NOTE 4: Long-Term Debt

As of June 30

Interest Rate
Maturity
1999
1998

Plant Funds

(in thousands)

Revenue Bonds

Medical Center Series 1993A

4.1% to 5.2%

2000-2015

$ 36,770

$ 40,175

Medical Center Series 1989E

6.0% to 7.0%

1999

--

55,875

Medical Center Series 1998B

3.5% to 5.0%

2000-2018

6,525

--

Medical Center Series 1999A

4.5% to 5.25%

2001-2013

51,985

--

University of Virginia Series 1995A

variable

2020

5,060

5,340

University of Virginia Series 1998A

4.0% to 5.125%

2000-2024

73,720

--

University of Virginia Series 1993B

4.25% to 5.375%

2000-2020

53,800

55,620

UVA's College at Wise 1973B

5.6% to 5.875%

2000-2011

295

310

Commonwealth of Virginia Bonds

3.8% to 9.25%

2000-2016

55,553

59,861

Notes Payable to VCBA

3.75% to 5.0%

2000-2017

4,455

4,600

UVA's College at Wise Notes

variable

2000

1,175

--

Higher Education Equipment Trust

Fund Leases Payable

3.85% to 5.0%

2000-2003

15,079

20,394

Other

various

2000-2003

270

322

Total

$ 304,687

$ 242,497

On March 3, 1999, the University, on behalf of the Medical Center, issued $51,985,000 in Series 1999A General Revenue Pledge Bonds to advance refund $55,875,000 of outstanding Series E Hospital Revenue Refunding Bonds. The net proceeds, together with the funds available in the depreciation reserve fund, were used to purchase U.S. Government securities. These securities were deposited in an irrevocable trust with an escrow agent to provide for the redemption of the 1989 Series E Revenue Refunding Bonds. The refunded Series E Bonds were redeemed on June 1, 1999. Though the advanced refunding resulted in the recognition of an accounting loss of $2,926,000 for the year ended June 30, 1999, the Medical Center in effect reduced its aggregate debt service by $13,664,000 over the next fourteen years. This represents a net present value savings of $5,476,000.

Long-term debt matures for each of the next five years and in the aggregate (in thousands):

1999-2000

$ 17,259

2000-2001

16,723

2001-2002

15,550

2002-2003

13,409

2003-2004

13,151

Later years

228,595

Total

$ 304,687


Notes

Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Notes 7 - 14