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APPLICATION FOR PRIVATE INSTITUTIONS OF HIGHER EDUCATION

By Cynthia Anderson,2014-09-09 19:31
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APPLICATION FOR PRIVATE INSTITUTIONS OF HIGHER EDUCATION

    VIRGINIA COLLEGE BUILDING AUTHORITY

    APPLICATION FOR FINANCING

    FOR

    PRIVATE INSTITUTIONS OF

    HIGHER EDUCATION

    (Revised June 2004)

    VIRGINIA COLLEGE BUILDING AUTHORITY

    APPLICATION FOR FINANCING

    FOR

    PRIVATE INSTITUTIONS OF HIGHER EDUCATION

    INDEX

PURPOSE ...................................................................................................... 3

PART I

    A. GENERAL INFORMATION ...................................................... 5

     B. PROJECT INFORMATION ........................................................ 7

    C. PROJECT FINANCING ............................................................. 8

PART II

     D. SUPPLEMENTAL INFORMATION ........................................ 11

     SCHEDULE A SCHEDULE OF ENROLLMENT ........................ 12

     SCHEDULE B SCHEDULE OF APPLICATIONS ....................... 13

     SCHEDULE C SCHEDULE OF TUITION AND FEES ................ 14

     SCHEDULE D BUDGET PROJECTION ...................................... 15

     SCHEDULE E OUTSTANDING DEBT ....................................... 16

     SCHEDULE F FINANCIAL RATIOS .......................................... 17

     SCHEDULE G PRELIMINARY FINANCING SUMMARY ........ 19

APPENDICES

     VCBA STATEMENT OF POLICY AND PROCEDURES ............... 21

     CHAPTER 3.3 OF TITLE 23 OF THE CODE OF VIRGINIA .......... 26

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    VIRGINIA COLLEGE BUILDING AUTHORITY

    APPLICATION FOR FINANCING

    FOR

    PRIVATE INSTITUTIONS OF HIGHER EDUCATION

    PURPOSE

    This application should be used by Virginia private institutions of higher education wishing to obtain financing through the Virginia College Building Authority (the “VCBA”) pursuant to Chapter 3.3 of Title 23 of the Code of Virginia, ??23-30.39 through 23-30.58, the “Educational

    Facilities Authority Act.” Please refer to the Appendices for a review of statutes and VCBA

    Policy and Procedures regarding private institution financing. The application should be completed as described below.

    The application is to be submitted in two parts. Part I of the application should be submitted when the institution first informs the VCBA of its interest in issuing debt though the VCBA. Part II of the application, along with an updated Part I, should be submitted at least two weeks prior to the date when the VCBA is requested to take formal action on the proposed financing.

    Information should be placed directly on the application where possible. Additional pages may be used to supplement the application where descriptive language is required to complete a specific question. If additional pages are required, they should be attached directly behind the page to which they refer and should be appropriately referenced to the question being addressed. Two copies of all materials requested in the application should be submitted except for: (1) prior years’ financial statements and (2) the current five year capital plan. (One copy of these will be sufficient.) Questions regarding this application can be addressed to the VCBA Debt Manager, Department of the Treasury, Division of Debt Management at: (804) 786-2082.

The completed application should be delivered to the:

    Virginia College Building Authority

    c/o Department of the Treasury

    James Monroe Building, Third Floor th101 North 14 Street

    Richmond, Virginia 23219

    Attention: VCBA Debt Manager

Or, you may Mail the completed application to:

    Virginia College Building Authority

    Department of the Treasury

    P.O. Box 1879

    Richmond, Virginia 23218-1879

    Attention: VCBA Debt Manager

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    PART I

    VIRGINIA COLLEGE BUILDING AUTHORITY

    APPLICATION FOR FINANCING

    of

    for

    DATE:

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    PART I

    A. GENERAL INFORMATION

1. Name of Institution

2. Address U.S. Mail

    3. Address Federal Express Delivery

    4. Contact person at the institution

    Name:

    Title:

    Phone: Fax:

    Email:

     Alternate contact person at the institution

    Name:

    Title:

    Phone: Fax:

    Email:

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    VIRGINIA COLLEGE BUILDING AUTHORITY

    5. Projects included in financing and amounts

     PROJECT AMOUNT

1.

