UCONN 2000
Legislative Update No. 19
October 2004
REBUILDING, RENEWING AND ENHANCING
THE UNIVERSITY OF CONNECTICUT
The NINETEENTH
in a series of reports to
Governor M Jodi Rell
and the
Connecticut
General Assembly
Table of
Contents
I. UCONN 2000: THE UPDATE
II. ACTIVITIES COMPLETED OR UNDERWAY:
III. CURRENT PROJECT STATUS - PHASE
I (as of October 2004)
IV. CURRENT PROJECT STATUS -
PHASE II (as of October 2004)
V. CURRENT PROJECT STATUS - PHASE III (as
of October 2004)
VI. CURRENT PROJECTS FUND
SOURCES: PHASE I (as of October 2004)
VI. CURRENT PROJECTS FUND
SOURCES: PHASE II (as of October 2004)
VII. CURRENT PROJECTS FUND SOURCES: PHASE III (as
of October 2004)
CHARTS:
-
Total and Endowment Gifts for the University of
Connecticut
-
Asset Growth: The University of Connecticut
Foundation, Inc.
|
|
| The Neag School of Education’s Gentry building addition has
been completed and was dedicated on October 1. The atrium, above,
connects the addition to the original building. |
|
|
|
ABOVE:
Exterior of the newly completed addition
to the Neag School
of Education Gentry
Building.
BELOW: Main floor seminar room. Improvements to the orginal buildings
facade and roof have also been completed.
|
|
|
|
|
| ABOVE: Planning has begun for the Student Union Quadrangle,
outdoor space that connects the Student Union,
Center for Undergraduate Education, Gentry Building
and the Benton Museum. |
 |
| ABOVE: Construction has begun on the Cogeneration/Central
Chilled Water Facility that will produce electricity
for the Storrs Campus and by using secondary waste
heat will also provide heating, hot water and
cooling for the campus. |
 |
|
ABOVE: Construction continues on the 200,000 square foot
new School of Pharmacy/Biology Building that will
also include space for a new animal care facility.
BELOW: South side of the new Gentry Building addition and
exterior renovation.
|
 |
UCONN 2000: THE UPDATE
This is the nineteenth in a series of semi-annual reports to the Governor and the
General Assembly pursuant to the provisions of Sections 10a-109 through 10a-109y
of the Connecticut General Statutes, originally An Act to Enhance the Infrastructure
of the University of Connecticut, now known as UCONN 2000. These reports have
been issued each October and April since passage of UCONN 2000 on June 7, 1995.
The law also required a four-year progress report, which was filed on January
15, 1999.
UCONN 2000: ACTIVITIES COMPLETED OR UNDERWAY
-
PLANNING, DESIGN
AND MANAGEMENT
-
The University has almost completed the update of its 1998 Master Plan. In
view of the extensive physical changes on all the campuses resulting from
the UCONN 2000 investment and the 21st Century UConn initiative, it was
necessary to update the plan so that the University can manage its capital
resources most effectively. The plan, when finalized, will adjust the planning
baseline to reflect the current physical plant, assess current and projected
space needs relative to available facilities, assess the overall parking
and transportation system including its financial and operational aspects,
and refine the campus’ physical
composition to advance improvements already in place. The planning effort
includes activities on the West Hartford, Torrington and Avery Point campuses.
Additionally, a plan is being developed for recreational and athletic facilities.
The consultant for the Master Plan revision is JJR of Ann Arbor, Michigan.
It is anticipated the plan will be complete in the spring of 2005.
-
The Law School Library has experienced an on-going series of leaks since opening
in 1996. The project’s construction, which predates UCONN 2000, was managed
by the Department of Public Works. Corrections undertaken did not resolve the
situation, so the University hired its own consultants (Hoffman Architects of New
Haven, and Simpson Gumpertz and Heger, Incorporated of Boston) to investigate, identify
problems and propose solutions. The University is working with the Office of the
Attorney General and the Department of Public Works to address the issue. Funding
for repairs is in the State’s FY 2005 Capital Budget with an expectation of
recovery of funds as appropriate. The University has requested that the Bond Commission
approve the funding for design on corrections to the defects.
-
The University continues standardizing building systems and system
components within its 222 overall building and renovation program,
(e.g., electrical circuitry, panel boxes, etc.). This process
will reduce the number of replacement parts UConn needs to inventory,
speed repairs, and improve the level of maintenance and lower
overall costs.
- The Board of Trustees, at its March 23, 2004 meeting,
approved the FY 2004-05 Capital Budget totaling $100,000,000
for system-wide capital improvements, equipment, telecommunications
and library acquisitions as shown in Exhibit A. This
amount reflects $50 million for the final year of Phase 2 of
UCONN 2000 and $50 million for the first year of Phase 3, also known
as 21st Century UConn. Together these amounts total the FY 2005
authorization “cap” of
$100,000,000. The following is a brief description
of the projects included in the FY 2004-05 Capital Budget.
- The architects have been selected for the Arjona and Monteith
(new classroom buildings) Project. This project will include
the construction of new facilities to replace the Arjona and
Monteith buildings, the two most heavily used classroom buildings
on campus. Included in the facility will be classrooms and offices
for various departments within the College of Liberal Arts and
Sciences. The architects for the project are Leers Weinzapfel Associates
of Boston.
- Programming
activities are underway on the Natural History Museum
project. The State Museum of Natural History plans to establish
a new Connecticut Archaeology Center to provide support for UConn
graduate and undergraduate students and operate archaeology field
schools. It also will provide elementary and secondary school
teachers with training, curriculum guides and teaching resources;
technical training and assistance to Connecticut municipalities;
an active Web presence; and access for professional archaeologists,
students and the public to maps, collections and an archaeology
library. The Center will expand the museum’s ability to promote
an appreciation of cultural and natural history, with a focus
on New England. It will also provide access to the State’s
largest collection of Connecticut artifacts and increase support
of the Office of State Archaeology that is mandated by the State
to protect some 1,000 archaeological sites on State land and over
3,000 sites on private land. (The State Archaeologist provides technical
assistance to municipalities, cares for anthropological collections,
and oversees sites of Native American burials and the return of
sacred materials.) This share of the project, estimated at $700,000,
will create space for work and display for these activities. Part
of the funding, $200,000, will be from private donors. The architects
for the project are Arbonies King Vlock, P.C. of Stony Creek,
CT.
- Design
activities are underway on the North Hillside Road completion
project. This project will extend Hillside Road by 5,300 lineal
feet to Route 44 and will include related utilities such as gas,
electrical, water, sewer and telecommunications. The new extension
will allow enhanced access to campus and sorely needed relief
from traffic congestion on Route 195. Also, the road and accompanying
utilities will permit future development of this key parcel.
