NOTES AND BONDS PAYABLE MICHIGAN STATE UNIVERSITY YEAR ENDED JUNE 30, 2021 PRINCIPAL ANNUAL DATES OUTSTANDING OUTSTANDING DATE OF ISSUE MATURITY DATE RATE PAYABLE JULY 1, 2020 BORROWED RETIRED JUNE 30, 2021 NOTES PAYABLE COMMERCIAL PAPER SERIES B - TAXABLE NOV. 8, 2008 VARIOUS 130,615,000 24,180,000 (41,420,000) 113,375,000 SERIES F - TAX-EXEMPT DEC. 14, 2016 VARIOUS 43,740,000 - (43,740,000) - SERIES G - TAX-EXEMPT MAR. 17, 2021 VARIOUS - 87,630,000 (4,225,000) 83,405,000 TOTAL COMMERCIAL PAPER 174,355,000 111,810,000 (89,385,000) 196,780,000 INSTALLMENT PURCHASES: CATA - TRANSIT SERVICES SEPT. 18, 2001 JUNE 30, 2023 4.020% OCT. 1 ANNUALLY 552,047 - (176,815) 375,232 SPECIAL COLLECTIONS PAYABLE VARIOUS VARIOUS IMPLICIT VARIOUS 900,000 - (520,000) 380,000 TOTAL INSTALLMENT PURCHASES 1,452,047 - (696,815) 755,232 LEASE-PURCHASE - SCALE-UP RESEARCH FACILITY EQUIPMENT NOV. 5, 2020 OCT. 1, 2023 1.65% 1ST BUS. DAY, MONTHLY - 900,000 (197,137) 702,863 TOTAL LEASE-PURCHASES UNDER MASTER LEASE-PURCHASE PROGRAM - 900,000 (197,137) 702,863 TOTAL NOTES PAYABLE 175,807,047 112,710,000 (90,278,952) 198,238,095 BONDS PAYABLE GENERAL REVENUE BONDS SERIES 2020A OCTOBER 5, 2020 AUG. 15 2021 AUG. 15, 2020 4.000% - - - - 2022 AUG. 15, 2021 4.000% - 3,570,000 - 3,570,000 2023 AUG. 15, 2022 4.000% - 3,955,000 - 3,955,000 2024 AUG. 15, 2023 5.000% - 4,380,000 - 4,380,000 2025 AUG. 15, 2024 5.000% - 4,830,000 - 4,830,000 2026 AUG. 15, 2025 5.000% - 5,310,000 - 5,310,000 2027 AUG. 15, 2026 5.000% - 5,820,000 - 5,820,000 2028 AUG. 15, 2027 5.000% - 6,370,000 - 6,370,000 2029 AUG. 15, 2028 5.000% - 6,955,000 - 6,955,000 2030 AUG. 15, 2029 5.000% - 7,585,000 - 7,585,000 2031 AUG. 15, 2030 5.000% - 8,250,000 - 8,250,000 2032 AUG. 15, 2031 5.000% - 7,440,000 - 7,440,000 TOTAL SERIES 2020A Serials - 64,465,000 - 64,465,000 INTEREST Commercial paper (CP) is variable rate and interest is payable on each maturity date. A portion of the CP is assigned to the 2007B floating to fixed rate swap transactions (see note in Series 2007B). In addition, the Series 2002B bonds were refunded with CP on Feb 1, 2011 and the associated 2002B floating to fixed rate swap transactions were assigned to the refunding CP; MSU pays 5.28% and receives one month LIBOR. In addition, the Series 2003C bonds were refunded with CP on May 25, 2012 and the associated 2003C floating to fixed rate swap transaction was assigned to the refunding CP; MSU pays 5.33% and receives one month LIBOR. Page 1 of 8
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NOTES AND BONDS PAYABLEMICHIGAN STATE UNIVERSITYYEAR ENDED JUNE 30, 2021
PRINCIPALANNUAL DATES OUTSTANDING OUTSTANDING
DATE OF ISSUE MATURITY DATE RATE PAYABLE JULY 1, 2020 BORROWED RETIRED JUNE 30, 2021NOTES PAYABLECOMMERCIAL PAPER
SERIES B - TAXABLE NOV. 8, 2008 VARIOUS 130,615,000 24,180,000 (41,420,000) 113,375,000
SERIES F - TAX-EXEMPT DEC. 14, 2016 VARIOUS 43,740,000 - (43,740,000) -
SERIES G - TAX-EXEMPT MAR. 17, 2021 VARIOUS - 87,630,000 (4,225,000) 83,405,000 TOTAL COMMERCIAL PAPER 174,355,000 111,810,000 (89,385,000) 196,780,000
INSTALLMENT PURCHASES:CATA - TRANSIT SERVICES SEPT. 18, 2001 JUNE 30, 2023 4.020% OCT. 1 ANNUALLY 552,047 - (176,815) 375,232 SPECIAL COLLECTIONS PAYABLE VARIOUS VARIOUS IMPLICIT VARIOUS 900,000 - (520,000) 380,000 TOTAL INSTALLMENT PURCHASES 1,452,047 - (696,815) 755,232
LEASE-PURCHASE - SCALE-UP RESEARCH FACILITY EQUIPMENT NOV. 5, 2020 OCT. 1, 2023 1.65% 1ST BUS. DAY, MONTHLY - 900,000 (197,137) 702,863 TOTAL LEASE-PURCHASES UNDER MASTER LEASE-PURCHASE PROGRAM - 900,000 (197,137) 702,863
TOTAL NOTES PAYABLE 175,807,047 112,710,000 (90,278,952) 198,238,095
BONDS PAYABLE GENERAL REVENUE BONDSSERIES 2020A OCTOBER 5, 2020 AUG. 152021 AUG. 15, 2020 4.000% - - - - 2022 AUG. 15, 2021 4.000% - 3,570,000 - 3,570,000 2023 AUG. 15, 2022 4.000% - 3,955,000 - 3,955,000 2024 AUG. 15, 2023 5.000% - 4,380,000 - 4,380,000 2025 AUG. 15, 2024 5.000% - 4,830,000 - 4,830,000 2026 AUG. 15, 2025 5.000% - 5,310,000 - 5,310,000 2027 AUG. 15, 2026 5.000% - 5,820,000 - 5,820,000 2028 AUG. 15, 2027 5.000% - 6,370,000 - 6,370,000 2029 AUG. 15, 2028 5.000% - 6,955,000 - 6,955,000 2030 AUG. 15, 2029 5.000% - 7,585,000 - 7,585,000 2031 AUG. 15, 2030 5.000% - 8,250,000 - 8,250,000 2032 AUG. 15, 2031 5.000% - 7,440,000 - 7,440,000 TOTAL SERIES 2020A Serials - 64,465,000 - 64,465,000
