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Bastyr
University
14500 Juanita Drive NE, Kenmore, WA 98028
www.bastyr.edu
Bastyr University is located northeast of Seattle on the northern edge
of Lake Washington. The University is an accredited private
institution, internationally recognized as a pioneer in the study of
natural healing and is one of the world's leading academic centers for
advancing knowledge in the natural health sciences. A two-decade pioneer
in natural medicine, Bastyr continues to be in the forefront of
developing the model for 21st century medicine. Since its founding in
1978 as a college of naturopathic medicine, the institution has
continuously broadened its academic offerings, adding nutrition (1984),
acupuncture and oriental medicine (1990), applied behavioral science
(1992), psychology (1998), exercise science (2000), and herbal sciences
(2001).
The University used the Streamlined Tax-Exempt Placement (STEP) program
in 1996 to acquire equipment to support the academic mission of the
University. This debt bears interest at variable rates and matured in
July 2006.
In 2001, Bastyr was the first University to use the Authority's
Equipment Finance Program. Bastyr financed $459,000 in equipment used
for academic programs through the Equipment Finance Program with Bank of
America at a lower cost than would be available using vendor or bank
financing.
In 2003, Bastyr financed an additional $832,395, through the Equipment
Finance Program with Bank of America. This financing is payable through
October 2008 in monthly installments at an interest rate of 2.875%.
From inception, the University leased their campus from the Catholic
Archdiocese of Seattle. In 2005 the University purchased the campus
from the Archdiocese. The University financed the purchase with
$12,010,000 of bonds issued through the Authority. The interest rate is
reset weekly and fluctuates with market conditions. To reduce interest
rate risk, the College also entered into an interest rate exchange
agreement to fix the cost of the bonds. The interest rate swap bears
interest at 3.818% and matures simultaneously with the bonds in November
2035.
In 2006, Bastyr financed an additional $522,361 through the Equipment
Financing Program, through Wells Fargo Bank. This financing matures in
five years and has a 4.65% interest rate. |
