Board of Regents

10-2-92summary

Board of Regents

SUMMARY OF ACTIONS

Board of Regents' Meeting

October 2, 1992

Fairbanks, Alaska

1. Approval of an Associate of Applied Science Degree Program in Paralegal Studies at the University of Alaska Fairbanks

PASSED

"The Board of Regents approves the Associate of Applied Science Degree Program in Paralegal Studies at the University of Alaska Fairbanks. This motion is effective October 2, 1992."

2. Revision to Regents' Policy 05.09 - Risk Management and Environmental Health and Safety

PASSED

"The Board of Regents approves revisions to Regents' Policy 05.09. This motion is effective October 2, 1992."

3. Advance College Tuition Program

PASSED

"The Board of Regents establishes the purchase price for prepaid tuition credits for calendar year 1993 at $66. This motion is effective October 2, 1992."

4. Revenue Bonds Resolution

UNIVERSITY OF ALASKA BOARD OF REGENTS

RESOLUTION OF THE BOARD OF REGENTS OF THE UNIVERSITY OF ALASKA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $11,000,000 PRINCIPAL AMOUNT OF UNIVERSITY OF ALASKA GENERAL REVENUE BONDS, 1992 SERIES C NOT TO EXCEED $7,000,000 PRINCIPAL AMOUNT OF UNIVERSITY OF ALASKA GENERAL REVENUE BONDS, 1992 SERIES D; AND NOT TO EXCEED $7,000,000 PRINCIPAL AMOUNT OF UNIVERSITY OF ALASKA GENERAL REVENUE BONDS, 1992 SERIES E; AUTHORIZING THE EXECUTION AND DELIVERY OF SUPPLEMENTAL INDENTURES AND OTHER NECESSARY FINANCING DOCUMENTS FOR THE BONDS; AND AUTHORIZING AND APPROVING RELATED MATTERS.

WHEREAS, the University of Alaska (the "University") is authorized pursuant to Alaska Statutes Chapter 14.40, as amended (the "ACT") to issue revenue bonds to pay the cost of acquiring, constructing, or equipping one or more facilities that the Board of Regents of the University determines is necessary; and

WHEREAS, the University has determined to issue not to exceed $11,000,000 University of Alaska General Revenue Bonds, 1992 Series C (The "Series C Bonds"), and not to exceed $7,000,000 Principal Amount of University of Alaska General Revenue Bonds 1992 Series D (the "Series D Bonds") and not to exceed $7,000,000 Principal Amount of University of Alaska General Revenue Bonds, 1992 Series E (the "Series E Bonds") as hereinafter described (collectively the "Bonds") for the purpose of paying the cost of acquiring, constructing, or equipping the facilities described in Exhibit A hereto (the "Projects"); and

WHEREAS, the Bonds will be issued under and pursuant to and are being secured by a Trust Indenture dated as of June 1, 1992 (the "Indenture"), heretofore authorized by resolution of the Board on April 24, 1992, and Supplemental Indentures to be dated as of October 15, 1992 (the "Supplemental Indentures"), which respectively shall be in substantially the forms presented to and made part of the records of this meeting; and

WHEREAS, provisions have been made for the sale of the Bonds to John Nuveen & Co. Incorporated (the "Underwriter") at the same time or at different times pursuant to one or more Bond Purchase Agreements to be negotiated between the Underwriter and the University; and

WHEREAS, other financing documents will be necessary to the sale, issuance, and delivery of the Bonds.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF REGENTS OF THE UNIVERSITY OF ALASKA AS FOLLOWS:

Section 1. The issuance of the General Revenue Bonds, 1992 Series C in the aggregate principal amount of not to exceed $11,000,000, the issuance of General Revenue Bonds, 1992 Series D in the aggregate principal amount of not to exceed $7,000,000, and the issuance of General Revenue Bonds, 1992 Series E in the aggregate principal amount of not to exceed $7,000,000 be, and the same hereby are, in all respects authorized, approved, and confirmed.

