Word: bondses
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Instead of assuming the cost of a batch of capital projects all at once, he said. Harvard is essentially spreading out payment of construction bills over the thirty years the bonds are outstanding. The yearly income for the various faculties from rises in from rate or contributions will then go...
The money from the sale of the bonds is earmarked to help pay the debt for projects already started--like the $50-million House renovation--and for financing projects scheduled for the next several years--like the Fogg Art Museum. The total cost of all the construction is $195 million...
Harvard will be paying out interest of about seven percent, while it can then reinvest that money in Treasury bonds earning 12 percent, explained Sherwood Bain, senior vice-president of the Boston investment banking firm, Burgess and Leith.
The fact that income from the bonds is non taxable is what allows bond-buyers to ignore the relatively low payrolls from the Harvard issues Harvard's high rating as a borrower triple. A from the credit raters also helps assure buyers, as does the complicated nature of the debt...
That means that after a certain period of time--which depends on the type of bond bought--a buyer is allowed to have the bond prematurely redeemed, at a price equal to the principal and interest thus accrued, and the University is allowed to change the rate of interest it...