Financial Plan - Cornell University Division of Budget & Planning

Capital PlanSources of External Debt Financing(dollars in thousands)actual Forecast Projected Externalinterest Maturity Balance Balance Debt Service PaymentsTax-Exempt DebtRates Date 6/30/07 6/30/08 08-09 09-10 10-111. Series 1990B Variable 2025 $57,300 $56,700 $2,503 $2,681 $2,7522. Series 1995 Education Loan 5.80–5.90% 2008 6,3393. 1998 Commercial Paper Variable 2037 89,005 100,000 3,085 3,085 3,0854. Series 2000A Variable 2029 58,320 56,620 3,467 3,479 3,4995. Series 2000B 4.63% 2030 76,765 74,835 5,497 5,488 5,4906. IDA Series 2000 5.10-5.25% 2011 4,335 3,330 1,401 1,348 1,2877. IDA Series 2002A 4.52% 2030 42,710 42,530 2,112 2,109 2,1108. IDA Series 2002B 4.33% 2015 15,390 15,390 666 666 4899. Series 2004 3.51% 2008 90,150 88,175 5,195 5,196 5,24510. Series 2006 4.00–5.00% 2035 239,750 231,160 22,820 22,179 21,54911. IDA Series 2008 * 2037 70,000 2,689 2,689 3,98912. Series 2008 * 2037 130,000 5,001 4,995 7,35513. Subtotal Tax-Exempt Debt 680,064 868,740 54,436 53,915 56,850Taxable Debt14. Series 1987B 11.11% 2012 10,370 8,825 2,700 2,698 2,69715. 2004 Commercial Paper Variable 86,979 100,000 3,250 3,250 3,25016. Capitalized Leases Variable 2008 11,29617. Sallie Mae – Series 1999 5.75–6.50% 2019 5,340 5,030 654 651 65318. Urban Development Corp. 0.00% 2029 2,750 2,625 125 125 12519. Other Various 2010 3,308 3,164 209 194 18420. Subtotal Taxable Debt 120,043 119,644 6,938 6,918 6,90921. Total External Debt 800,107 988,384 61,374 60,833 63,759Notes:• The total outstanding external debt and the sum of external debt service payments for 2007-08 shown aboveare different from the corresponding outstanding operating unit debt balances and debt service totals shownon page 59 due to a combination of: (a) differences in timing of borrowing and repayment between theuniversity and various operating units; (b) debt costs, including compounded interest, to be recovered fromfuture interest payments on operating unit debt; (c) external debt service on commercial paper programsthat is planned above as interest only; (d) proceeds of debt issues used to pay issuance costs, on deposit inconstruction funds, or deposited into reserves to pay future debt service or fund project maintenance; and(e) debt incurred for student loans that is not reflected in operating unit balances.• While Series 2000B, 2002A, 2002B, and 2004 were issued as variable-rate debt, they have been swapped tofixed rates for various terms, which are reflected in the interest-rate information and projected debt servicepayments.* Variable until 7/1/2008.58