UNIVERSITY OF CINCINNATI JUNE 30, 2008
Maturity
Notes Payable and Issue Dates Interest Outstanding Debt
Other Debt ___ Date Through Rate 2008 2007
General Receipts Bond
Anticipation Notes:
2006D July 2006 July 2007 4.75% 0 20,025
2006E August 2006 July 2007 4.75% 0 15,000
2007C January 2007 January 2008 4.50% 0 28,000
2007D March 2007 October 2007 3.73% 0 32,810
2008A January 2008 January 2009 3.25% 30,000 0
Certificates of Participation—Ctr
For Information Tech 1993 2008 0 90
Capital Lease Obligations
University Center 1996 2011 5.00-5.10% 11,215 14,055
Edwards Center 1998 2011 5.50-5.75% 8,580 10,445
Residence Halls 2000 2028 4.65-5.50% 38,415 39,500
University Ctr Refunding 2005 2024 3.50-5.00% 52,815 52,815
Capital Lease-Stetson July 2006 June 2033 4.25-5.97% 32,745 32,745
Capital Lease-Turner July 2006 June 2033 4.00-5.25% 9,955 9,955
Loans payable-equipment 2003 2014 3.58-4.69% 5,068 6,439
Total notes payable and other debt 188,793 261,879
Total bonds and notes payable and other debt 1,082,473 1,069,889
Premium net of unamortized costs and loss on refunding 8,547 4,444Total bonds and notes payable and other debt, net $1,091,020 $1,074,333A) Debt Issuances and Permanent FundingsGeneral Receipt Bonds-Fixed Rate Debt – During the year ended June 30, 2008, the University issued
two general receipt fixed rate bond series totaling $128,450,000 that bear interest at rates ranging from
3.00% to 5.00% and mature in years 2031 and 2034. Both bond series were issued at a premium. The
proceeds were used to current refund portions of Series 2007C and 2007E BANS; current refund a portion of
Series 2004B variable rate bonds (the auction rate reset mode bonds); to finance a portion of the MSB
Phase 1/CARE/Eden Quad project, a portion of the MSB Rehabilitation Phases 2-5 project, and the
Teachers/Dyer Phase 2A project; and to pay associated bond issue costs and capitalized interest.
The refunded Series 2004B variable rate bonds had been issued to finance a portion of the MSB Phase
1/CARE/Eden Quad project. $32,250,000 of bonds was called on February 14, 2008 and the remaining
$7,750,000 of bonds was called on March 20, 2008.
General Receipt Bonds-Variable Rate Debt – During the year ended June 30, 2008, the University issued
an additional general receipt variable rate bond series, totaling $35,915,000. Series 2008B was issued April
9, 2008 in a weekly reset mode and matures in 2024. The proceeds were used to current refund
$34,855,000 of the 2008 and callable 2009 maturities of fixed rate bonds on June 1, 2008, with the goal of
building cash reserves.
The initial interest rate for the Series 2008B – weekly reset mode bonds was 1.90%. The interest rate for the
weekly mode bonds resets every week, with interest due the first business day of each calendar month.
Interest paid to date has been based on weekly rates that have fluctuated from a low of 1.52% to a high of
2.68%. The maximum interest rate on the weekly reset mode bonds is 12%. The Series 2008B bonds are
secured by a letter of credit issued by Bayerische Landesbank. Series 2008B weekly rate bondholders may
tender any of these bonds for repurchase every seven days. Any bonds so tendered will be purchased
either by the proceeds of the remarketing of such bonds or, if not successfully remarketed, by a draw on the
letter of credit. Accordingly, the University has classified the outstanding principal balance on its weekly