INTEREST
Commercial paper (CP) is variable rate and interest is payable on each maturity date. A portion of the CP is assigned to the 2007B floating to fixed rate swap transactions (see note in Series 2007B). In addition, the Series 2002B bonds were refunded with CP on Feb 1, 2011 and the associated 2002B floating to fixed rate swap transactions were assigned to the refunding CP; MSU pays 5.28% and receives one month LIBOR. In addition, the Series 2003C bonds were refunded with CP on May 25, 2012 and the associated 2003C floating to fixed rate swap transaction was assigned to the refunding CP; MSU pays 5.33% and receives one month LIBOR.
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NOTES AND BONDS PAYABLEMICHIGAN STATE UNIVERSITYYEAR ENDED JUNE 30, 2021
PRINCIPALANNUAL DATES OUTSTANDING OUTSTANDING
DATE OF ISSUE MATURITY DATE RATE PAYABLE JULY 1, 2020 BORROWED RETIRED JUNE 30, 2021
INTEREST
2040 AUG. 15, 2039 3.000% - - - - 2041 AUG. 15, 2040 3.000% - - - - 2042 AUG. 15, 2041 3.000% - 5,620,000 - 5,620,000 2043 AUG. 15, 2042 3.000% - 5,480,000 - 5,480,000 TOTAL SERIES 2020A Term Bonds 2042 3% - 11,100,000 - 11,100,000
2044 AUG. 15, 2043 4.000% - 5,360,000 - 5,360,000 2045 AUG. 15, 2044 4.000% - 5,265,000 - 5,265,000 2046 AUG. 15, 2045 4.000% - 5,170,000 - 5,170,000 TOTAL SERIES 2020A Term bonds 2045 4% - 15,795,000 - 15,795,000 TOTAL SERIES 2020A - 91,360,000 - 91,360,000
The variable rate Series 2007B bonds bear interest at 67% three-month LIBOR plus a fixed spread. For bonds maturing on or before February 15, 2028, the fixed spread is 0.58%. Bonds maturing after February 15, 2028 have a fixed spread of 0.63%. Effective at issuance, the University entered into floating to fixed rate swap transactions which had the effect ofcreating fixed rate bonds that bear interest at 4.139% for maturities on or before February 15, 2028 and 4.226% for subsequent maturities. Interest payment dates are February 15, May 15, August 15, and November 15.
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NOTES AND BONDS PAYABLEMICHIGAN STATE UNIVERSITYYEAR ENDED JUNE 30, 2021
PRINCIPALANNUAL DATES OUTSTANDING OUTSTANDING
DATE OF ISSUE MATURITY DATE RATE PAYABLE JULY 1, 2020 BORROWED RETIRED JUNE 30, 2021
The Series 2000A bonds bear interest based on a weekly rate determined by the remarketing agent and are amortized through mandatory sinking fund redemptions. Effective May 2, 2002, the University entered into a floating to fixed interest rate swap transaction on the bonds that mature through August 15, 2029. The University pays 4.074% and receives 67% USD-LIBOR-BBA one month. The Series 2000A bonds may be converted to a permanent fixed rate provided certain conditions are met.
The Series 2003A bonds bear interest based on a weekly rate determined by the remarketing agent and are amortized through mandatory sinking fund redemptions. In connection with the issuance of the series 2003A bonds, the University also entered into a floating to fixed interest rate swap transaction that follows the amortization of the bonds. The University pays 3.6180% and receives 67% USD-LIBOR-BBA one month. The Series 2003A bonds may be converted to a permanent fixed rate provided certain conditions are met.
The Series 2005 bonds bear interest based on a weekly rate determined by the remarketing agent and are amortized through mandatory sinking fund redemptions. In connection with the issuance of the series 2005 bonds, the University also entered into a floating to fixed interest rate swap transaction that follows the amortization of the bonds. The University pays 3.6465% and receives 67% USD-LIBOR-BBA one month. The Series 2005 bonds may be converted to a permanent fixed rate provided certain conditions are met.