Revised June 2010

BOARD OF REGENTS BRIEFING PAPER

1 Agenda Item Title NSHE Debt Financing and MajorConstruction Projects Report

Meeting Date December 3-4 2015

2 BACKGROUND amp POLICY CONTEXT OF ISSUE

NSHE Financial Advisors Marty Johnson and John Peterson of JNA Consulting will present information describing debt mechanisms available to finance NSHE capital projects the status of NSHErsquos existing debt and NSHErsquos future capacity to finance new projects (Attachment A) To add context to the presentation a summary of major capital projects from 2010 to present and future anticipated projects through 2020 is included with the reference material (Attachment B)

3 SPECIFIC ACTIONS BEING RECOMMENDED OR REQUESTED

NA - Information only

4 IMPETUS (WHY NOW)

This item is being presented to update the Board on capital financing mechanisms

5 BULLET POINTS TO SUPPORT REQUESTRECOMMENDATION

NA ndash Information Only

6 POTENTIAL ARGUMENTS AGAINST THE REQUESTRECOMMENDATION

NA ndash Information Only

7 ALTERNATIVE(S) TO WHAT IS BEING REQUESTEDRECOMMENDED

NA ndash Information Only

8 COMPLIANCE WITH BOARD POLICY Consistent With Current Board Policy Title _____ Chapter _____ Section _______ Amends Current Board Policy Title ___ Chapter ___ Section ____ Amends Current Procedures amp Guidelines Manual Chapter _____ Section ______ Other________________________________________________________________________ Fiscal Impact Yes____ No__x___

Explain _______________________________________________________________________

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 1 of 64

1 JNA Consulting Group LLC

Nevada System of Higher Education Municipal Bonds 101

An overview of bonding opportunities amp statistics

December 2015

Attachment A

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 2 of 64

2 JNA Consulting Group LLC

General Municipal Bond Market Statistics

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 3 of 64

3 JNA Consulting Group LLC

Municipal Bond Market 2014 Snapshot

10867 bond issues sold in 2014 Average of 42 issues per business day

$33443 billion borrowed in 2014 Average of $1286 billion per business day

Use of Funds New Money $14401 billion (431) Refunding $12579 billion (376) Combined $6463 billion (193)

Security Revenue $19876 billion (594) General Obligation $13568 billion (406)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 4 of 64

4 JNA Consulting Group LLC

Types of Bonds 2014 Snapshot

(All Numbers in Millions)

Development - $113181 (34)

Education - $855242 (256)

Electric Power - $121736 (36)

Environ Facilities - $22231 (07)

Health Care - $243522 (73)

Housing - $123671 (37)

Public Facilities - $106557 (32)

Transportation - $536735 (160)

Utilities - $380140 (114)

General Purp - $841309 (252)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 5 of 64

5 JNA Consulting Group LLC

Annual Average Municipal Interest Rates1

1 20-Bond Index based on a set of general obligation bonds maturing in twenty (20) years with an average rating of Aa2AA

00

20

40

60

80

100

120

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 6 of 64

6 JNA Consulting Group LLC

NSHE Financing Options

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 7 of 64

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

1 JNA Consulting Group LLC

Nevada System of Higher Education Municipal Bonds 101

An overview of bonding opportunities amp statistics

December 2015

Attachment A

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 2 of 64

2 JNA Consulting Group LLC

General Municipal Bond Market Statistics

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 3 of 64

3 JNA Consulting Group LLC

Municipal Bond Market 2014 Snapshot

10867 bond issues sold in 2014 Average of 42 issues per business day

$33443 billion borrowed in 2014 Average of $1286 billion per business day

Use of Funds New Money $14401 billion (431) Refunding $12579 billion (376) Combined $6463 billion (193)

Security Revenue $19876 billion (594) General Obligation $13568 billion (406)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 4 of 64

4 JNA Consulting Group LLC

Types of Bonds 2014 Snapshot

(All Numbers in Millions)

Development - $113181 (34)

Education - $855242 (256)

Electric Power - $121736 (36)

Environ Facilities - $22231 (07)

Health Care - $243522 (73)

Housing - $123671 (37)

Public Facilities - $106557 (32)

Transportation - $536735 (160)

Utilities - $380140 (114)

General Purp - $841309 (252)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 5 of 64

5 JNA Consulting Group LLC

Annual Average Municipal Interest Rates1

1 20-Bond Index based on a set of general obligation bonds maturing in twenty (20) years with an average rating of Aa2AA

00

20

40

60

80

100

120

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 6 of 64

6 JNA Consulting Group LLC

NSHE Financing Options

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 7 of 64

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

2 JNA Consulting Group LLC

General Municipal Bond Market Statistics

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 3 of 64

3 JNA Consulting Group LLC

Municipal Bond Market 2014 Snapshot

10867 bond issues sold in 2014 Average of 42 issues per business day

$33443 billion borrowed in 2014 Average of $1286 billion per business day

Use of Funds New Money $14401 billion (431) Refunding $12579 billion (376) Combined $6463 billion (193)