The University’s Master
Plan envisions the North Campus as a critical area for expansion
of the main campus, permitting new science buildings, residential
capacity, public/private partnerships (including incubator
space) and other initiatives. The Town of Mansfield is supportive
of the road project. The engineers for the project
are Fuss & O’Neill
Inc. of Manchester, CT.
- Architects have
been selected for the Torrey Renovation and Biology Expansion project
that includes research labs, classrooms, and office space for Ecology
and Evolutionary Biology programs and Physiology and Neurobiology
Departments. The new building will be constructed on the current
site of the Torrey Life Sciences Building. The program for the
building has been developed and the schematic design is just beginning.
Architects for this project are The Hillier Group of New York City.
- Construction documents are being prepared on the Intramural,
Recreational & Intercollegiate
Facilities Project. This facility
will house the football program including offices, training rooms, locker rooms and
an indoor practice field. When not used by athletic teams the indoor field will be
used by the recreational programs. Funding for this project includes $31,000,000
from Phase 3 of UCONN 2000 and $11,500,000 from private fundraising. The Board of
Trustees, at its August 3, 2004 meeting, approved the EIE for the project. Architects
for the project are Jeter Cook Jepson of Hartford and HOK of St. Louis, MO.
Dimeo Construction of New Haven has been selected as the construction manager. Construction
will begin in October 2004, with completion scheduled for July 2006.
- Programming activities have been completed and schematic design
activities are underway on the Lakeside
Renovation Project. When complete the building will be occupied by University Communications,
Governmental Relations and University Events. The architect for the project
is Allan Dehar Associates of New Haven.
- Programming activities are underway for the Union Quadrangle.
This important outdoor space includes
the area between the Student Union, Center for Undergraduate Education, Gentry and
Benton Museum. The landscape architect for the project is Carol R. Johnson Associates
of Boston.
- Architects have been selected for the new research building at
the Health Center campus. The project will include new research
laboratories, offices and support space and will be constructed
in the “research zone” of the campus as
defined by the 2002
Campus Master Plan. The programming of the
building is being
developed at this
time. The firm of CUH2A, Architecture, Engineering and
Planning of Princeton
New Jersey is the architect for the project.
- The planning study for the Health Center’s Center for Laboratory
Animal Care (CLAC) (in anticipation of the planned FY ’09
renovations) is complete. The planning document evaluates the existing
vivarium facilities including conditions and capacities, projects
volumes based on expected research growth, and recommends short
and long term actions to provide adequate vivarium facilities and
the creation of a bio-safety level 3 containment facility to support
current and expanded research programs. The planning study was prepared
by FLAD & Associates of
Stamford, Connecticut.
- A Planning Study for the renovations of the Health Center’s
main building will begin in February ’05. The planning study
will be prepared in anticipation of design funds for the project
allocated in FY ’07.
- Design for a portion of the Academic Building renovations project
at the Health Center will begin
in January 2005. The design will encompass renovations to the two main teaching auditoria,
and will include upgrades to the technology, seating and all finishes.
- The design of the Dental School’s pre-clinical lab renovations
will begin in November
of this year and will include essential upgrades to the labs to support the programs
of the School of Dental Medicine.
- Various Health Center deferred maintenance projects are scheduled
for this year.
The most critical among them is the cooling tower refurbishment project and electric
re-heat coil replacement project. Design is underway for these projects and bidding
for construction is anticipated for early 2005.
CONSTRUCTION
-
The University has received necessary permits, and construction
activities have begun on the gas turbine of the Cogeneration/Central
Chilled Water Facility that will produce electricity for the Storrs
campus. Secondary waste heat will provide heating, hot water and/or
cooling for the Storrs campus as well. The bid process was undertaken
as a prerequisite to determine the feasibility and advisability
of moving to cogeneration. Independent analysis projected potential
significant energy cost-savings, and data from the bid process informed
a cost/benefit analysis that led the Board of Trustees to endorse
proceeding with the project. A contract was awarded to Select Energy.
The project is financed through Caterpillar Financial Services Corporation
using a capital lease structure with an interest rate of 4.3%. Savings
generated by the facility will pay the debt and debt service. The
project is anticipated to be completed in August 2005. Construction
manager for the project is O & G Industries of Torrington, CT.
- Construction is underway on the new School of Pharmacy/Biology Building that
includes 120,000 square feet of space for teaching and research for the Pharmacy
program and 80,000 square feet of research space for Biology. Also included
is a consolidated 26,000 square foot animal care facility to support research programs
in this area of campus. The architect for this construction project is Davis,
Brody, Bond of New York City. Gilbane of Glastonbury is the construction manager
for the project to be completed in July 2005.
- Construction on an addition to the Neag School of Education’s Gentry
Building has been completed. The project scope includes a partial renovation of the
building’s interior, exterior improvements of the façade and roof,
and a 20,000 square foot addition to the building. The architect for the
project was Svigals Associates of New Haven. Gilbane of Glastonbury was the construction
manager on the project.
- Renovations and deferred maintenance projects in facilities on
the Avery Point Campus have been completed or are in the construction
or design phase.
- Construction has begun on the second phase of the Student
Union Project. This phase of the work includes the demolition of
the south end of the building and the construction of a new addition,
which includes space for a food court, retail space, cultural center
facilities and a ballroom with occupancy capacity of 300. This
phase of the project is scheduled for completion early in 2006.
The first phase of the project, which includes a 500-seat theater,
student activity offices and meeting spaces, a central post office
for all student mail, cultural centers and offices for student
organizations, has been completed. It also included space for the
student-run radio and TV stations. The architect for the project
is Cannon Associates of Boston. The construction manager for the
project is Konover Construction of West Hartford.
- Construction was completed in August 2004 on the installation of sprinklers
in the West Campus Dorms. With the completion of this project, all on-campus
residential life facilities are fully protected by sprinklers.
- The Nafe Katter Thrust Theatre Project was completed in September 2004. This
229-seat facility was funded in part by a private donation.
- The Lyman Maynard Stowe Library renovations at the Health Center funded by
previously authorized bond funds are scheduled for completion in November
of this year. The funds allocated under UCONN 2000 were committed for hazardous
material removal done as part of the project.
- As a result of a routine maintenance check at the Hilltop Apartments in August,
an elevated level of carbon monoxide was identified in two of the 354 units in the
apartment complex. The problem was caused by the air conditioning system drawing
exhaust fumes from the hot water heater when both were operating simultaneously.
The University took the necessary steps to protect the health and safety of the student
residents while the problem was being resolved, which occurred by the end of September.
