Dec. 8, 2012
Northwest Regents authorize University to refund bonds to reduce debt service
The Northwest Missouri State University Board of Regents during an open meeting Wednesday, Dec. 5, approved a resolution authorizing the University to issue and sell Housing System Refunding Revenue Bonds to refund a portion of bonds issued in 2003 and 2005.
The newly issued bonds, in the principal amount of $52,950,000, will provide funds to refund the previously issued bonds, fund a debt service reserve account for the bonds and pay costs incurred with the issuance of the bonds.
The University issued the Housing System Revenue Bonds in 2003 and 2005, totaling $59,150,000 with a final maturity date of June 2026 and June 2028, respectively. However, Northwest Vice President of Finance Stacy Carrick said the current market conditions and low interest rates supported the refunding of the bonds in an effort to smooth future debt payments and reduce future interest payments.
“The continuing good work of our Board Finance Committee, full Board and our colleagues across the institution is making a difference as we continue to maximize our output and further enhance financial stewardship,” Northwest President Dr. John Jasinski said.
The Board of Regents is responsible for sound resource management of the University and determining general, educational and financial policies.
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Mark Hornickel, Media Relations Specialist
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Northwest Missouri State University
215 Administration Building | 800 University Drive | Maryville, MO 64468