SUBJECT: Proposed Washburn University Revenue Bonds
DESCRIPTION: As previously discussed, the administration proposes that the Living/Learning Center be financed primarily through the issuance of revenue bonds. Your administration has consulted with John McArthur of Fanhnestock & Co and Don Jensen of Cosgrove, Webb & Oman, as financial advisor and bond counsel respectively, in furtherance of the project. The next stage in the issuance of revenue bonds for the Living/Learning Center Project is the adoption of a resolution, required by law, to provide notice to the public at large of the University's intent to finance the estimated $15 million project through the issuance of revenue bonds in an amount not to exceed $12.9 million. Following adoption of the resolution the University would publish in the Kansas Register its "Notice of Intent to Issue Revenue Bonds" and also could use bond proceeds to reimburse University funds for all amounts expended to this date. The resolution also includes the appointment of John McArthur and Fahnestock & Co as underwriters for the revenue bonds and Donald E. Jensen of Cosgrove Webb, & Oman as bond counsel for the issuance of the revenue bonds. Copies of the proposed Resolution and the "Notice of Intent to Issue Revenue Bonds" are attached to this agenda item.
RECOMMENDATION: President Farley recommends adoption of the proposed Resolution and appointments of John C. McArthur and Donald E. Jensen as underwriter and bond counsel respectively.
(date) Jerry B. Farley, President