As a result of making these repairs, code violations were identified in the Hilltop
Apartments, also in the Husky Village residential complex and Charter Oak apartments
and suites. The UConn fire Marshal’s office, with the concurrence of the Storrs
Fire Marshal’s office, have determined that these buildings are safe for
occupancy. Work to identify and correct all code violations is
underway. The University is taking necessary action to pursue recovery as appropriate
from contractors and design professionals with respect to both the air handling
and code violations problems.
UCONN 2000: SET-ASIDE
CONTRACTOR SUMMARY
- Public Act 99-241 called for, among other things,
information regarding use of Connecticut- owned businesses
on UCONN 2000 program projects, including those owned
by women and minorities (“set-aside” contractors).
Since Fiscal Year 1996, construction and related contracts
for the UCONN 2000 program totaled $1.037 billion. Twenty-four
(24%) percent of this total, or $244.4 million, has gone
to “set-aside” general contractors, contracted
architects and engineers, and subcontractors. In this
period, Connecticut businesses have accounted for $906.1
million, or 88%, of the total contracted dollars. Small
business participation has amounted to $143.2 million
and minority and women-owned participation has accounted
for $101.3 million.
UCONN 2000: FINANCE
- Debt Service Commitment Bond Issues
Completed
Section 10a-109 of the Connecticut General Statutes empowers
the University to issue General Obligation Bonds secured by the
State’s Debt Service Commitment (sometimes
referred to as “Debt Service Commitment Bonds” or “DSC Bonds”).
These Bonds are issued pursuant to the General Obligation Master Indenture of
Trust, dated as of November 1, 1995, between the University of Connecticut,
as Issuer, and Fleet National Bank of Connecticut as Trustee (now U.S. Bank N.A.).
The University’s
Board of Trustees on November 10, 1995 and the State Bond Commission approved
the Master Indenture of Trust on December 21, 1995. UConn’s Board of Trustees
and the Governor approve the subsequent Supplemental Indentures for each bond
issue. The University and Office of the State Treasurer, working in conjunction,
manage the Debt Service Commitment Bond sale process. University General Obligation
Debt Service Commitment Bonds issues to date are summarized below:
A.) G.O. Bonds: Project Fund
|
Date of Issue
|
Par Amount
|
TIC (1)
|
General Obligation Bond Issue
|
|
Phase I
|
|
February 21, 1996
|
$ 83,929,714.85
|
4.94%
|
1996 Series A
|
|
April 24, 1997
|
124,392,431.65
|
5.48%
|
1997 Series A
|
|
June 24, 1998
|
99,520,000.00
|
4.78%
|
1998 Series A
|
|
April 8, 1999
|
79,735,000.00
|
4.46%
|
1999 Series A
|
|
Phase II
|
|
March 29, 2000
|
$130,850,000.00
|
5.42%
|
2000 Series A
|
|
April 11, 2001
|
100,000,000.00
|
4.54%
|
2001 Series A
|
|
April 18, 2002
|
100,000,000.00
|
4.74%
|
2002 Series A (2)
|
|
March 26, 2003
|
96,210,000.00
|
3.97%
|
2003 Series A (3)
|
|
January 22, 2004
|
97,845,000.00
|
3.76%
|
2004 Series A (4)
|
| Sub-Total Phase I & II |
$912,482,146.50
|
|
|
| January 29, 2004 |
$216,950,000.00 |
3.55% |
2004 Series A Refunding (4) |
(1) TIC is
the true interest cost reflecting the interest rate for the
time value of money across an entire bond issue.
(2) The DSC 2002A bonds provided $994,688.03 directly to the Office of the State
Treasurer.
(3) The DSC 2003 bonds face amount of $96,210,000 together with an additional $3,790,000.00
of original issue premium, totaled $100,000,000 available for projects.
(4) The DSC 2004A New Money and DSC 2004A Refunding Bonds were issued under a single
Official Statement. |
The nine series of UCONN General Obligation DSC bonds issued
to fund projects total $912,482,146.50 in face value and provided
$912,000,000 for UCONN 2000 project spending. (Excluding the
$216,950,000.00 UCONN General Obligation DSC Refunding Bonds
Series 2004A issued to refund $223,160,000 of prior bonds.)
The remaining balance, together with accrued interest and net
original issue premium, funded the costs of issuance.
On January 22, 2003 the University issued $97,845,000 face
amount of the University of Connecticut Debt Service
Commitment Bonds 2004 Series A, at a very favorable true interest
cost of 3.76%, the lowest in the history of the program, with
a 10.5 Years Average Life and with very favorable call redemption
terms of 2014 @ Par. Selected maturities on and after January
15, 2013 carried MBIA bond insurance.
