аЯрЁБс>ўџ 68ўџџџ5џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅС[ №ПЎbjbjтт %*€j€jюПџџџџџџlМММММММаˆ ˆ ˆ 8Р Ь $аА2ќ ќ       /111111$т ZUМ     UvММ  jvvv vМ М /v /vjvрПММ  № ВJЛNФаИˆ ˆ Fз $€0Ап,\Ю Ј\ vааММММйAgenda Board of Regents Planning and Development Committee Tuesday, September 14, 2004; *12:00 noon – 1:30 p.m. Room 501, International Arctic Research Center University of Alaska Fairbanks Fairbanks, Alaska *Times for meetings are subject to modification within the September 14-15, 2004 timeframe. Committee Members: Mary K. Hughes, Committee Chair Frances H. Rose Michael J. Burns Joseph E. Usibelli, Jr. Elsa Froehlich Demeksa Brian D. Rogers, Board Chair James C. Hayes I. Call to Order II. Adoption of Agenda MOTION "The Planning and Development Committee approves the agenda as presented. I. Call to Order II. Adoption of Agenda III. Ongoing Issues A. Discussion on Development Activities at the University of Alaska IV. New Business A. Strategic Planning Regarding Debt Capacity V. Future Agenda Items VI. Adjourn This motion is effective September 14, 2004." III. Ongoing Issues A. Discussion on Development Activities at the University of Alaska Vice President Redman and Associate Vice President Rutherford will update the members of the committee regarding development activities. IV. New Business A. Strategic Planning Regarding Debt Capacity Reference 1A-B President Hamilton indicated during the August 16, 2004 briefing that more information about debt capacity and bond-related issues would be available for discussion at the September 2004 board meeting. As indicated during university debt capacity presentations in February 2002, July 2002, August 2003 and November 2003, the university’s rapidly growing research activity, the growth in associated indirect cost recovery receipts, the growth of university fees and other receipts that can be pledged, and the growing diversity of the university’s sources of total unrestricted revenues provide the university with capacity for additional borrowings without impacting the university’s credit rating (S&P = AA-; Moody’s = A-1 stable). UA’s outstanding long-term debt is approximately $113 million. Annual debt service is $9.1 million; 2.47% of unrestricted revenues. The majority of that debt has been issued under statutory authority granted to the regents to sell revenue bonds to finance projects where annual debt service is expected to be less than $1 million. This typically finances $10 million in construction, but can finance as much as $14 million depending upon term, interest rates, relative amount of variable rate debt, and capitalize interest. The legislature has specifically authorized three larger issues, and further authorizing the state to reimburse the university’s debt service costs on those projects or providing reduced interest through Alaska Housing Finance Corporation. Preliminary analysis indicates that the university has additional strategic debt capacity of $60 million in bonds, without threatening its current S&P’s AA- rating or Moody’s A1 rating, and that said capacity will continue to grow. The December 15, 2003 rating review by Moody’s resulted in affirmation of the university general revenue bond rating of A1 with Stable outlook. Full text of ratings are shown in Reference 1. Moody’s rating specifically indicated that it saw no issue in the event that the university issued $25 million in new bonds over the next 12-18 months. Subsequent to that rating, informal discussions with Moody’s led the administration to believe that the university could experience a rating upgrade if the state’s fiscal uncertainty stabilized. The large debt capacity depicts continuing growth in and diversification of unrestricted revenues, the relative strength of UA’s debt payments to total operating expenses, the revenue enhancing activities that have been associated with past projects and a project’s strategic importance. While the university has incurred indirect debt since the early 1960s, it has been an active borrower in its own right since 1990, entering the market ten times since then. This maturation process results in a lessening in emphasis on pledged revenues (university receipts) and a greater emphasis on unrestricted revenues during the rating process. The bonds clearly pledge only university receipts for the repayment of the bonds. Vice President Beedle and AVP Dickinson will answer questions and review debt levels, unrestricted revenues and university receipts by MAU, central treasury functions that might enhance debt capacity and other relevant information. A status report on University Debt is depicted in Reference 1. This is an information item only. No action is required. V. Future Agenda Items VI. 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