March 20-21, 2003
ITEM 118-1005-R0303 Increase Authorization and Approval of and Authorization to execute and deliver Series H 2003 New Money Issue Bond Documents;The University of Montana - Missoula
THAT: The Board of Regents authorizes The University of Montana to increase the previous authority for expansion of the Washington Grizzly Stadium to $3,500,000 from the previous authority of $2,500,000.
The Board of Regents of the Montana University System dopts the Final Bond Resolution for the Series H 2003 Revenue Bonds for The University of Montana, approves various bond documents, and authorizes The University of Montana and the Commissioner of Higher Education of the Montana University System to complete the sale and delivery of $1,015,000 Series H 2003 Revenue Bonds.
EXPLANATION: 1) Original authority was based on an estimate of project. Design work is now fully complete and contract pricing determined with the total cost of the project at $3,500,000. The increase is primarily the result of structural design modifications, cost of pre-cast materials, and increased cost of the restroom facilities. Funding to support the increased cost has been identified as follows: 1) Up to a $1 ticket price increase for football, 2) revised revenue projections based on 80% of new seats now sold, 3) contribution from dining services for the concessions provided as part of the project, and 4) donor contractor agreement to extend payment, interest free, over a six-year period.
2) The Board’s authorization to The University of Montana to complete the sale, issuance, and delivery of the Series H 2003 Revenue Bonds provides approval of the final terms for the Bonds by the University and the Commissioner of Higher Education of the Montana University System. The action also authorizes and directs the Chair of the Board of Regents, the Vice Chair of the Board of Regents, the ex-officio Secretary of the Board and Commissioner of Higher Education, the President of The University of Montana, and the Vice President for Administration and Finance of The University of Montana-Missoula to execute and deliver such documents as required to consummate the sale and delivery of the Series H 2003 Revenue Bonds.
ATTACHMENTS: Revised Cash Flow Statement; Series H 2003 Revenue Bonds Final Bond Resolution