tailieunhanh - Legislative Audit Division State of Montana Report to the Legislature December 2006 _part2

Ngoài ra, Đại học dự định hoàn trả phần còn lại unrefunded của dòng F 1999 trái phiếu bằng cách phát hành lãi suất thay đổi Series K 2010 trái phiếu cho một số tiền gốc tối đa là $. Trường Đại học tham gia vào một thỏa thuận trao đổi chuyển tiếp vào tháng Tám, năm 2005 với Ngân hàng Wachovia để tự bảo hiểm rủi ro lãi suất liên quan đến việc phát hành trong tương lai tiềm năng của các trái phiếu doanh thu thay đổi tỷ lệ. | In addition the University intends to refund the remaining unrefunded portion of the Series F 1999 bonds by issuing variable rate Series K 2010 bonds for a maximum principal amount of 47 million. The University entered into a forward swap agreement in August 2005 with Wachovia Bank to hedge the interest rate risk associated with the potential future issuance of the variable-rate revenue bonds. In exchange the University received 2 094 500 from Wachovia. Under the terms of the swap the University will pay Wachovia a fixed rate substantially equal to the unrefunded Series F 1999 bonds and Wachovia Bank will pay the University a floating rate based on the LIBOR rate. The intention of the University in entering into these transactions is to reduce the cost of its borrowings. Net assets of the University increased by million due primarily to an increase in private gifts income of million associated with several capital projects on the Missoula campus and an in increase in investment earnings. Tuition rate increases for the year ended June 30 2006 were 7 for the Western campus 8 I for the Missoula campus 12 for the Montana Tech campus and 4 for all of our Colleges of Technology. The total tuition revenue increase for all four campuses net of scholarship allowances for the 2006 fiscal year was nearly million. Investment earnings increased by million over the prior year. The significant increase can in part be attributed to continued higher yields on interest bearing investments and the increase in fair value of pooled equity investments. The progressively higher federal funds rates achieved in the prior year were sustained through FY06. An additional factor contributing to the increase in investment earnings was the investment of approximately 21 million of Series J bond proceeds which were held in various interest bearing investments during the year. Considerable attention was given during FY 04 to a deficit experienced by the UM Athletics Department at