MINUTES OF THE MEETING OF THE REGENTS OF THE UNIVERSITY OF NEW MEXICO
August 5, 2005
The Regents of the University of New Mexico met on Friday, August 5, 2005, 12:00 p.m. in Scholes Hall, President's Conference. A copy of the public notice is on file in the Office of the President.
Regents present:
Douglas M. Brown
Regents via conference phone:
James H. Koch, President
Jack L. Fortner, Vice-President
John M. “Mel” Eaves
Raymond Sanchez
Regents unable to attend:
Sandra K. Begay-Campbell
Rosalyn Nguyen
Others in attendance:
David Buchholtz, UNM Bond Counsel, Brownstein, Hyatt and Farber
Chris Muirhead, Underwriters Counsel, Modrall, Sperling, Roehl, Harris and Sisk
George Williford, Financial Advisor, First Southwest
Paul Cassidy and Kevin Powers, Underwriters, RBC Dain Rauscher
John Archuleta, Underwriter, George K. Baum
David W. Harris, UNM EVP for Administration
Andrew A. Cullen, Associate Director of Fiscal Planning, Policy and Analysis
Brittany Jaeger, ASUNM President
Buckner Creel, GPSA President
Regent Mel Eaves presided
RESOLUTION OF THE REGENTS OF THE UNIVERSITY OF NEW MEXICO SETTING FORTH THE TERMS OF ITS 2005 SUBORDINATE LIEN SYSTEM REVENUE BONDS
George Williford reported that they were able to affirm Moody's Aa3, and Standard and Poors AA ratings, even though the debt was increasing. Additionally, Moody's removed its negative outlook and returned the University to Stable.
Priced earlier this week and had a retail order period, which went very well.
The underwritings and local selling groups sold approximately $46M in retail orders.
The Bond Buyer, which is an industry publication, ran a front page article featuring the UNM issue.
Paul Cassidy reported that the management team, RBC Dain Rauscher, J.P Morgan, George K. Baum, and nine selling group members sold securities on the market and achieved a true interest cost on the issue of 4.54%.
During the order period, both institutional and retail, they received orders for $241 million and $125 million was confirmed with potential buyers.
During the order period, lower rates were offered due to a strong market.
George Williford reported that, due to the strong market, the debt service on this issue came in at $1.7 million lower than what was anticipated in late July.
David Buchholtz suggested an individual role call be taken so each vote could be heard personally.
Regent Mel Eaves congratulated David Harris and all involved and stated that this issue has been a smashing success.
Regent Doug Brown called the roll.
Motion approved unanimously for approval of the bond issue. Motion made by Regent James H. Koch; Motion 2 nd by Regent John, “Mel”, Eaves.
Motion approved unanimously to adjourn at 12:15 p.m.
James H. Koch , President, UNM Board of Regents
Sandra Begay Campbell, Secretary, Treasurer, UNM Board of Regents