  $15,000,000 issue, Series I was a variable rate issue utilizing a weekly auction rate. The bonds were issued in $25,000 denominations, and were insured by MBIA Insurance Corporation.

Closing Date:  December 9, 2004.

Results:  The initial variable weekly auction interest rate was 1.40%.

Financing Team:  Advest, Inc.; Carmody & Torrance LLP; Day, Berry & Howard LLP; Levy & Droney, P.C.; MBIA Insurance Corporation; P.G. Corbin & Company, Inc.; Robinson & Cole LLP; U.S. Bank N.A.