    2.

    3.

    4.

    5.

    6.

    7.

    8.

(Use this space for any additional information pertinent to Part I, Section A.)

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VIRGINIA COLLEGE BUILDING AUTHORITY

    B. PROJECT INFORMATION

    1. Describe the project(s) including location, use, expected life of the project, source and

    amount of anticipated revenues to be generated by the project(s), etc. When describing

    the use of the project(s) be specific. For example: classrooms for student use, dining

    facility for students run by institution or private contractor, on campus post office,

    athletic facility to be used by the institution’s teams also rented to local groups twenty-

    five percent of the time, etc.

    2. Describe any contractual relationships that are now in place or that may be put in place in

    the future that will affect the use of the project(s) or the revenues generated by the

    project(s).

    3. Describe the reasons for the project(s) and how it will be integrated into the institution’s

    existing programs. Include any estimates of the use of the project(s), (i.e., number of

    students served, number of events, etc.) If the project(s) is for a new program, describe

    the projections used to determine the need for the new facility.

    4. Describe the current status of construction plans. Provide an anticipated construction

    schedule through the date of occupancy or use for the project’s intended purpose.

    5. Provide a financing calendar or timetable describing the timing of the institution’s

    proposed financing.

    6. If the financing refunds a previous series of bonds, identify the bond series, maturities,

    and amounts being refunded, the project(s) financed with the bonds being refunded, and

    the reason for refunding the debt.

7. Provide the name and address of the Architect.

    Name:

    Address:

    Phone: Fax:

    Email:

8. Provide the name and address of the Contractor.

    Name:

    Address:

    Phone: Fax:

    Email:

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VIRGINIA COLLEGE BUILDING AUTHORITY

    C. PROJECT FINANCING

    1. Provide in reasonable detail the cost components for each project (i.e., construction,

    furnishings, equipment, utilities, A&E, etc.) and the financing costs of the bond issue (i.e.,

    cost of issuance, bond counsel, financial advisor, capitalized interest, etc.)

    2. Indicate the total amount of financing to be completed through the VCBA. If it is not the

    same as the total in 1. above, indicate all additional sources of funding for the project.

    Also, indicate any security interest in the project the other sources of funding may have.

    3. Describe the proposed plan of financing including, but no limited to:

    a. Term of the borrowing:

    Final amortization period of the debt. (If bond anticipation notes are

    proposed, what form of permanent financing is anticipated and in what

    time-frame?)

    b. Structure of debt:

    Describe the structure of the proposed debt (i.e., fixed or variable rate,

    serial or term bonds, redemption provisions, put or tender options, reserve

    funds, etc.)

    c. Security features:

    Refer to the Authority’s Statement of Policy and Procedure, Appendix I.

    Describe all security features or credit enhancements of the proposed

    issuance fully (i.e., bond insurance, reserve fund, liquidity facility general

    or specific revenue pledge, etc.)

    d. Method of Sale:

    Private or public; negotiate or competitive; bank qualified, etc.

    e. Tax status of the debt:

    Tax exempt, taxable.

    4. Describe the source of revenue(s) used to repay the debt and to what extent they are

    pledged. Provide a historical view of these revenues for the last five years and the

    projected amounts of the next five years. Discuss how the revenues will be adequate to

    retire the debt as it comes due either by repayment or by the issuance of additional

    (refunding) debt. If additional debt is to be issued, what is the ultimate repayment plan?

    5. Provide a Preliminary Financing Summary in substantially the form outlined in Part II,

    Schedule G.

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    6. Provide the following information for the Bond Counsel.

    Firm:

    Attorney:

    Address:

    Phone: Fax:

    Email:

7. Provide the following information for the Investment Banker.

    Firm:

    Banker:

    Address:

    Phone: Fax:

    Email:

8. Provide the following information for the Financial Advisor.

    Firm:

    Advisor:

    Address:

    Phone: Fax:

    Email:

9. Provide the following information for the Underwriters Counsel.

    Firm:

    Attorney:

    Address:

    Phone: Fax:

    Email:

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    PART II

    VIRGINIA COLLEGE BUILDING AUTHORITY

    APPLICATION FOR FINANCING

    of

    for

    DATE:

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