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CHANCELLOR’S OFFICE UPDATE

The California State University Financial Officers Association - Annual Conference April 9-10, 2001. CHANCELLOR’S OFFICE UPDATE. Financing and Treasury Telephone (562) 951-4570 Fax (562) 951-4971 http://www.calstate.edu/tier3/FT/. CSU COMMERCIAL PAPER PROGRAM.

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CHANCELLOR’S OFFICE UPDATE

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  1. The California State UniversityFinancial Officers Association - Annual ConferenceApril 9-10, 2001 CHANCELLOR’S OFFICE UPDATE Financing and Treasury Telephone (562) 951-4570 Fax (562) 951-4971 http://www.calstate.edu/tier3/FT/

  2. CSU COMMERCIAL PAPER PROGRAM • Presented for Trustee approval in January, 2001 • Innovative financing for CSU DRF projects • Will be used as interim financing for all DRF projects • Reduce interest costs during construction • Possible additional arbitrage earnings during construction • Results in lower financed amount when long term bonds are issued • The CSU Institute is a key element in the program • Currently two projects are being financed thru this program. Humboldt Student Union and Fullerton Housing.

  3. CSU COMMERCIAL PAPER PROGRAM Process for project approval for financing • Commercial Paper will only be issued after • Specific Trustees action to approve capital projects • Adoption of long-term financing plans for each project • Trustee resolution to issue long-term bonds to finance these projects; and • Trustee resolution to issue project-specific revenue bond anticipation notes (RBANs)

  4. CSU COMMERCIAL PAPER PROGRAM Key Elements for the success of this program and substantial savings for campuses for projects Accurate project cash flows Spending the CP proceeds first Meeting the spend down requirements

  5. Contact at the Chancellor’s Office Commercial Paper Program Shahenaz Churiwala Cash and Investment Manager Phone (562) 951-4570 Email schuriwala@calstate.edu CSU COMMERCIAL PAPER PROGRAM

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