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Coverage of Trustees' Meeting

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January 25, 2011, Volume 57, No. 19

The Executive Committee of the Trustees had a virtual meeting on January 12 via conference call. They passed two resolutions to authorize the financing of certain capital projects for the University of Pennsylvania and for UPHS after hearing a presentation from Steve Golding, vice president and treasurer.  He explained that rates across all maturities are below historic averages and the Build America Bond Program is ending. In anticipation of moving forward, he said it is more cost-effective to refinance capital projects with new indebtedness (2011 Bonds). One resolution approved up to $150 million of indebtedness to finance projects for Penn with terms of up to 40 years.  The other one approved up to $150 million of indebtedness to finance projects for the University of Pennsylvania Health System with terms of up to 40 years.

 

Almanac - January 25, 2011, Volume 57, No. 19