Letter from the Executive Director
Kim Herman, Executive Director
Washington Higher Education Facilities Authority
It is
my pleasure to serve as the Executive Director of the Washington Higher
Education Facilities Authority. The Authority works with many of the
independent colleges and universities in Washington to help them finance
capital improvements at lower cost through the sale of tax exempt
bonds. The Authority has issued bonds for a wide range of facilities
including classrooms, health laboratories, computer equipment, science
research facilities, student unions, residential halls, parking
facilities, athletic facilities, nursing facilities, performing arts
centers and two major law schools. Our ability to obtain lower interest
rates through the sale of tax exempt bonds has saved our borrowers
millions of dollars, savings which they pass on to their students for
many years to come.
The
Authority receives no appropriations from the state of Washington. To
fund our operations we collect fees from each borrower for the services
we provide. The bonds issued by the Authority are not backed or
guaranteed by the state of Washington. Rather, the bonds are backed by
the revenues of the independent colleges and universities that borrow
through the Authority.
With
the recent low interest rates and the growth in the number of students
entering the institutions we serve, we have seen an increase in the
number of transactions that we have completed in recent years. As a
result, the total amount of bonds issued by the Authority has surpassed
$1 billion. This achievement has only been possible with the assistance
and cooperation of the many important business partners that work with
the Authority to structure the best tax exempt bond transactions
possible for the schools with whom we work. It is also a very positive
reflection of the commitment of both the staff and board members of the
Authority to the educational needs of Washington’s students.
On
behalf of the board of directors of the Authority and our staff and
business partners, I want to express our sincere appreciation for the
dedication to educational excellence demonstrated by the independent
colleges and universities that we serve.
Sincerely,
Kim Herman, Executive Director
This
page was modified on 06/30/2007.
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