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Seattle University
900 Broadway,
Seattle, WA 98122
www.seattleu.edu
Founded in 1891, Seattle University is the largest independent
university in Washington, with more than 7,000 students enrolled in
undergraduate, graduate, and professional programs. The 48-acre campus,
located on Seattle’s First Hill, houses eight schools and colleges.
The University issued two series of bonds through the Authority in 1993
to finance construction of improvements to various campus buildings, to
repay the previously issued 1990 and 1991 WHEFA Bonds, and to refinance
other debt of the University. These 1993 bonds were refunded by the
Authority in 2003.
The University issued bonds through the Authority in 1994 to finance
improvements to the University's telecommunications system and to refund
the Series 1988 Bonds issued through the Authority. The Series 1994
Bonds are insured by AMBAC Insurance and have interest rates ranging
from 5.10% to 5.50%. Principal on the bonds is payable annually with
the final principal payment scheduled for May 1, 2009.
The University issued bonds through the Authority in 1998 to finance the
construction and furnishing of a law school building on the campus of
the University. AMBAC Insurance Corporation guarantees the Series 1998
Bonds which have interest rates ranging from 4.70% to 5.15%. Principal
is payable annually through May 1, 2028. The University also issued
$18,300,000 of bonds through the Authority in 2001 to finance
construction of the Student Union Building. AMBAC Insurance Corporation
insured the Series 2001 Bonds which have interest rates ranging from
5.00% to 5.25%. Principal is payable annually through May 1, 2032.
In 2003, the University issued $15,420,000 of bonds through the
Authority to achieve debt service savings by refinancing its 1993 bonds.
The 2003 bonds are fixed rate bonds and have coupon rates of 2.0% to
4.0%. The refunding of the 1993 bonds lowered debt service while
maintaining the final maturity date of November 1, 2013.
The University issued $23,105,000 of Refunding Revenue Bonds through the
Authority in June 2005. The 2005 Bonds are fixed rate bonds with
interest rates that range from 3.0% to 4.5%.
Subsequent to the close of the Authority’s fiscal year, the University
issued $38,075,000 of Revenue Bonds through the Authority. The proceeds
of the these bonds are being used to construct a number of additions and
renovations to the University campus and the acquisition of an existing
building to expand the University campus. |
