THAT: The Board of Regents of the Montana University System acknowledges the receipt of various improvements to Montana State University-Billings from the Series D 1996 Facilities Improvement and Refunding Revenue Bonds.

EXPLANATION: The Indenture of Trust for the Series D 1996 Facilities Improvement and Refunding Revenue Bonds provides funds for a Parking Garage, Office Building Acquisition, and System Improvements.

The following projects have been substantially completed:

1) Normal Parking Lot ($313,000) - One hundred and fifty new parking spaces completed August, 1997, relieved a tremendous amount of the parking congestion on the west side of Campus. Two houses were demolished and Normal Avenue widened to accommodate the new parking. This project addressed accessibility issues and included landscaping.

2) Petro & Rimrock Hall Plumbing ($238,000) - The plumbing within Petro Hall was completely replaced August, 1997. Similar repairs to the drain lines in Rimrock Hall were complete August 1998. Residents have enjoyed on demand hot water, minimal congested drains and experienced relatively few trouble calls.

3) Electrical Distribution System ($300,000) - Conjunctively funded the construction of a new electrical distribution system which provides the entire Campus with a safe, reliable source of power to meet today�s growing needs as well as our future requirements was completed August, 1998.

4) Parking Garage ($5,121,000) - Construction completed September, 1998, on the new five hundred car, four story parking structure adjacent to Apsaruke Hall and extending across the Canal. This project included a new bridge across the Canal, office space for Security as well as a skybridge to the College of Business.

5) Student Union/Residence Hall Improvements ($95,000) - The various projects were complete May, 1999, and included recarpeting of the common areas within the Residence Halls, conversion of leased spaces to dorms, additional power and ADA compliance issues.

6) Soccer Field ($45,000) - A new soccer field complete with irrigation, drainage and landscaping was complete in July, 1999, at the College of Technology.

7) Student Family Housing ($1,300,000) - Six three bedroom and four two bedroom units of student family housing were complete September, 1999, in the residential area immediately east of the gymnasium. Two of the units are fully accessible to meet current ADA criteria. Five rental houses were removed to accommodate this project.

8) Peaks to Plains Park ($750,000) - The park complex includes an outdoor performance area, class study areas, conversation pits, pedestrian pathways, site lighting, landscaping, and a reflecting pond which can be used as an ice rink in the winter. Phase I was complete September, 1999. The remaining phases will be funded through the Capital Campaign for our 75^th anniversary.

Montana State University - Billings, on behalf of the Board of Regents will deliver a Certificate of Completion to the Trustee once the Contractors� one year warranty has expired. The certificate will state that the project has been fully completed in accordance with the plans and specifications and that the project has been fully paid for and no claim or claims exist against the Board.