UConn 2000 General Obligation Debt
Service Commitment Projects
To date, sixty-six projects totaling $1,012,000,000 have
been authorized to receive General Obligation Debt Service Commitment
bond proceed funding, as follows:
UCONN2000 GENERAL OBLIGATION BONDS SECURED
BY THE DEBT SERVICE COMMITMENT OF THE STATE
Phase I & II
Project-Name |
Indenture
Authorizations
|
| Agricultural Biotechnology Facility Completion |
$3,000,000.00 |
| Agricultural Biotechnology Facility |
$9,400,000.00 |
| Alumni Quadrant Renovations |
$11,500,000.00 |
| Avery Point Marine Science Research Center-Phase
I |
$30,000,000.00 |
| Avery Point Marine Science Research Center-Phase
II |
$7,341,000.00 |
| Avery Point Renovation |
$5,323,000.00 |
| Benton State Art Museum Addition |
$700,000 |
| Central Warehouse New * |
$7,500,000.00 |
| Chemistry Building |
$53,062,000.00 |
| Deferred Maintenance & Renovation Lump Sum-Phase
I |
$40,792,000.00 |
| Deferred Maintenance & Renovation Lump Sum
Balance-Phase II |
$108,221,705.90 |
| East Campus North Renovations |
$7,710,000.00 |
| Equipment, Library Collections & Telecommunications-Phase
I |
$60,500,000.00 |
| Equipment, Library Collections & Telecommunications
Completion-Phase II |
$120,312,000.00 |
| Gant Plaza Deck |
$6,529,294.10 |
| Gentry Renovation-Option B |
$10,000,000.00 |
| Grad Dorm Renovations |
$3,000,000.00 |
| Heating Plant Upgrade |
$9,969,000.00 |
| Hilltop Dormitory Renovations |
$8,700,000.00 |
| Ice Rink Enclosure |
$3,280,000.00 |
| International House Conversion/(a.k.a. Museum
of Natural History) |
$800,000.00 |
| Litchfield Agricultural Center-Phase I |
$1,000,000.00 |
| Mansfield Apartments Renovation |
$2,071,000.00 |
| Mansfield Training School Improvements |
$3,500,000.00 |
| Monteith Renovation |
$733,000.00 |
| Music Drama Addition* |
$7,400,000.00 |
| North Campus Renovation |
$11,866,000.00 |
| North Superblock Site & Utilities |
$7,668,000.00 |
| Northwest Quadrant Renovation-Phase I |
$2,001,000.00 |
| Northwest Quadrant Renovation-Phase II |
$30,000,000.00 |
| Parking Garage-North |
$9,658,000.00 |
| Pedestrian Walkways/(a.k.a. Fairfield Road Pedestrian
Mall) |
$6,074,000.00 |
| School of Business |
$25,059,000.00 |
| School of Pharmacy |
$87,009,000.00 |
| Shippee/Buckley Renovations |
$7,000,000.00 |
| South Campus Complex |
$12,251,000.00 |
| Stamford Downtown Relocation-Phase I |
$55,785,000.00 |
| Student Union Addition |
$37,000,000.00 |
| Technology Quadrant-Phase IA |
$39,993,000.00 |
| Technology Quadrant-Phase II |
$34,120,000.00 |
| Torrey Life Science Renovation |
$2,181,000.00 |
| Towers Renovation |
$20,000,000.00 |
| Underground Steam & Water Upgrade-Phase I |
$6,000,000.00 |
| Underground Steam & Water Upgrade Completion-Phase
II |
$6,000,000.00 |
| Waring Building Conversion |
$11,452,000.00 |
| Waterbury Property Purchase |
$200,000.00 |
| West Campus Renovations |
$500,000.00 |
| White Building Renovation |
$2,430,000.00 |
| Wilbur Cross Building Renovation |
$17,409,000.00 |
| TOTAL
PHASE I & II PROJECTS |
$962,000,000.00 |
| |
Phase III
Project-Name |
|
| Arjona and Monteith (new classroom buildings) |
$6,700,000.00 |
| Deferred Maintenance/Code/ADA Renovation Lump
Sum |
$11,460,000.00 |
| Intramural, Recreational and Intercollegiate
Facilities |
$4,000,000.00 |
| Lakeside Renovation |
$3,800,000.00 |
| Natural History Museum Completion |
$500,000.00 |
| North Hillside Road Completion |
$1,000,000.00 |
| Residential Life Facilities |
$750,000.00 |
| Torrey Renovation Completion and Biology Expansion |
$5,400,000.00 |
| Total - Storrs and Regional Campus Project List |
$33,610,000.00 |
| |
| Heath Center |
| CLAC Renovation Biosafety Level 3 Lab |
$30,000.00 |
| Deferred Maintenance/Code/ADA Renovation Sum
- Health Center |
$2,850,000.00 |
| Dental School Renovation |
$170,000.00 |
| Equipment, Library Collections and Telecommunications
- Health Center |
$7,900,000.00 |
| Library/Student Computer Center Renovation |
$150,000.00 |
| Main Building Renovation |
$75,000.00 |
| Medical School Academic Building Renovation |
$2,210,000.00 |
| Research Tower |
$3,005,000.00 |
| Total - Health Center Project List |
$16,390,000.00 |
| |
|
| TOTAL PHASE III PROJECTS |
$50,000,000.00 |
| |
|
| TOTAL PHASE I, II AND III PROJECTS |
$1,012,000,000.00 |
* Board of Trustees Added Project 2/22/2001
On July 1, 2004, $100,000,000 of authorizations representing
the last $50,000,000 of Phase II and the initial $50,000,000 of
Phase III will be effective. The former will complete the $962,000,000
of Phase I and Phase II authorizations under the original UCONN
2000 Act.
-
University Refunding Provides Debt Service
Savings to State
UCONN achieved $15.2 million in debt service savings for Connecticut
taxpayers, on January 29, 2004 when the University closed on $216,950,000.00
of UCONN GENERAL OBLIGATION DSC REFUNDING BONDS SERIES 2004-A. Institutions
garnered most of the bonds. Proceeds pre-refunded $223,160,000 of
the portions of the 1996, 1997, 1998, 2000, 2001, and 2002 UCONN 2000
General Obligation Debt Service Commitment Bonds. Debt Service savings
amounted to $15,215,582.84 million on a gross cash debt service savings
basis, or $10,117,718.77 on a net present value basis (4.53% savings
of refunded bonds), spread across fiscal years 2004 to 2020. These
are real dollar savings for Connecticut taxpayers.
-
University's Financial
Statements
The University’s financial statements reflect the UCONN
2000 programs. The General Obligation and Special Obligation bonds
and other debt are shown as liabilities on the University’s
financial statements. The financed UCONN 2000 projects and any
unspent debt proceeds are shown as assets. The State’s Debt
Service Commitment to pay for the University’s General Obligation
Bonds is also shown as an asset on the University’s financial
statements.
-
Trustee Bank
The proceeds of the sale by the University of any bonds are part
of the Trust Estate established under the General Obligation Master
Indenture of Trust with the Trustee Bank as security for bondholders.
Consequently the Trustee Bank holds all of the bond proceeds,
with this exception: the State Treasurer’s Office may hold
and invest the University’s General Obligation Bonds Debt
Service Commitment funded Costs of Issuance account. The Special
Obligation Master Indenture has similar Trust Estate provisions
and the Trustee Bank holds all the Special Obligation bond proceeds
received at issuance including the costs of issuance account.
Prior to June 1998, all University General Obligation Debt Service
Commitment Bond proceeds were deposited with the Office of the
State Treasurer and treated like State bond proceeds, including
payments made to vendors through the Office of the State Comptroller.
Subsequently, the Office of the Attorney General opined that the
University, and not the State, issues UCONN 2000 bonds. Accordingly,
upon advice of bond counsel and in conformity with the Master
Indenture of Trust, Debt Service Commitment Bond construction
fund proceeds were deposited to the Trustee Bank and disbursed
as directed by the University pursuant to the Indenture. Per the
State’s preference, the University General Obligation Debt
Service Commitment Bond proceeds for costs of issuance are still
treated like State bond proceeds and deposited with the Office
of the State Treasurer, and disbursed through the Office of the
State Comptroller.
The Indentures of Trust provide that the University is authorized
and directed to order each disbursement from the Construction
Account held by the Trustee upon a certification filed with the
Trustee bank, and in the case of the Debt Service Commitment bonds,
also the State Treasurer. The Indentures provide that such certification
shall be signed by an Authorized Officer of the University and
include certain disbursement information. Once the Authorized
Officer certification filings are made, the University can directly
disburse payments.
