NOTE 4: Long-Term Debt
Plant Funds
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
Note 4