Kutak Rock LLP served as bond counsel to the Colorado Educational and Cultural Facilities Authority’s (CECFA) $33,235,000 of revenue refunding bonds on behalf of the University Center for Atmospheric Research. The University Corporation for Atmospheric Research (UCAR) is a nonprofit consortium of more than 100 North American member colleges and universities focused on research and training in the atmospheric and related Earth system sciences. UCAR manages the National Center for Atmospheric Research with sponsorship by the National Science Foundation (NSF) and has collaborated with NSF, other government agencies and other academic institutions to develop interdisciplinary tools, models and observational and computing facilities critical to the atmospheric and related sciences.
The bonds refunded obligations issued by CECFA for various capital improvements and equipment. Project elements were located in Colorado and Wyoming. The transaction permitted UCAR to adjust its risk profile to a traditional fixed rate debt portfolio from a variable rate/swapped or synthetic rate debt portfolio and to provide greater covenant flexibility.