Agenda Item No. V. A. 2

Washburn University Board of Regents

SUBJECT: Bond Counsel & Financial Advisor/Underwriter for Living/Learning Center

DESCRIPTION:

At previous meetings, the Regents have approved the concept of the living/learning center and selected an Architect for the project. This project requires funding from the combination of a revenue bond issue and private funds. In order to make certain that the revenue bond proceeds are available for expenditure when construction is scheduled to start and to make certain that all the applicable Kansas Statutes pertaining to revenue bond issues are followed, it is necessary for the administration to begin working with Bond Counsel and a Bond Financial Advisor/Underwriter as soon as possible.

For previous bonds issued by the University, bond counsel services have been provided by the firm of Cosgrove, Webb & Oman. Likewise, Fahnestock & Co., Inc. has provided bond financial advice and underwriting services. Because of this longstanding relationship with these firms and their knowledge and understanding of the University's previous bond issues, the administration recommends that the Regents appoint Cosgrove, Webb & Oman as Bond Counsel (firm's representative is Don Jensen) and Fahnestock & Co. Inc. as bond financial advisor/underwriter (firms's representative is John McArthur) for the revenue bonds to be issued for the living/learning center project.

With the Board's approval of this recommendation, the administration will work with these firms to develop a bond issue that can be issued upon the Board's approval of the design of the project. The appointment of these firms does not obligate the University in any way to the issuance of revenue bonds. In subsequent meetings and as the living/learning center project progresses, the Board will be asked to approve the various documents for the issuance of the bonds and to approve the actual issuance of the bonds.

FINANCIAL IMPLICATIONS:

No financial obligation will be incurred to these firms unless the bond issue is closed.

RECOMMENDATION:

President Farley recommends Board of Regents' approval of Cosgrove, Webb & Oman as bond counsel and Fahnestock & Co. Inc. as bond financial advisor/underwriter for the living/learning center revenue bonds.

______________ __________________________________

(date) Jerry B. Farley, President

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ü???? ? ?????????????________Selection of At the January 13, 1999 meeting of the Regents, the University's administration was asked to obtain proposals from qualified attorneys and firms that provide financial advisor services. The administration contacted by letter, 22 municipal bond attorneys in the State of Kansas and in Kansas City, Missouri, and asked for proposals from any that were interested in provided Bond Counsel services to the University. For the Financial Advisor services, 20 firms located in the midwestern states were invited to submit proposals. Bond Counsel proposals were received from ___ firms. Financial Advisor proposals were received from ____ firms.

The proposals were evaluated on the basis of proposed fees, the professional experience of the individuals assigned to the projects, specific knowledge and experience in State of Kansas tax-exempt financings, and specific knowledge and experience in higher education financings in the State


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