MAINTENANCE

Willamette has historically taken the funding approach to project improvements of raising the money through our fundraising efforts before we do the project. Although this approach has helped to keep our long term debt to a minimum, it was not keeping up with our facility needs and our growing list of deferred maintenance projects was getting larger and larger. We are now supplementing our fundraising efforts with low fixed rate tax exempt municipal bond financing. In 2004 we issued $15 million in tax exempt municipal bonds. Approximately half of this amount was used to refund our only outstanding issue of 1994 at a much lower interest rate which saved the University approximately $500,000 in interest expense. The other half of this issue helped pay for the Art Building renovation and addition, the Eaton 4^th floor remodel, the synthetic turf for the football field, technology equipment, and the YWCA purchase. Of course we utilized fundraising to help pay for portions of these project costs as well. These projects are listed in the first table below. This summer we issued another $13 million in tax exempt bonds which helped fund the projects listed in the second table below. Over the course of the past two summers we have bond financed over $20 million of capital improvements. We will continue to fundraise for our facility needs and supplement those efforts with tax exempt bond financing in the future. This approach will allow us to continue to address our facility needs while maintaining consistency in our current operating budget.

Building	Description of Project	Estimated Cost	Cash Gifts & pledges	Service or purchase date	Total funds needed
Art	Art Building Addition and Renovation	$3,500,000	$2,000,000	June-03	$1,500,000
Eaton	Eaton Hall 4th Floor Renovation	$2,400,000	$500,000	June-03	$1,900,000
Sparks	Sparks Center Athletic Fields/Facilities	$1,000,000	$500,000	June-03	$500,000
Campus	Technology Infrastructure and Equipment	$1,000,000		Fall 04-Spring05	$1,000,000
Waller	Waller Hall	$1,000,000		Fall 04-Spring05	$500,000
	YWCA purchase	$1,350,000			$1,350,000
	Refunding 1994 Bonds	$7,968,447			$7,968,447
Issuance		$216,955			$216,955
Insurance		$215,119			$215,119
Underwriter's Discount		$85,172			$85,172
*Total 04 Bond issue $15,075,000		$18,735,692	$3,000,000		$15,235,692

Building	Description of Project	Estimated Cost	Cash Gifts & pledges	Service or purchase date	Total funds needed
Kaneko Commons	$14m construction with addition to TIUA building	$14,000,000	$5,000,000	Aug-06	$9,000,000
AGSM	Reroof	$120,000		Summer 2005	$120,000
Campus	Soccer field, install Field turf and lights	$1,000,000		Summer 2005	$1,000,000
Collins Science	Modernize elevator	$110,000		Summer 2005	$110,000
Collins Legal	Classroom renovation	$500,000		Summer 2005	$500,000
Doney	Add fire sprinklers to rooms	$120,000		Summer 2005	$120,000
Doney	Reroof and repair valleys	$120,000		Summer 2005	$120,000
Lausanne	Seal brick	$50,000		Summer 2005	$50,000
Stadium	Reroof	$165,000		Summer 2005	$165,000
Waller	Exterior Renovation/ 4^th floor HVAC	$900,000		Summer 2005	$900,000
WISH	Admission addition	$165,000		Summer 2005	$165,000
	Legal Arts Building	$297,940		3/23/2004	$297,940
	Ferry Street Parking Lot	$50,980		3/23/2004	$50,980
	Church St. Parking Lot	$63,460		3/23/2004	$63,460
Issuance		$168,000			$168,000
Underwriters Disc		$78,000			$78,000
Insurance		$227,411			$227,411
*Total 05 Bond issue $13,000,000		$18,135,791	$5,000,000		$13,135,791