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Debt Service Savings Produced for Adams State University

News | May 20, 2019



Kutak Rock served as bond counsel to Adams State University in connection with the issuance of the Board of Trustees for Adams State University Institutional Enterprise Revenue Refunding Bonds, Series 2019A in the aggregate principal amount of $30,835,000.  The proceeds of the Series 2019A Bonds were utilized to current refund all of the Board of Trustees for Adams State College, Auxiliary Facilities Revenue Bonds, Series 2009B and current refund all of the Board of Trustees for Adams State College, Taxable Auxiliary Facilities Revenue Bonds (Build America Bonds-Direct Payment to Board), Series 2009C.  The refunding of the Series 2009B Bonds and the Series 2009C Bonds produced a significant amount of debt service savings for Adams State University.

Adams State College was founded as Adams Normal School in 1921 and was re-named Adams State University in 2012.  The University was founded by former Colorado governor William Adams, whose goal was to educate teachers for remote, rural areas, such as the San Luis Valley of southern Colorado.  Since its inception, the University has prided itself on its students’ and faculty’s dedication, perseverance and intellectual curiosity.  Providing geographic access for low-income students is core to the University’s mission, with 91% of the University’s undergraduate students receiving financial aid, 55% of its undergraduate students considered to be low-income and 68% of its undergraduate students qualifying for need-based federal Pell Grants.  The University is one of Colorado’s most cost effective institutions and maintains its historical commitment to access for Colorado’s underserved citizens.

Although Alamosa is located in the San Luis Valley, approximately a four hours’ drive from Denver, the University was influenced by the social change that marked the 1950s, 1960s and 1970s.  In the early fifties, in anticipation of increasing college enrollments from the baby boom generation, the University initiated a 10-year building program during which the majority of the campus’ current facilities were constructed.  The University’s enrollment grew from 349 in 1950 to over 2,000 fifteen years later.  By 1975, the University had greatly broadened its range of programs, and no longer defined itself as only a teaching college.

Today, the University offers undergraduate degrees in 26 disciplines and maintains graduate programs in nine areas of study.  As State funded financial support has fluctuated, the University has focused on improving operating efficiency and expanding online programs.  Nearly all non-academic services are funded through the University’s auxiliary services, which do not depend on State support.  The campus consists of more than 50 buildings, and maintains a total full time equivalent enrollment of approximately 2,446 undergraduate and graduate students.