NOTE
4
|
NOTE
4: Long-Term Debt
|
|
|
|
As
of June 30
|
|
|
Interest
Rate
|
Maturity
|
2000
|
1999
|
|
Plant
Funds
|
|
|
(in
thousands)
|
|
Revenue
Bonds
|
|
|
|
|
Medical
Center Series 1993A
|
4.1%
to 5.2%
|
2000-2015
|
$33,230
|
$
36,770
|
Medical
Center Series 1998B
|
3.5%
to 5.0%
|
2001-2018
|
6,290
|
6,525
|
Medical
Center Series 1999A
|
4.5%
to 5.25%
|
2001-2013
|
51,985
|
51,985
|
University
of Virginia Series 1995A
|
variable
|
2020
|
4,680
|
5,060
|
University
of Virginia Series 1998A
|
4.0%
to 5.125%
|
2000-2024
|
71,925
|
73,720
|
University
of Virginia Series 1993B
|
4.25%
to 5.375%
|
2000-2020
|
51,905
|
53,800
|
UVA's
College at Wise 1973B
|
5.6%
to 5.875%
|
2000-2011
|
280
|
295
|
|
Commonwealth
of Virginia Bonds
|
3.8%
to 9.25%
|
2000-2016
|
55,805
|
55,553
|
|
Notes
Payable to VCBA
|
3.75%
to 5.0%
|
2000-2017
|
4,305
|
4,455
|
|
Notes
Payable to VCBA
|
4.5%
to 6.0%
|
2000-2019
|
32,425
|
--
|
|
UVA's
College at Wise Notes
|
variable
|
2000
|
675
|
1,175
|
|
Higher
Education Equipment Trust
|
|
|
|
|
Fund
Leases Payable
|
3.85%
to 5.0%
|
2000-2003
|
10,430
|
15,079
|
|
Other
|
various
|
2000-2003
|
174
|
270
|
|
TOTAL
|
|
|
$
324,109
|
$
304,687
|
On March 3, 1999, the University issued on behalf of the Medical
Center $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 $2,925,551
for the year ended June 30, 1999, the Medical Center in effect
reduced its aggregate debt service by $13,664,428 over the next
14 years. This represents a net present value savings of $5,475,598.
LONG-TERM DEBT MATURES FOR EACH OF THE NEXT
FIVE YEARS AND IN THE AGGREGATE (in thousands):
|
2000-2001
|
$
19,036
|
|
2001-2002
|
18,139
|
|
2002-2003
|
16,103
|
|
2003-2004
|
14,460
|
|
2004-2005
|
15,084
|
|
Later
years
|
241,287
|
|
TOTAL
|
$
324,109
|
|
|
