Report for the academic year - Libraries - Institute for Advanced Study

Institute for advanced study
The note is payable as follows at June 30, 2000:
2001 54,306
2002 55,397
2003 56,511
2004 57,647
2005 58,805
Through 2017 805,005
Total $1,087,671
D. LONG-TERM DEBT
A summary of long-term debt at June 30, 2000 follows:
Series F 6k G 1997
- NJEFA $41,920,000
Less unamortized bond discount (453,141)
Total long-term debt $41,466,859
Interest expense on long-term debt for the year ended June 30, 2000 was $2,108,130.
In November 1997 the Institute received proceeds of the New Jersey Educational
Facilities Authority offering of $16,310,000 Revenue Bonds, 1997 Series F and
$26,565,000 Revenue Bonds, 1997 Series G of the Institute for Advanced Study Issue.
A portion of the proceeds ($16,969,355) was used to retire the existing Revenue Bonds,
1991 Series. The remainder of the proceeds is to be used for renovation of members
housing, construction of a new academic building, and additional capital projects.
The bonds bear interest at rates ranging from 4% to 5%, payable semi-annually, are sub-
ject to redemption at various prices and require principal payments and sinking fund
installments through July 1, 2028. The obligation to pay the Authority on a periodic
basis, in the amounts sufficient to cover principal and interest due on the bonds, is a
general obligation of the Institute.
The bonds are repayable as follows at June 30, 2000:
2001 $ 1,140,000
2002
1.1^)5,000
2003 1,250,000
2004 1,310,000
2005 M 7 5,000
Through 2028 35,650,000
Total $41,920,000
130