-
University Special Obligation Revenue
Bonds Secured by Pledged Revenues
UCONN 2000 also authorizes the University to issue Special Obligation
Revenue bonds. Unlike the University’s General Obligation
Debt Service Commitment Bonds that are paid from the State’s
General Fund, debt on the Special Obligation Bonds is paid from
certain Pledged Revenues of the University as defined in the particular
bond series indenture.
A Special Capital Reserve Fund may be established for University
Special Obligation bond issues only if the Board of Trustees determines
that the Special Obligation bond issue is self-sufficient as defined
in the Act. The self-sufficiency finding by the University must
be submitted to and confirmed as not unreasonable or arbitrary
by the State Treasurer prior to issuance of the bonds. Once approved,
the Special Capital Reserve Fund is funded at issuance by the
University to meet the minimum capital reserve requirement. However,
subject to notification by the University on or before December
1, annually, if this amount falls below the required minimum capital
reserve, there is deemed to be appropriated from the state General
Fund sums necessary to restore each such Special Capital Reserve
Fund to the required minimum capital reserve.
-
Special Obligation Student Fee Revenue
Bond Issues
Student Fee Revenue Bonds have been issued pursuant to the Special
Obligation Indenture of Trust, dated as of January 1, 1997, between
the University as Issuer and U.S. Bank N.A. as successor to State
Street Bank & Trust as Trustee (“the Special Obligation
Master Indenture”). The Board of Trustees approved the Master
Indenture on November 8, 1996.
UConn’s Board of Trustees and the Governor approve the subsequent
Supplemental Indentures for each Special Obligation bond issue.
The University and Office of the State Treasurer, working in conjunction,
manage the Special Obligation Bond sale process. University Special
Obligation Student Fee Revenue Bonds issues to date are summarized
below:
|
Date of Issue
|
Par Amount
|
TIC (1)
|
Special Obligation Student Fee Revenue Bond
Issue
|
|
February 4, 1998
|
$ 33,560,000.00
|
5.08%
|
|
1998 Series A |
|
June 1, 2000
|
$ 89,570,000.00
|
6.02%
|
|
2000 Series A (2) |
|
February 14, 2002
|
$ 75.430,000.00
|
4.94%
|
|
New Money 2002 Series A |
|
February 27, 2002
|
$ 96,130,000.00
|
4.89%
|
|
Refunding 2002 Series A |
|
(1) TIC is the true interest cost
reflecting the interest rate for the time
value of money across an entire bond
issue. The University Special Obligation
Bonds are generally issued for an
approximate 30-year final maturity,
compared to a 20-year final maturity for
the General Obligation DSC Bonds, hence
the TIC may appear relatively higher for
Special Obligation Bonds.
(2) The Series 2000-A bonds were refunded
on Feb. 27, 2002.
|
On February 4, 1998, the University issued $33,560,000 of University
of Connecticut Student Fee Revenue Bonds 1998 Series A (“SFR
1998-A Bonds”) with a final maturity of November 15, 2027. The
Special Obligation First Supplemental Indenture was also dated January
1, 1997 and authorized the issuance of bonds up to a principal amount
not to exceed $30,000,000 for construction of the South Campus Residence
and Dining Hall, plus amounts necessary to fund a Special Capital
Reserve Fund (“SCRF”) and provide for costs of issuance.
The University managed the issuance and sale of these bonds and realized
a favorable true interest cost over the term. Debt service for these
bonds is paid from the student Infrastructure Maintenance Fee instituted
in 1997 and other pledged revenues as further defined in the Indenture
of Trust. Such pledged revenues also help support future operation
and maintenance costs for facilities built or expanded through UCONN
2000.
On June 1, 2000, the University issued $89,570,000 of the University of Connecticut
Student Fee Revenue Bonds 2000 Series A (“SFR 2000-A”) pursuant to the
Special Obligation Master Indenture, and the Special Obligation Student Fee Revenue
Bonds Second Supplemental Indenture dated as of May 1, 2000. Bond proceeds funded
$87,000,000 of construction for the Hilltop Dormitory, Hilltop Student Rental Apartments,
and Parking Garage South and also provided for capitalized interest and costs of
issuance. The $89,570,000 SFR 2000 Bonds were defeased in substance on February
27, 2002, as further described below, and are no longer reflected as outstanding
debt on the University’s financial statements.
On February 14, 2002, the University issued $75,430,000 of the University of Connecticut
Student Fee Revenue Bonds 2002 Series A pursuant to the Special Obligation Master
Indenture and the Special Obligation Student Fee Revenue Bonds Fourth Supplemental
Indenture, dated as of November 16, 2001. Bond proceeds funded $72,180,000 of construction
for the Alumni Quadrant Renovations, Shippee/Buckley Renovations, East Campus North
Renovations, Towers Renovations (including Greek Housing), and North Campus Renovations
(including North Campus Student Suites and Apartments).
On February 27, 2002, the University issued $96,130,000 of the University of Connecticut
Student Fee Revenue Bonds 2002 Refunding Series A pursuant to the Special Obligation
Master Indenture and the Special Obligation Student Fee Revenue Bonds Third Supplemental
Indenture, dated as of February 1, 2002. Bond proceeds were used to take advantage
of favorable market conditions to advance refund and defease in substance all of
the $89,570,000 of Student Fee Revenue Bonds 2000 Series A bonds outstanding. Proceeds
were deposited with the Trustee bank in an irrevocable escrow fund sufficient to
satisfy future debt service and call premiums on the prior issue.
-
UCONN2000 Special Obligation Student Fee
Revenue Projects
To date, nine projects have been authorized to receive the University’s
Special Obligation Student Fee Revenue bond proceeds funding. Some
of these projects were also supported by General Obligation or other
funding, as follows:
UCONN2000 SPECIAL OBLIGATION STUDENT FEE
REVENUE BOND PROCEEDS FUNDED PROJECTS
|
Projects
|
Special Obligation Authorized and
Issued
|
|
|
Alumni Quadrant Renovations
|
$ 7,000,000
|
|
East Campus North Renovations
|
1,000,000
|
|
Hilltop Dormitory New
|
21,000,000
|
|
Hilltop Student Rental Apartments
|
42,000,000
|
North Campus Renovation
(including North Campus Student Suites and
Apartments)
|
45,000,000
|
|
Parking Garage-South
|
24,000,000
|
|
Shippee/Buckley Renovations
|
5,000,000
|
|
South Campus Complex
|
30,000,000
|
|
Towers Renovations (including Greek
Housing)
|
14,180,000
|
|
Totals
|
$189,180,000
|
 |
ABOVE:
Construction has started on the second phase of
the Student Union Project.
