 University of Puget Sound
1500 North Warner Street,
Tacoma, WA 98416
www.ups.edu
The University of Puget Sound was established in 1888. It is an
independent, predominantly residential, national undergraduate liberal
arts college drawing students from 47 states and 13 countries.
Distinctive academic opportunities include a conservatory-quality School
of Music, a School of Business and Leadership, and more than 1200
courses in a variety of traditional and interdisciplinary programs.
Puget Sound is one of only five independent colleges in the Northwest
granted a charter by Phi Beta Kappa, the nation’s most prestigious
academic honorary society.
 The University is located in a residential
section in the north end of Tacoma, Washington, on a 97-acre campus of
Tudor Gothic buildings set among native fir groves.
In 1998, the university issued $37,870,000 in bonds through the
Authority to finance the renovation of a number of campus buildings,
refinance outstanding prior debt, finance construction of a new academic
building, and make other general improvements to the campus. These
bonds were partially refunded by the Authority in 2006 by placing a
portion of them in escrow, subject to a call date of April 1, 2008. The
unrefunded bonds are fixed rate bonds, with interest rates ranging from
3.90% to 5.20%. The bonds mature annually on October 1, with final
principal maturity on October 2014.
In 2001, the university issued $10,620,000 in bonds through the
Authority to finance construction of a new student residence hall on
campus. The Series 2001 Bonds are variable rate bonds with interest
adjusted weekly. The University provides liquidity support for the
Series 2001 Bonds. The University is making optional annual principal
payments, with the final maturity scheduled for October 1, 2031. In
2005, the university entered into an interest rate swap agreement with a
fixed rate of 3.426% to convert these bonds to a synthetic fixed rate
through maturity of the bonds.
 In 2006, the university issued two series of bonds totaling $51,930,000
through the Authority. The $21,930,000 Series A Bonds partially
refunded the outstanding Series 1998 bonds to achieve debt service
savings. These bonds will be in fixed rate mode through the April 1,
2008, call date for the Series 1998 refunded bonds, then convert to a
variable rate. The university will make annual principal payments on
these bonds beginning October 1, 2008, with final maturity scheduled for
October 1, 2030. The $30,000,000 Series B Bonds were issued to finance
the renovation of an academic building and other general improvements.
These bonds are variable rate bonds with the interest rate adjusted
weekly. The university will make annual principal payments on these
bonds beginning October 1, 2011, with final maturity scheduled for
October 1, 2036. A Letter of Credit issued by a bank provides liquidity
support for the bonds. In connection with Series A and B bonds, the
university entered into two separate interest rate swap agreements to
convert the bonds to effectively fixed rates of 3.875% and 3.855. |
