October 2004 Special Meeting/Arizona Board of Regents

A special meeting of the Arizona Board of Regents was held October 19, 2004, in the Large Conference Room at the ABOR Central Office, 2020 North Central, Suite 230, Phoenix, Arizona. The meeting was held by telephone conference call. President Stuart presided from the Central Office and the remainder of the Regents were on the telephone. President Stuart called the meeting to order at 3:01 p.m.

PRESENT:	Regent Fred Boice Regent Ernest Calderón Regent Lorraine Frank Regent Benjamin Graff Regent Chris Herstam Regent Jack Jewett Regent Wes McCalley Regent Gary Stuart
ABSENT:	Regent Robert Bulla Regent Christina Palacios Governor Janet Napolitano Superintendent Tom Horne

Also present were: President John Haeger and Dr. M. J. McMahon, by telephone, Northern Arizona University; Executive Director Joel Sideman, Board Counsel Paulina Vazquez-Morris, Secretary to the Board Judy Garza, Mr. Jaime Molera, Mr. Ted Gates, and Ms. Kathy Bedard, in the Central Office.

All lists, reports, summaries, background materials, and other documents referred to in these minutes can be found in the October 19, 2004, Documents File.

President Stuart announced this meeting had been called to authorize Northern Arizona University to sell System Revenue Bonds. He asked Regent Boice, Chair of the Resources Committee, to chair the meeting.

Regent Boice said Northern Arizona University was requesting authority to sell System Revenue Bonds, in an amount not to exceed $15M, for the purpose of financing renovations and new projects on the NAU campus. Debt service will be funded from locally retained tuition or legislative appropriations.

Dr. M. J. McMahon said the proceeds of the bond issuance were to be used to finance various renovation and new projects on the mountain campus, including: 1) additional monies to complete the School of Communication west wing; 2) New College of Business Administration; 3) Wayfinding/Landscaping Infrastructure; 4) Building System Repair/Replacement; and 5) the College of Engineering EASEL addition. All projects have received either ABOR project approval or project implementation approval. In addition, all projects received favorable review by JCCR legislative analysts.

Upon motion of Regent Boice, seconded by Regent McCalley, the Board, by unanimous roll call vote, authorized Northern Arizona University to sell System Revenue Bonds in an amount not to exceed $15M and take all related actions and enter into all necessary agreements related to the bond issuance, as presented in the Executive Summary.

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