Section 2. The Series C Bonds shall be dated as of October 15, 1992 and shall mature on or have sinking fund installments the years 1993 through 2007 in a principal amount in each such year not exceeding $1,100,000. All but $2,550,000 principal amount of the Series C Bonds (accounting for a maturity or sinking fund installment fund installment not to exceed $350,000 in any year) are issued to refinance other bonds issued by or on behalf of the University.

The Series D Bonds shall be dated as of October 15, 1992 or such other date not earlier than 30 days before delivery thereof as may be fixed by the officers hereafter mentioned and shall mature or have sinking fund installments due in years 1993 through 2012 in a principal amount in each such year not exceeding $700,000.

The Series E Bonds shall be dated as of October 15, 1992 or such other date not earlier than 30 days before delivery thereof as may be fixed by the officers hereafter mentioned and shall mature or have sinking fund installments due in years 1993 through 2017 in a principal amount in each year not exceeding $700,000.

The exact principal amounts of each maturity or the exact amount of each sinking fund installment of the Bonds, and the interest rates on the Bonds, shall be fixed and determined by the President, the Vice President for Finance, or the Associate Vice President for Finance at the time of execution of the Bond Purchase Agreements pursuant to Section 4 hereof.

Section 3. The President, the Vice President for Finance, and the Associate Vice President for Finance of the University be, and each of them hereby is, authorized, empowered, and directed to approve on behalf of the University the final form of the Supplemental Indentures in the respective forms presented to and made part of the records of this meeting, but with such changes, modifications, additions, and deletions therein as shall to them seem necessary, desirable, or appropriate, the execution thereof to constitute conclusive evidence of their approval of any and all changes, modifications, additions, or deletions from the outlines of said documents, and after the execution and delivery of the Supplemental Indentures, each of the President, the Vice President for Finance, and the Associate Vice President for Finance of the University is hereby authorized, empowered, and directed to do all such acts and things and to execute all such documents as may be necessary or convenient to carry out and comply with the provisions of said documents as executed.

Section 4. The President, the Vice President for Finance, and the Associate Vice President for Finance of the University each is hereby authorized to execute one or more Bond Purchase Agreements on behalf of the University providing for the sale of the Series C Bonds, the Series D Bonds and/or the Series E Bonds at one time or at different times to the Underwriter, provided that the true interest cost on the Series C Bonds, the Series D Bonds, and the Series E Bonds expressed as a percentage shall not exceed 8.0 percent per annum. The Bonds shall otherwise be sold as provided for in said Bond Purchase Agreement[s].

Section 5. The President, the Vice President for Finance, and the Associate Vice President for Finance of the University each is hereby authorized to execute the Preliminary Official Statement for the Bonds, and, on behalf of the University, to deem the Preliminary Official Statement "final" as of its date for purposes of Security and Exchange Commission Rule 15c2-12(b)(1). Each of the President, the Vice President for Finance, and the Associate Vice President for Finance of the University be, and each of them hereby is, authorized, empowered, and directed to approve and execute the final form of the Official Statement for the Bonds, with such changes from the form of the Preliminary Official Statement as the President, the Vice President for Finance, or the Associate Vice President for Finance of the University considers necessary or appropriate to fully disclose to purchasers of the Bonds all pertinent information relating thereto. The distribution of the Preliminary Official Statement and the Official Statement, as approved by the President, the Vice President for Finance, or the Associate Vice President for Finance, in connection with the offering of the Bonds is hereby ratified, confirmed, and approved.

Section 6. Each of the President, the Vice President for Finance, and the Associate Vice President for Finance of the University is authorized to accept on behalf of the University a commitment to provide one or more letters of credit or policies of municipal bond insurance for a portion or all of the Bonds upon determining that, treating the fees or premiums for such letters of credit or policies of municipal bond insurance as additional interest on the Bonds, the letters of credit, or policies of municipal bond insurance would reduce the Bonds' true interest cost.

