Summary: Iowa State Board of Regents; Auxiliary - System

John Kenward, Chicago (1) 312-669-9166; Joshua Stern, New York (1) 212-208-1241 The rating on Iowa State Board of Regents' bonds, issued for Iowa State University of Science and Technology, reflects the university's strong levels of state support based on its position as Iowa's land-grant institution, sound financial performance, and the strength of the residence system's finances. Bond proceeds will be mostly used to renovate Maple Hall, a 10-story residence hall for women constructed in 1967 with a capacity of 536 students. The bonds will be issued on parity with the university's 1960s era dormitory bonds and are secured by the net revenues of the university's residence system, which consists of three residence complexes with dining halls that house 8,309 students.

...The rating on Iowa State Board of Regents' bonds, issued for Iowa State University of Science and Technology, reflects the university's strong levels of state support based on its position as Iowa's land-grant institution, sound financial performance, and the strength of the residence system's finances. Bond proceeds will be mostly used to renovate Maple Hall, a 10-story residence hall for women constructed in 1967 with a capacity of 536 students. The bonds will be issued on parity with the university's 1960s era dormitory bonds and are secured by the net revenues of the university's residence system, which consists of three residence complexes with dining halls that house 8,309 students. The system's apartments and residence beds were 88% occupied in 1997 and are at present 93% occupied. The system produced an operating surplus of $1 million in 1997 and $1.6 million in 1996, after repair and maintenance and debt interest payments. System debt will jump to $27.6 million from $11.8 million...

Summary