Kutak Rock served as Bond Counsel to the National Finance Authority in connection with the issuance of its National Finance Authority Lease Revenue Bonds (NCCD - UNR Properties LLC – University of Nevada, Reno Project) Series 2023A, in the aggregate principal amount of $148,100,000 and its National Finance Authority Lease Revenue Bonds (NCCD - UNR Properties LLC – University of Nevada, Reno Project) Taxable Series 2023B, in the aggregate principal amount of $490,000.

Proceeds of the bonds will be used to construct a College of Business building on the University of Nevada – Reno campus. The building is comprised of an approximately 128,000 square foot academic and instructional facility. It is planned to primarily consist of a mixture of academic instructional spaces, including an auditorium, classrooms, computer labs, and team meeting spaces, along with student gathering and amenity spaces and administrative functions. A special purpose entity was established for the sole purpose of assisting the University in financing the construction of the College of Business.

The project will be built on land owned by the University. The University will ground lease the land to the Borrower who will subsequently sublease the project to the University for a term of 30 years. The term of the ground Lease is 35 years. The obligation of the University to make lease payments due under the Sublease will be unsecured obligation of the University payable from legally available funds.

Fred Marienthal, Michael Thomas, Kate Starick, Heather Puckette and Shawn Willette worked on this transaction.