Project:  The Series E bonds funded campus improvements of approximately $11.5 million and $15 million to refund a portion of the University’s Series D Bonds. Series F bond proceeds were used to advance refund the 1996 Series D bonds. The 1996 Series D bonds provided funds for construcion and renovations of residence halls and the refinanincg of the University's outstanding debt. Wachovia Bank, N.A. provided letter of credit support for both issues.

Structure:  $27,460,000 Issue Series E was structured as a variable rate issue in set in a weekly interes rate reset mode with a LIBOR rate swap. $4,890,000 taxable Issue Series F was structured as a fixed rate transaction with a single term bond.

Closing Date:  August 17, 2005.

Results:  The initial interest rate set on the Series E bonds was 2.59%, which was two basis points through the BMA index at the time. Series F provided an all-in interest cost of 3.61%. The net present value savings for the Series D issue was $4.06 million, or 19.296% of the refunded par amount.

Financing Team:  Carmody & Torrance LLP; Day Pitney LLP; Lamont Financial Services; Shipman & Goodwin LLP; U.S. Bank, N.A.; Wachovia Bank, N.A.; Wiggin and Dana LLP.