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Resolutions of
The Board of Trustees

Lincoln University, PA
 

RESOLUTION 284
November 17, 2007

 
UNCOLLATERALIZED GUARANTEED                                          RES284_111707
INVESTMENT CONTRACT (GIC)
 
    

WHEREAS, The Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2004A and 2004B, issued by Lincoln University on June 10, 2004, require prudent investment of its Debt Service Reserve; and

WHEREAS, The University determined that the proper investment vehicle was an Uncollateralized Guaranteed Investment Contract; and

WHEREAS, The University conducted a public bid utilizing as bid agent, Public Financial Management who had been previously selected during the 2004 bond issuance process; and

 WHEREAS, The successful bidder was MBIA, Inc. with a rate of return of 5.347% for 30 years for the contract period August 23, 2007 – June 1, 2036; therefore, be it

 RESOLVED, That the Uncollateralized Guaranteed Investment Contract with MBIA, Inc. is hereby approved.

 
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