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|
|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|
|2001 Series 8 Taxable: Callable 2/15/2012|
|Jones Stadium West Side||$27,710,000|
|2002 Series Tax Exempt: TSUS for ASU||$353,140|
|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|
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.