October 21, 1999


Chairperson Blair called the meeting to order at 3:05 p.m. in Room 204 of Morgan Hall on the Washburn University campus.

Present were: Chairperson Blair, in person; and via telephone conference call, Regents Craig, Lee, Goossen, Roth and Engel.

Chairperson Blair announced there were two items of business on the agenda. To approve a bond resolution for the sale of the revenue bonds for the Living/Learning Center and the approval of a bond purchase agreement.

Chairperson Blair introduced financial advisor, John McArthur, and bond counsel, Don Jensen. Mr. McArthur of Fahnestock & Co. reviewed the sale of the bonds beginning yesterday, noting that the bond sale has progressed reasonably well as there are only $2.7 million in bonds remaining for sale and the rate for the bond over the 30-year period is an average of 5.99 percent. He said this is a "very fair and just rate," noting that the "market's not going to get any better" and it looks like "rates are going to edge upward." Mr. McArthur said that Fahnestock is offering to buy for itself for resale to investors the remaining $2.7 million under a proposed bond purchase agreement. Regent Roth moved the adoption of the Resolution which was seconded by Regent Lee. Motion passed unanimously.

Regent Craig moved the approval of the proposed bond purchase agreement with Fahnestock and Co. which was seconded by Regent Goossen. Motion passed unanimously.

There appearing no additional business before the Board of Regents, the meeting adjourned at 3:18 p.m.


Kenneth P. Hackler

Secretary, Board of Regents

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