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Texas Tech University System 
1901 University Avenue, Suite 501
Box 41098
Lubbock, TX  79409-1098

Phone: 806.742.1700

Fax: 806.742.0717

8 a.m. - 5:00 p.m. Central, Monday - Friday

About the Issuance

In December 2011, the Board of Regents of Texas Tech University System authorized the issuance of Tuition Revenue Bonds (TRB) and Revenue Financing System (RFS) Bonds.

This issuance, Board of Regents of Texas Tech University System Revenue Financing System Refunding and Improving Bonds, Fourteenth Series (2012A) and Board of Regents of Texas Tech University System Revenue Financing System Refunding Bonds, Fifteenth Series (Taxable 2012B), is scheduled for January 2012. To view the official statement, click here.

The bonds will be used to finance various projects, which have been previously approved by the Board and were being funded through the Commercial Paper Program. The projects are:

Texas Tech University Financing Amount Funding Source
New COBA Building $14,000,000 Student Fees
2005 Student Union Expansion IIB $2,494,000 Student Fees
Jones East Side Expansion $15,800,000 Athletic Revenues
Jones North End Zone Seating $5,576,000 Athletic Revenues
Jones North End Concessions & Restrooms $1,300,000 Athletic Revenues
Soccer Team Facility $2,207,000 Athletic Revenues
Softball Team Facility $2,940,000 Athletic Revenues
Track Renovation $2,401,000 Athletic Revenues
Boston & 18th St. Residence Hall & Dining Facility $44,070,000 Res Hall Revenues
     
Angelo State University    
Plaza Verde Phase 1 $35,000,000 Res Hall Revenues
Rec Center – Center for Human Performance $7,000,000 Student Fees
Henderson Library Commons Renovation $4,380,000 Library Fees
     
Total New Bond Issuance $137,168,000  

Certain bonds will be identified for refinancing if market conditions are available to achieve a significant savings.  The refunding of these bonds will occur if in the refunding a target present value savings of at least two percent (2%) of the Refunded Bonds is achieved. Such savings constitutes a public purpose. 

Potential refunding candidates include:

2001 Series 7 Tax-Exempt: Callable 2/15/2012 Refinancing Amount
TTUHSC Amarillo Academic Building (TRB) $845,000
TTUHSC Lubbock Classroom (TRB) $130,000
University Center $1,800,000
Rec Center Addition $585,000
Arena Parking Lot $25,000
West Commuter Parking $50,000
18th & Flint Parking Garage $555,000
Arena North Ramp $35,000
Jones Stadium West Side $70,000
Arena (Formerly Parking) $120,000
Subtotal $4,215,000
   
2001 Series 8 Taxable: Callable 2/15/2012  
Jones Stadium West Side $27,710,000
   
2002 Series Tax Exempt: TSUS for ASU $353,140
Advanced Refunding  
   
2003 Series 9 Tax-Exempt: Callable 2/15/2013  
TTU Experimental Sciences (TRB) $13,465,000
TTUHSC El Paso Research Facility (TRB) $22,515,000
TTUHSC El Paso Hydronic (TRB) $755,000
TTUHSC Clinical Tower/Research Center $15,730,000
Subtotal

$52,465,000

Previous actions by the Board of Regents include on October 21, 1993, the Board of Regents of Texas Tech University System approved both the Master Resolution establishing the Revenue Financing System and the First Supplemental Resolution to the Master Resolution authorizing the issuance, sale, and delivery of Board of Regents of Texas Tech University System Revenue Financing System Refunding Bonds, First Series (1993).

Since then, the Board has approved 12 subsequent supplemental resolutions to the Master Resolution, authorizing the issuance, sale, and delivery of seven additional series of bonds and the creation of a Commercial Paper program.

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