BELOW: Recently completed
interior of the first phase
of the project. |
 |
|
RIGHT: The new Nafe Katter Thrust Theatre, completed
in September, is a 229-seat facility.
BELOW: Vartan Gregorian, president of the Carnegie Corporation,
delivered the keynote speech at the Teachers for a New Era inaugural
event held in the new Student Union Theater on October 1.
|
 |
 |
 |
 |
ABOVE: Students studying in a new lounge at the
renovated Student Union.
LEFT: Students pass the Homer Babbidge Library as they walk along
the recently completed Academic Way.
|
- Other UCONN 2000 Debt – Tax-Exempt Lease
On December 18, 2003 the University entered into a $75,000,000
Governmental Tax-Exempt Lease Purchase Agreement to finance the design
and construction of a combined heat and power plant, as part of the UCONN
2000 Heating Plant Upgrade project, which is expected to generate substantially
all of the needs for electrical power, heating and cooling on the main
campus at Storrs. Savings generated by the facility will pay debt pursuant
to the lease. Although not issued pursuant to the governing bond documents
such as the Master Indentures of Trust is nevertheless considered to be
debt of the University and weigh in credit rating decisions.
- Credit Ratings
Since the inception of UCONN 2000, the University’s bond issues
have experienced a favorable credit rating history, including several
credit rating upgrades. For example, as of September 13, 2004 Moody’s
assigned an “Aa3” rating to both the University’s
General Obligation Bonds secured by the State’s Debt Service
Commitment and the University’s Special Obligation Student
Fee Revenue Bonds. It is a strong vote of confidence in the University
that both these ratings are ranked the same as the State’s
General Obligation Bond “Aa3” credit rating.
The capital markets have recognized the tangible benefits to
the State’s economy of meeting the infrastructure and educational
goals of the program, as well as the University’s success in
implementing them. A high quality credit rating not only provides
the State and the University with less expensive access to the capital
markets but also supports the State’s quality reputation among
investors. A University milestone occurred in 2002 with the achievement
of the high-grade “double A” credit-rating category from
Moody’s Investors Service for both its General Obligation and
Special Obligation bonds.
As of October 1, 2004, the UCONN 2000 General Obligation Debt
Service Commitment bonds were rated “AA” by Standard & Poor’s; “Aa3” by
Moody’s Investors Service; and “AA-” by Fitch Investors
Service. Also the University’s Special Obligation Bonds not
secured by SCRF were rated “AA-” by Standard & Poor’s
and “Aa3” Moody’s Investors Service. Fitch Investors
Service does not rate the Special Obligation bonds not secured by
SCRF. The Special Obligation Bonds Series 1998-A carry a Special
Capital Reserve Fund and are rated “AA” by Standard & Poor’s “Aa3” by
Moody’s, and “AA-“by Fitch. In addition to the
underlying credit ratings, “AAA” rated municipal bond
insurance secures certain maturities of several of the above bond
issues.
February 1996: the first issue of the University’s
General Obligation Bonds secured by the State’s Debt Service
Commitment carried underlying ratings of “A1” by Moody’s
Investors Service, “AA-” by Standard & Poor’s
and “AA-” by Fitch.
February 1998: the first issue of UCONN 2000 Special
Obligation bonds depended upon the State’s SCRF credit rating.
An underlying “stand alone” credit rating was not available
for this nascent program. At the time of issuance, the State SCRF
enhancement allowed the bonds to obtain an “AA-” rating
from Standard & Poor’s, “AA-” from Fitch Investors
Service, and “A-1” from Moody’s Investors Service.
The bonds were subsequently covered by municipal bond insurance
and upgraded to an “AAA” at Fitch and Standard & Poor’s
and “Aaa” at Moody’s Investors Service.
October 1998: Standard & Poor’s upgraded
the UCONN 2000 General Obligation DSC Bonds and the UCONN SFR 1998-A
(SCRF) bonds to “AA” from “AA-”.
March 2000: Moody’s upgraded UCONN 2000 General
Obligation DSC Bonds to “Aa3” from “A1”.
June 2000: the University achieved a milestone
with its first underlying Special Obligation Bond “stand alone” credit
rating of “AA-” (S&P), and an “A1” (Moody’s).
February 2001: Moody’s upgraded UCONN 2000
General Obligation DSC Bonds to “Aa2” from “Aa3”.
In April 2001, the General Obligation DSC 2001 Series A bonds were
sold without any bond insurance security enhancement on any maturity,
another successful first-time accomplishment for the UCONN 2000
bond program. Moody’s upgraded UConn’s SFR 1998-A Bonds,
which are secured by the State SCRF, at this time to “Aa3” from “A1”.
January 2002: UConn’s 2000 Special Obligation
Bonds (Non-SCRF) were upgraded to “Aa3” from “A1” by
Moody’s. This graduated UConn’s Special Obligation bonds
to Moody’s “high-grade” bond category and impacted
the underlying credit on all outstanding Special Obligation Student
Fee Revenue Bonds. (The $33.6 million Special Obligation Student
Fee Revenue Bonds Series 1998-A bonds which are secured by the State’s
SCRF already carried the “Aa3” rating.) This high rating
was assigned a stable outlook and represented a positive judgment
by the capital markets regarding UConn’s financial strength,
real and potential growth as an institution, and management.
August 2002: Reflecting the outlook changes for
the State’s General Obligation Bonds, Moody’s and Standard
and Poor’s both moved their outlook from “stable” to “negative” for
UConn’s General Obligation DSC Bonds while retaining their
respective credit rating levels at “Aa2” and “AA”.
Fitch took no action. In a sign of confidence in the University’s
management and growth potential, Moody’s and Standard & Poor’s
kept UConn’s Special Obligation Bond ratings levels and stable
outlook unchanged.
March 2003: During tougher economic times the rating
agencies confirmed the University’s General Obligation DSC
bond ratings as follows: Fitch “AA-”; S&P “AA”;
and Moody’s “Aa2”. Moody’s also confirmed
UConn’s Special Obligation and Foundation bond ratings at “Aa3”.
Holding the credit ratings was a good sign, in light of Moody’s
February 2003 move of the State General Obligation bonds, and consequently
the University’s DSC and SCRF security bonds, to Watch list
for possible downgrade.
July 2003: On July 2, 2003, citing State budget
problems, Moody’s downgraded the University’s General
Obligation DSC bond ratings to “Aa3” from “Aa2” consistent
with its action on the State General Obligation bond rating. The
good news was that Moody’s also confirmed UConn’s Special
Obligation (“non-SCRF) bond ratings at “Aa3”.
