Quinnipiac University Issue, Series M

Bond proceeds provided for the refunding of a portion of the University's 2008 Series J & K issues, and financed the construction and renovation of new athletic fields, a performing arts facility, a musical rehearsal space, an engineering lab, science labs, and other miscellaneous capital projects.

The bonds were sold at a fixed rate yielding 3.28% on a 20-year maturity.  The refunding of the prior bonds achieved 8.9% in net present value, or $8.7 million in debt service savings.  Quinnipiac University is rated A3 and A- by Moody's and Standard & Poor's, respectively.