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November 4, 2004

Board OKs refinancing debt structure at special meeting


The Board of Trustees unanimously passed a resolution Wednesday night to refinance dormitory system revenue bonds that will save the college $165,000.

The special meeting was held with John Haas of Ranson Financial of Wichita. Haas told the Board that bond market interest rates had gone down since the Oct. 18 meeting of the Board of Trustees. At that time, the Board had authorized Haas to proceed with offering for sale the dormitory system refunding revenue bonds, series 2004. The goal was to realize a net present value of at least $160,000.

"When (President) Bush was declared the winner, the stock market and interest rates went up this morning," Haas told Board members.

Haas said PiperJaffray, a securities firm working on the sale of the bonds, cut its fees by $15,000 in order to reach the $165,000 savings goal.

"I think we've got a good deal with this," Haas told the Board.

"It's not every day you can save $165,000," Board member Albert Bacastow Jr. said.