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Seattle Pacific University
3307 Third Avenue West,
Seattle, WA 98119
www.spu.edu
Seattle Pacific University was founded in 1891. Since that founding by
the Free Methodist Church, the University has grown into a premier
Christian University that equips people to engage the culture and change
the world. Its comprehensive academic program serves nearly 3,900
undergraduate and graduate students, as well as 2,900 adult learners per
academic quarter in continuing education centers across Washington
State. Academically, Seattle Pacific University offers 55 undergraduate
majors and 42 minors with a curriculum carried out through the College
of Arts and Sciences and the schools of Business and Economics;
Education; Health Sciences; Theology; and Psychology, Family and
Community. Graduate studies include 12 master’s degree programs and
three doctoral programs. The University’s physical plant includes a
43-acre main campus near the heart of downtown Seattle; a 965-acre
wilderness campus on Blakely Island; and the 301-acre Camp Casey campus
on Whidbey Island.
In 2000, the University put into effect a Comprehensive Plan for the
21st Century. That Plan brought together planning streams for education,
enrollment, endowment and facilities to ensure the University's success
for its second hundred years. As part of that Plan, the University
issued its first debt through the Authority in 2000. The $87 million in
proceeds of the bonds were used to construct new academic and
residential facilities on campus, to renovate campus facilities, and to
refinance previously issued taxable debt of the University. The Series
2000 Bonds were variable rate demand bonds, with the interest rate
adjusted weekly and were supported by a letter of credit. Principal on
these bonds was payable semi-annually with a final maturity of October
1, 2030.
In December of 2005, the University issued $91,820,000 in bonds through
the Authority to achieve debt service savings by refinancing the 2000
bonds. In addition to refinancing the 2000 bonds, the proceeds were
also used to complete mechanical and network systems upgrades to a
number of campus buildings. The 2005 bonds are auction rate securities
supported by insurance from Radian Asset Assurance, Inc. The 2005 bonds
allowed the University to refund the 2000 bonds, lower overall debt
service and add additional project funds while maintaining the same
October 1, 2030 maturity date. |
