SPECIAL COMMITTEE MINUTES



The Special Committee, comprised of the Chair and Vice-chair of the Board, the President and the Vice President of Administration and Treasurer, created by the Board of Regents at its November 7, 2001 meeting convened at 9:00 a.m. on September 9, 2004. Mr. Roth and Mrs. Paul participated by telephone. Also present were: the University's Financial Advisor, John McArthur; University Director of Finance, Chris Leach; Special Assistant to the President, Tom Ellis; and, University Counsel/Secretary to the Board, Ken Hackler. Mr. McArthur was also present by telephone.



President Farley briefed the group concerning the creation of the Special Committee and its purpose, noting it was created when discussions which had started in the Spring of 2001 were ongoing concerning the potential of refunding the 1999 Living Learning Center revenue bonds and achieving favorable savings for the University. At the time discussions began, it was anticipated the refunding would have a gross savings of approximately $880,000 at a net present value of approximately $450,000 or 3.5% of the refunding bond. After the September 11 attack, the market changed and the ability to achieve those savings was lost. The Board created the Special Committee to determine the most opportune date for the sale of refunding bonds for the 1999 LLC revenue bonds and recommend adoption of resolution authorizing and directing the sale. Dr. Farley reported that project savings on the proposed refunding bonds at this time are approximately $1,000,000 at a net present value of $678,000 or approximately 5.3 percent of the refunding bond amount. Mr. McArthur indicated that while the Kansas Development Authority and the City of Topeka also are issuing bonds within this time period, he anticipated the University would achieve the savings projected. The actual amounts will vary depending on interest rates when the bonds are sold.



It was moved and seconded to authorize the Financial Advisor, Mr. McArthur, and Bond Counsel, Don Jensen, to proceed with steps necessary to issue the refunding bonds with the Board of Regents to approve the resolution and sale at a special meeting on or before September 22, 2004.







_______________________________

Secretary to the Board




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