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Gonzaga University
502 East Boone Avenue, Spokane, WA 99258
www.gonzaga.edu
Gonzaga University is an independent Roman Catholic Jesuit University
founded in Spokane in 1887. The campus encompasses more than 108
landscaped acres on the north bank of the Spokane River. Gonzaga
embodies the intellectual powers of five undergraduate schools offering
eight degrees in 92 fields
of study. The original College of Arts and
Sciences is joined by the School of Business Administration, the School
of Education, the School of Engineering, and the School of Professional
Studies. The University also offers degrees in 25 master's programs, a
Ph.D. through the Graduate School, and a Juris Doctor through the School
of Law.
The University has previously used the Streamlined Tax-Exempt Program
(STEP) to acquire equipment used in support of the academic mission of
the University. The debt bore interest at a variable rate.
The University issued $41,830,000 of bonds in 1998 through the Authority
to acquire additional land adjacent to the campus and to construct and
equip new academic facilities at the University, including a new law
school. The bond issue also refunded the outstanding 1991 and 1994
bonds previously issued by the University through the Authority. The
Series 1998 Bonds are insured by MBIA Insurance Corporation and have
coupons ranging from 4.00% to 5.00%. The bonds matured annually on
April 1, with the final maturity scheduled for 2022. These bonds were
refunded by the Series 2007B Bonds in June of 2007.
In December of 2002, the Authority issued $16,600,000 of fixed rate
bonds on behalf of Gonzaga University to refinance the Corkery
Apartments; to purchase Dillon and Goller Residence Halls, to construct
an addition to the Jepson School of Business Building; to construct an
addition to the Martin Centre for added space for the Student Fitness
Center; to renovate and add to the Cataldo Dining Hall; to upgrade the
campus telephone system; and to construct, renovate and equip other
capital facilities on the University's campus. These bonds had
interest rates that are reset weekly and have a final maturity scheduled
for 2022.
In September of 2003, the Authority issued $23,000,000 of variable
auction rate bonds for constructing and equipping a basketball arena,
athletic fields and other capital facilities on the campus. These bonds
were variable rate auction securities with the rate set by auction
weekly.
These bonds, originally scheduled to mature in 2019, were refunded by
Series 2007A in May 2007.
In September of 2003, the Authority issued $23,000,000 of variable
auction rate bonds for constructing and equipping a basketball arena,
athletic fields and other capital facilities on the campus. These bonds
were variable rate auction securities with the rate set by auction
weekly. These bonds, originally scheduled to mature in 2019, have were
refunded by Series 2007A in May 2007.
In June of 2004, the University issued $20,265,000 through the Authority
to acquire, construct, equip and refinance two residential facilities
located at 801 East Boone and at the 100 block of East Boone and to
finance capital improvements on campus. The bonds were fixed rate and
bear interest at rates ranging from 3.00% to 5.125%. These bonds,
originally scheduled to mature in 2034, were refunded by the Series
2007B Bonds in June 2007.
In calendar year 2007, the University issued 3 series of bonds through
the Authority. Two of these bonds, Series 2007A and Series 2007B, were
issued in fiscal year 2007. The purpose of the 2007 bonding program was
to refinance outstanding debt of the University to realize savings on
interest expense, to fund construction of various campus improvements
and to update and provide a single set of uniform covenants for the
University.
Each of the Series 2007A, B and C Bonds are insured by a bond insurance
policy provided by MBIA Insurance Corporation and are structured as
Auction Rate Securities. These bonds have a final maturity of April 1,
2037. The proceeds for the Series 2007A Bonds were used to refund the
Series 2003 Bonds and provided funds for various campus improvements.
The projects financed include academic building expansion and
renovation, new student residence housing, athletic facility
improvements, refinancing of certain interim financing for various
projects, and to finance improvements and renovations to campus
landscaping and grounds.
The Series 2007B Bonds were issued in June 2007 and are structured as
Auction Rate Securities. The bonds have a final maturity of April 1,
2034. The proceeds of the Series 2007B Bonds were used to refund, in
advance of maturity, the outstanding Series 1998 and outstanding Series
2004 Bonds.
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