Trustees approve ATM lease, bond swapping
April 19, 2004
KALAMAZOO--In business action at their April 16 meeting, members of the Western Michigan University Board of Trustees authorized the extension of an ATM lease and refinancing of bonds issued in 1997.
Trustees approved a five-year extension of a lease with Standard Federal Bank for the ATM located at the corner of Howard Street and West Michigan Avenue. The machine must be moved several hundred feet to accommodate the Howard/West Michigan road project that begins this month. Because WMU is requiring a new capital expenditure from the bank, Standard Federal officials requested the five-year agreement instead of the year-to-year leases that have been used since 1999. The extension will begin on Nov. 1, with rental beyond Oct. 31, 2009, returning to a year-to-year basis.
In other action, trustees authorized WMU officials to pursue a bond swap to refinance existing Series 1997 Bonds. Administration officials will monitor market conditions and, if they remain favorable, will pursue one of several options that would allow the University to capture today's historically low interest rates.
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