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Saint Martin's University
5300 Pacific Avenue SE,
Lacey, WA 98503
www.stmartin.edu
Saint Martin’s University is a master’s comprehensive institution
offering undergraduate and graduate-level programs. The monks of the
Roman Catholic Order of Saint Benedict established the University in
1895. Saint Martin's became a four-year, accredited,
baccalaureate-granting institution in 1938 and became co-educational in
1965. The official name of the school was changed from Saint Martin’s
College to Saint Martin’s University in August 2005 to better reflect
the scope of programs offered.
In 1995, the University issued three series of bonds through the
Authority: Series 1995A, 1995B and 1995C. Proceeds of the 1995 bonds
were used to refinance certain outstanding debt of the University,
finance a partial renovation of Old Main and renovate the Student Union
Building.
In 2002, the University issued bonds through the Authority in the amount
of $7,415,000 to finance seismic improvements to Old Main, fund other
campus capital projects and refinance the outstanding Series 1995A and
1995B Bonds. The Series 2002 Bonds were issued as variable-rate bonds,
supported by a letter of credit.
In 2004, the University borrowed $4.5 million, with a net interest cost
of 5.61 percent through the Authority’s Streamlined Tax-Exempt Placement
(STEP) program to partially finance the construction of the David R.
Spangler Residence Hall. The 46,000-square-foot hall was named in
recognition of President Emeritus Spangler’s 21 years of service as
Saint Martin’s president. Spangler Hall, opened in September 2005,
offers suite-style living, apartments and such amenities as study and
game rooms, a fitness room and a conference room.
The University issued $36,000,000 of Variable Rate Demand Revenue and
Refunding Revenue Bonds through the Authority in June 2007. Proceeds of
the Bonds were used to refund the outstanding Series 1995C Bonds, the
outstanding Series 2002 Bonds and the outstanding 2004 STEP Bonds. In
addition, the Series 2007 Bonds funded construction of a new residence
hall and an academic building on the University campus.
The Series 2007 Bonds are secured by a Letter of Credit from KeyBank
National Association.
The Series 2007 Bonds bear interest at a variable rate that is reset
weekly. Concurrent with the issue of the Series 2007 Bonds, the
University entered into an interest rate swap to synthetically fix the
rate of the Series 2007 Bonds. The swap rate is 4.30%. The swap is in
place for the life of the bonds, which have a final maturity of February
1, 2037. |