Moody’s also briefly downgraded the University’s 1998
Special Obligation Bonds secured by the State’s SCRF to “A-1” following
a general downgrade of any bonds backed by the State’s SCRF,
but then upgraded the University’s 1998 Special Obligation
Bonds back to “Aa-3” on July 14, 2003.
January 2004: Importantly, we were successful in
confirming the credit ratings for the UCONN General Obligation Debt
Service Commitment bonds at a time of State budget deficits and
negative press reports. The unenhanced ratings for the UCONN 2000
GO DSC 2004 new
money and refunding bond issues were as follows: Moody’s Investors
Service “Aa3”, Standard & Poor’s “AA” and
Fitch IBCA “AA-”. Several maturities also carried “AAA” rated
MBIA bond insurance.
-
Debt Service
The State General Fund pays the debt service on the University’s
General Obligation Debt Service Commitment Bonds. The University pays
the debt service on the Special Obligation Student Fee Revenue Bonds
from its own resources. For all the UCONN 2000 General Obligation Debt
Service Commitment securities issued since the program’s inception
in 1996 to September 30, 2004 (including the DSC2004 Refunding Bonds
but net of refunded debt) debt service totals $1,347.6 million, representing
$906.3 million of principal and $441.4 million of interest (including
capital appreciation bonds).
As of September 30, 2004 there will be total debt service remaining
of $1,005.8 representing $717.9 million of principal and $287.9 million
of interest (including capital appreciation bonds).
For the Fiscal Year Ending June 30, 2004 the Debt Service Commitment
paid for the University’s General Obligation Bonds amounted to
$67.5 million (representing $42.9 million of principal and $24.6 million
of interest).
UCONN 2000 Special Obligation Student Fee Revenue securities debt service
amounts to $392.6 million, representing $205.1 million of principal
and $187.5 million of interest over the course of the maturity spectrum,
net of pre-refunded and defeased bonds. As of September 30, 2004 there
will be $193.8 million of principal and $151.8 million of interest
remaining (including capital appreciation bonds). All other things
equal, the Special Obligation bonds incur proportionally more interest
expense because they are generally issued for terms of up to thirty
years compared to twenty years for the Debt Service Commitment bonds.
For the Fiscal Year Ending June 30, 2004 the University paid from its
own resources Special Obligation Bond debt service of $13.2 million
(representing $3.8 million of principal and $9.4 million of interest).
-
UCONN 2000 Bond Proceed
Investments
The investment of tax-exempt bond proceeds is heavily regulated by
the Internal Revenue Service, the relevant Indentures of Trust with
bondholders, Connecticut law, and other regulatory mechanisms. In addition
to meeting those requirements, the University’s general investment
policy is to balance an appropriate risk-return level, heavily weighted
towards safety of assets, with estimated cash flow needs and liquidity
requirements. The University is also mindful that the rating agencies,
bond buyers, and bond insurers often weigh the quality of an issuer’s
investment portfolio.
Bond Proceeds form part of the Trust Estate established with the Trustee
Bank as security for bondholders. To date, the University has directed
the Trustee Bank to invest any Debt Service Commitment construction
fund proceeds in the State Treasurer’s Short Term Investment
Fund (“STIF”) which is “AAA” rated and offers
daily liquidity and historically attractive risk-adjusted yields. The
State Treasurer’s Office wishes to hold and invest the University’s
General Obligation Bonds Debt Service Commitment funded Costs of Issuance
account, a much smaller account.
Similarly, the University has directed the Trustee Bank to invest all
the Special Obligation new money bond proceeds in dedicated STIF accounts,
with the exception of the 1998 Special Obligation Special Capital Reserve
Fund which is invested in longer term “AAA” rated federal
agencies’ fixed income Investment Obligations as defined in the
Special Obligation Indenture of Trust.
The Special Obligation Student Fee Revenue Refunding Series 2002-A
proceeds, other than the costs of issuance and debt service accounts
that are invested in STIF, are held by the Trustee Bank in an irrevocable
escrow fund, which is invested in U.S. Treasury State and Local Government
Securities (“SLGS”) and cash pursuant to the Escrow Agreement.
-
UCONN 2000 Bond Proceed Investment
Earnings
The Debt Service Commitment bond proceeds investment earnings are
retained by the State Treasurer’s Office and do not flow to
the University or to the Trustee Bank.
Fiscal Year End June 30, 2004 UCONN 2000 Special Obligation Student
Fee Revenue Bonds investment earnings amounted to approximately $168.8
thousand (cash basis). The Student Fee Revenue Bonds investment earnings
are part of the Pledged Revenues and are directly retained by the
Trustee Bank to pay debt service on the bonds, and may also be used
to flow to other Trustee bond accounts, if necessary, pursuant to
the Indenture of Trust.
The investment earnings on the Special Obligation Student Fee Revenue
Series 2002-A Refunding Escrow Account flow to the irrevocable escrow
and are used by the Trustee Bank to meet debt service payments on
the defeased bonds.
Similarly, investment earnings on the General Obligation Debt Service
Commitment Series 2004-A Refunding Escrow Account flow to an irrevocable
escrow and are used by the Trustee Bank to meet debt service payments
on the defeased bonds.
-
Future UCONN 2000 Debt Issuance
The University anticipates offering a Debt Service Commitment Bond issue
during fiscal year 2005 to fund an expected $100 million of UCONN 2000
Projects. The passage of 21st Century UConn allows for $1.3 billion
of additional securities backed by the State’s Debt Service Commitment,
phasing in during Fiscal Year 2005. Additionally, the University could
issue Special Obligation Revenue bonds for certain projects that have
a financial self-sufficiency capacity, and/or if aggregate pledged revenues
are sufficient to meet requirements of the Special Obligation Indenture.
Market conditions and other factors might also lead to issuance of either
General Obligation or Special Obligation refunding bonds in the future.
Finally, the University may enter into other types of tax-exempt debt.
PRIVATE FINANCIAL SUPPORT
Campaign UConn, the largest private fund-raising effort ever conducted by a public
university in New England, ended on June 30, 2004 exceeding its $300 million goal
by a record-shattering $171.1 million.
The $471.1 million total includes the in-kind gift of engineering software from
UGS PLM Solutions, a subsidiary of EDS, with a commercial value of $146.1 million – the
largest gift ever received by the University.
The gifts and pledges collected during the six-year Campaign will support students,
faculty, and academic programs. Of the 115,000 individuals, corporations, charitable
foundations, and other organizations that made nearly 323,000 gifts and pledges
during the Campaign, more than 61,000 were first time donors.
