May 29-30, 2003
ITEM 119-1013-R0503 Authorization to Finance with the Montana Board of Investments for the Construction of Research Lab Facilities; The University of Montana-Missoula
THAT: Consistent with Board of Regents Policy 950.1, Municipal Finance Consolidation Act Participation, the Board of Regents authorizes The University of Montana-Missoula to finance $1,000,000 through the Montana Board of Investments Intercap Loan Program.
EXPLANATION: Board of Regents Item 118-1002-R0103 authorized The University of Montana-Missoula to construct a Research Lab Facility at a project cost of $1,500,000. The facility will serve as research space for the Division of Biological Sciences and the School of Forestry and is funded in total from indirect cost funds generated from grant activities. Project funding is as follows:
$1,000,000 Intercap Loan to be repaid from indirect cost funds over a period of ten years. Annual debt service ($130,000)
$ 300,000 Current indirect cost funds
ATTACHMENT: State of Montana Board of Investments Loan Application.