tailieunhanh - THE LEGISLATIVE AUDIT DIVISION_part3

Trong năm 2008, trường Đại học đã ban hành L Series trái phiếu hoàn trả một lãi suất cố định, để hoàn trả trái phiếu dòng G nổi bật, đã được ban hành với một tốc độ biến. Nợ của trường được đánh giá A1 Dịch vụ đầu tư Moody, và + A Standard and Poor. Nợ J Series của trường, đại diện cho $ của chính, vẫn còn ở một lãi suất thay đổi, và cân bằng xuất sắc của mình phục vụ là số tiền danh nghĩa cho hai thỏa thuận hoán đổi lãi suất | A-13 Montana State University a component unit of the State of Montana Management s Discussion and Analysis As of and For Each of the Two Years Ended June 30 2008 continued During 2008 the University issued Series L refunding bonds at a fixed rate to refund the outstanding Series G bonds which had been issued at a variable rate. The University s debt is rated A1 by Moody s Investor Services and A by Standard and Poor s. The University s Series J debt representing million of principal remains at a variable rate and its outstanding balance serves as the notional amount for two interest rate swap agreements. A discussion of such agreements in contained in Note 10 to the financial statements. Subsequent to June 30 2008 the Series J debt was remarketed because the Municipal Auction Rate market suffered from liquidity problems. See Note 19 to the financial statements Subsequent Events for a description of the transaction. ECONOMIC OUTLOOK The . Census Bureau projects that over the next decade the population of Montanans aged 18 - 24 will decrease affecting the University through a decreased number of high-school graduates. The trend is more pronounced in eastern Montana which contains the University s largest base of students. As a result this trend may affect the University more than other institutions in the state. As expected resident enrollment in 2008 decreased by 207 full-time-equivalent students as compared with 2007 while non-resident enrollment increased by 28 full-time-equivalent students. Continued monitoring and management of the University s recruiting and the mix of in- and out-of-state student population and tuition rates is crucial. In recent years like many other institutions the University steadily increased its tuition rates to keep pace with increasing costs. Tuition rates are slightly higher than our geographic peer group although still very affordable compared with national rates. Unlike many institutions though the University has recently