Section 7. Each of the President, the Vice President for Finance, and the Associate Vice President for Finance of the University is hereby authorized to have the Bonds prepared and to execute and authorize the delivery of the Bonds to the purchasers thereof upon receipt of the purchase price therefore plus accrued interest, if any, and to do and perform all acts and things and execute any and all documents in the name of the University necessary, useful, or convenient to the issuance and sale of the Bonds by the University.

Section 8. This Resolution will take effect immediately.

EXHIBIT A

Project Components 1992 Series C Bonds

Issue 1. Principal Amount - $2,550,000 - Project component is purchase of seven additional units of the 20-Unit Templewood Condominium Complex for student housing purposes and acquisition of adjacent lots in order to connect the condominium complex with the Anchorage Student Housing Complex, telephone system improvements consisting of purchase and installation of telephone lines and equipment to extend service to student residence halls on the Fairbanks campus, and acquisition and renovation of University Park School.

Issue II. Principal Amount - $4,050,000 - Project component is refinancing of the Housing System Revenue Bonds--the University will defease all of its Housing System Revenue Bonds in accordance with the terms of the respective resolutions authorizing the same. This represents acquisition of the Housing System free of debt.

Issue III. Principal Amount - $3,445,000 - Project component is refinancing of University of Alaska Heating Corporation Bonds, 1978 Series--the proceeds of the Issue III Bonds will be expended to redeem, under the terms of the Supplemental Indenture of the University of Alaska Heating Corporation authorizing the Bonds, the entire 1978 Series, as of February 15, 1993. This is an initial step to acquisition of the Heating System free of debt.

Project - 1992 Series D Bonds

Principal Amount - $7,000,000 - Project is land and building acquisition on property adjacent to or near Anchorage campus.

Project - 1992 Series E Bonds

Principal Amount $7,000,000 - Project is acquisition, renovation, and furnishing of the Tudor Center - First Interstate Building near the Anchorage campus.

PASSED

"The Board of Regents approves and adopts the bond resolution as presented. This motion is effective October 2, 1992."

5. Option to Purchase Land in Downtown Palmer

PASSED

"The Board of Regents authorizes the administration to negotiate and execute all documents associated with the sale of all or a portion of the University's 4.91 acres of vacant land in downtown Palmer. This motion is effective October 2, 1992."

6. Chena Ridge Residential Subdivision Development

PASSED

"The Board of Regents authorizes the administration to develop and sell the 320-acre phased subdivision development of Section 16 on Chena Ridge in Fairbanks. This motion is effective October 2, 1992."

7. University of Alaska Fairbanks Doyon House - Approval of Site Selection and Consultant

PASSED

"The Board of Regents approves the site selection for the University of Alaska Doyon House to be located at the current location of building #705, located on Tanana Loop just north of Yukon Drive as presented. This motion is effective October 2, 1992."

PASSED

"The Board of Regents approves the list of consultants for the University of Alaska Doyon House as presented and authorizes the university administration to negotiate and award a consultant contract. This motion is effective October 2, 1992."

8. University of Alaska Fairbanks Duckering Building Seismic Corrections - Approval of Schematic Design and Authority to Bid and Award a Contract

PASSED

"The Board of Regents approves the schematic design for the University of Alaska Fairbanks Duckering Building Seismic Corrections project as presented and authorizes the university administration to bid and award a construction contract within available funding. This motion is effective October 2, 1992."

9. University of Alaska Fairbanks Duckering Roof Replacement and Fume Hood Upgrade - Approval of Schematic Design and Authority to Bid and Award a Contract

PASSED

"The Board of Regents approves the schematic design for the University of Alaska Fairbanks Duckering Roof Replacement and Fume Hood Upgrade project as presented and authorizes the university administration to bid and award a construction contract within available funding. This motion is effective October 2, 1992."