Fiscal year 2004, which ended on June 30, was the most successful single year
of fund-raising in the University’s history. In addition to the $146.1 million
in-kind gift, the University raised $75 million, besting the previous high of
$57 million raised in 2001. The Annual Fund also surpassed its goal of $2.5 million
and investment returns earned 16.5 percent.
Every school college and campus is benefiting from Campaign UConn. Of the donations
received, $37.5 million has been designated primarily for scholarships, $45.3 for
faculty support, and $388.3 for program enhancements and some building projects
not covered by UCONN 2000/21st Century UConn.
The impact of the Campaign can be measured by the 415 new endowments established.
Of these, 253 are for student scholarships, fellowships and awards; 37 for faculty,
which includes 17 endowed chairs and 8 professorships; and 125 for program support.
The total number of endowments now stands at 1,016. There are 629 for student support,
95 for faculty support and 292 for program support.
In addition, the Campaign more than doubled the University’s endowment from
$123 million in 1998 to $250 million.
The largest gift to the Campaign by an individual was from Ray Neag ’56 ’01H,
who pledged a total of $23 million – $21 million in support of the Neag School
of Education and $2 million to endow the Ray Neag Distinguished Chair in Vascular
Biology at the Health Center.
STATE ENDOWMENT MATCHING FUNDS
The University anticipates receiving $18.63 million in endowment matching
funds from the state of Connecticut in the fall of 2004. The funds,
which had been delayed due to State budget difficulties, cover gifts
given in the calendar years 2000 through 2003.
Significant Commitments
Ray and Carole Neag have made a post-campaign commitment of $10 million
to name and support the Carole and Ray Neag Comprehensive Cancer Center
at the UConn Health Center. Half of the gift will go to endowment.
I’mPACT World, Ltd. made a $4.2 million gift to the University
establishing the Yuji Hayashi Distinguished Chair in Plasma Chemistry
and the Yuji Hayashi Fellows, within the Chemistry Department. This
generous gift established the second distinguished chair and first
endowed fellowships in the Department.
The School of Pharmacy received a $2 million gift from Pfizer Global
Research and Development, a division of Pfizer Inc., to endow the
school’s first distinguished chair, the Pfizer Distinguished
Endowed Chair in Pharmaceutical Technology. It is the largest single
gift ever received by the School.
Dr. John W. Rowe, chairman and CEO of Aetna Inc., and his wife, Valerie,
have made a $1.5 million gift to endow the John and Valerie Rowe Health
Professions Scholars Program. Under this program, Storrs-based undergraduate
programs and the UConn Health Center in Farmington will collaborate
to enhance the educational experience of underrepresented students
interested in pursuing careers in medicine and dental medicine. Dr.
Rowe is Chairman of the University of Connecticut Board of Trustees.
An anonymous donor gave $1 million to fund the Linda and David Roth
Chair in Cardiovascular Research at the UConn Health Center.
The Estate of Marianne Hartly left $2 million to establish the Dr.
Manfred J. Sakel Endowed Fund at the UConn Health Center.
The Estate of Geraldine Waring left $888,000 to enhance the Dr. Charles
E. Waring Chemistry Scholarship Fund and $111,000 for the Dr. Charles
E. Waring Football Scholarship Fund.
Peter M. Shanley ’57 made a commitment of $250,000 to establish
the Peter Shanley Endowment to provide program support for the School
of Business.
The Estate of Nancy S. Cassone left $200,000 to support The Domenico & Julia
(Centonze) Cassone Scholarship Fund to assist women of Italian-American
heritage who wish to attend UConn-Stamford.
An anonymous donor made a gift of $181,850 in support of the Smyrski
Farm Scholarship for students enrolled in the College of Agriculture
and Natural Resources.
Dominick A. Pagano ’68 donated $100,000 to establish the Dominick
A. Pagano Endowed Scholarship in Computer Science and Engineering
Fund.
Bernard Sippin ’52 donated $100,000 to establish the Bernard
Sippin ’52 Scholarship Fund for students enrolled in the Finance
Program of the School of Business.
Breckenridge Pharmaceutical, Inc. committed $100,000 to support the
School of Pharmacy Endowment for the 21st Century. The endowment provides
support for faculty, scholarships and programmatic enhancements.
Bernard M. Cronin ’60 committed $50,000 to establish the Bernard
M. Cronin ’60 Sales Excellence Scholarship Fund for undergraduates
enrolled in the School of Business Sales Certificate Program.
Gerald N. Koblin ’60 committed $50,000 to support the School
of Pharmacy Endowment for the 21st Century.
Robert W. Strickland ’50 committed $50,000 to be split evenly
between the Robert W. Strickland Endowed Scholarship Fund for Engineering
students and the Endowment Fund for the Alumni Association to support
programs sponsored by the Alumni Association.
PricewaterhouseCoopers, LLP committed $50,000 to the Richard F. Kochanek
Faculty Excellence Fund for the Accounting Department of the School
of Business.
Eileen W. Palermo established a Charitable Remainder Unitrust for
$50,000, which will eventually benefit an endowment for the advancement
of language study within the College of Liberal Arts and Sciences.
PREVAILING WAGE COMPLIANCE
REPORT
The attachments referred to below cover
the period of April 1, 2004 through September 30, 2004 and
are issued pursuant to the requirements of subsection (f) of
section (7) of Public Act 02-3, an Act Concerning
21st Century UCONN, by providing the following
information:
-
The names and addresses of contractors and
subcontractors performing repair, addition,
alteration and new construction on the university's
campuses in the previous six months.
Attachment A
(Download or open as an Excel
spreadsheet) provides the list
in alphabetical order. This is the third report, which is being
filed in conjunction with the October 2004 Report
Number nineteen to provide a consolidated report for
UCONN 2000 activities. There is no sub grouping of
contractors or subcontractors, as the nature of
their business makes each interchangeable with the
other as business opportunities become
available.
-
The extent to which the listed contractors and
subcontractors have been in compliance with the
provisions of part III of Chapter 557 and
provisions of Chapter 558 [of the Connecticut
General Statutes having to do with the payment of
prevailing wage rates].
This information is in Attachment B (Download or open as
an Excel spreadsheet) which
is based on information from the State of
Connecticut Department of Labor, Wage and Workplace
Standards Division, Contract Compliance Unit and represents
a combined sharing of information by the University
of Connecticut and the Department of Labor.
-
Any actions taken by the University to cooperate
with the Labor Department in the enforcement of
said provisions [in item (2)].
Attachment C
lists support initiatives by the
University.
Attachment D
is the Debarment list issued by the Department
of Labor
|