10. University of Alaska Fairbanks Residence Hall Security Improvements - Approval of Schematic Design and Authority to Bid and Award a Contract

PASSED

"The Board of Regents approves the schematic design for the University of Alaska Fairbanks Residence Hall Security Improvements project as presented and authorizes the university administration to bid and award a construction contract within available funding. This motion is effective October 2, 1992."

11. Increase in Student Activity Fee at the University of Alaska Anchorage - Anchorage Campus

PASSED

"The Board of Regents approves a $5.00 activity fee increase beginning the spring semester 1993 for the University of Alaska Anchorage - Anchorage Campus. This motion is effective October 2, 1992."

12. Acceptance of the FY94 Operating Budget Request

AMENDMENT

"The Board of Regents amends the FY94 operating budget, moving the item on UAS Student Assessment at $108,000 from Priority 3 to Priority 2. This motion is effective October 2, 1992."

PASSED AS AMENDED

"The Board of Regents adopts the FY94 operating budget request as amended as Alternative 1. This motion is effective October 2, 1992."

13. Acceptance of the FY94 Capital Budget Request

AMENDMENT #1

"The Board of Regents amends the FY94 capital budget, changing the amount on item F19 - UAF Taku Pedestrian Safety Improvements from $2,200,000 to $2,800,000. This motion is effective October 2, 1992."

AMENDMENT #2

"The Board of Regents amends the FY94 capital budget, changing the amount on item F16 - UAA Aviation Technology (Matching) from $8,500,000 to $10,100,000. This motion is effective October 2, 1992."

PASSED AS AMENDED

"The Board of Regents adopts the FY94 capital budget request as amended. This motion is effective October 2, 1992."

14. Approval of Degree Recipients

PASSED

"The Board of Regents approves the list of degree recipients for the summer and fall of 1991 and the spring of 1992. This motion is effective October 2, 1992."

15. Approval of Honorary Doctoral Degree Recipient

PASSED

"The Board of Regents approves the nominee for an honorary doctoral degree, and authorizes Chancellor Joan Wadlow to notify the approved nominee and announce acceptance. This motion is effective October 2, 1992."

16. White River Timber Property

PASSED

"The Board of Regents authorizes the sale of the University's interest in the White River timber together with the sale of rights of first refusal to purchase at fair market value other University timber along the Icy Bay road network. In order to preserve existing permits and infrastructure at Icy Bay, the administration may negotiate a sale directly with Wasser and Winters Co., subject to public notice with an opportunity for other firms to present alternative proposals. The administration is authorized to conclude negotiations and execute necessary documents. This motion is effective October 2, 1992."

17. Fish & Game Office and Lab Building Developments in Anchorage

PASSED

"The Board of Regents authorizes the administration to negotiate an agreement to construct an office and lab building in Anchorage for use by the state Department of Fish and Game, and authorizes President Komisar and Vice President Rogers to execute any and all documents necessary to complete the transaction. This motion is effective October 2, 1992."

18. Fairbanks North Star Borough and Fairbanks North Star Borough School District Property

PASSED

"The Board of Regents authorizes the administration to negotiate an agreement with Fairbanks North Star Borough and Fairbanks North Star Borough School District for return of 13.1 acres of leased land and existing improvements and authorizes President Komisar and Vice President Rogers to execute any and all documents necessary to complete the transaction. This motion is effective October 2, 1992."

19. Alaska Pacific University Property

PASSED

"The Board of Regents authorizes the administration to negotiate a purchase agreement with Alaska Pacific University for land and buildings, provided, however, the President of the Board and Chair, Finance, Facilities and Land Management Committee shall approve the final terms and conditions thereof. The Board of Regents further authorizes President Komisar and Vice President Rogers to execute any and all documents necessary to complete the transaction, including, but not limited to the execution of a non-recourse deed of trust. This motion is effective October 2, 1992."

20. Tudor Centre Property

PASSED

"The Board of Regents authorizes the administration to offer up to $6.1 million for purchase of the Tudor Centre property, funds to be paid from bond proceeds. This motion is effective October 2, 1992."

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