Security Revenue $19876 billion (594) General Obligation $13568 billion (406)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 4 of 64

4 JNA Consulting Group LLC

Types of Bonds 2014 Snapshot

(All Numbers in Millions)

Development - $113181 (34)

Education - $855242 (256)

Electric Power - $121736 (36)

Environ Facilities - $22231 (07)

Health Care - $243522 (73)

Housing - $123671 (37)

Public Facilities - $106557 (32)

Transportation - $536735 (160)

Utilities - $380140 (114)

General Purp - $841309 (252)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 5 of 64

5 JNA Consulting Group LLC

Annual Average Municipal Interest Rates1

1 20-Bond Index based on a set of general obligation bonds maturing in twenty (20) years with an average rating of Aa2AA

00

20

40

60

80

100

120

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 6 of 64

6 JNA Consulting Group LLC

NSHE Financing Options

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 7 of 64

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

3 JNA Consulting Group LLC

Municipal Bond Market 2014 Snapshot

10867 bond issues sold in 2014 Average of 42 issues per business day

$33443 billion borrowed in 2014 Average of $1286 billion per business day

Use of Funds New Money $14401 billion (431) Refunding $12579 billion (376) Combined $6463 billion (193)

Security Revenue $19876 billion (594) General Obligation $13568 billion (406)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 4 of 64

4 JNA Consulting Group LLC

Types of Bonds 2014 Snapshot

(All Numbers in Millions)

Development - $113181 (34)

Education - $855242 (256)

Electric Power - $121736 (36)

Environ Facilities - $22231 (07)

Health Care - $243522 (73)

Housing - $123671 (37)

Public Facilities - $106557 (32)

Transportation - $536735 (160)

Utilities - $380140 (114)

General Purp - $841309 (252)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 5 of 64

5 JNA Consulting Group LLC

Annual Average Municipal Interest Rates1

1 20-Bond Index based on a set of general obligation bonds maturing in twenty (20) years with an average rating of Aa2AA

00

20

40

60

80

100

120

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 6 of 64

6 JNA Consulting Group LLC

NSHE Financing Options

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 7 of 64

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

4 JNA Consulting Group LLC

Types of Bonds 2014 Snapshot

(All Numbers in Millions)

Development - $113181 (34)

Education - $855242 (256)

Electric Power - $121736 (36)

Environ Facilities - $22231 (07)

Health Care - $243522 (73)

Housing - $123671 (37)

Public Facilities - $106557 (32)

Transportation - $536735 (160)

Utilities - $380140 (114)

General Purp - $841309 (252)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 5 of 64

5 JNA Consulting Group LLC

Annual Average Municipal Interest Rates1

1 20-Bond Index based on a set of general obligation bonds maturing in twenty (20) years with an average rating of Aa2AA

00

20

40

60

80

100

120

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 6 of 64

6 JNA Consulting Group LLC

NSHE Financing Options

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 7 of 64

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

5 JNA Consulting Group LLC

Annual Average Municipal Interest Rates1

1 20-Bond Index based on a set of general obligation bonds maturing in twenty (20) years with an average rating of Aa2AA

00

20

40

60

80

100

120

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 6 of 64

6 JNA Consulting Group LLC

NSHE Financing Options

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 7 of 64

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

6 JNA Consulting Group LLC

NSHE Financing Options

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 7 of 64

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

7 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

1 State General Obligation Bonds Appropriations

General Obligation of State

bull State Wide Property Tax

bull State Appropriations

bull Legislative Authorization bull State Board of Finance

bull UNLV Hotel College Building

2 State Lease Purchase bull State Promise to Appropriate Funds

bull Lien on Financed Asset

Any Legally Available State Funds (can include other funds)

bull Legislative Authorization or Interim Finance Committee

bull State Dept of Admin Treasurer bull State Lands Registrar bull State Board of Finance bull Regents bull State Board of Examiners

bull NSC student union building

3 Slot Tax Revenue (State) Bonds

bull Pledged Slot Tax Revenues

bull General Obligation of State

Slot Tax Revenues

bull Legislative Authorization bull Regents bull State Board of Finance

bull UNLV Thomas amp Mack Center bull UNR Engineering amp Science

Building Renovation

The following table generally illustrates various financing options (ie ways to leverage a revenue stream) as opposed to sources of debt repayment Before a financing method can be selected a source of repayment (revenue stream) must be selected

NEVADA SYSTEM OF HIGHER EDUCATION

SUMMARY OF CAPITAL FINANCING OPTIONS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 8 of 64

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

8 JNA Consulting Group LLC

Financing Method Security Source of Debt Payment Approval Process RecentProposed Projects Financed Using This Method

4 Universities Revenue Bonds (or Community College)

Pledged Student Fees Revenues from Various Facilities

Most Revenue Streams bull Legislative Authorization bull Regents

bull UNLV Beverly Rogers Literature amp Law Building Remodel

bull UNR Mackay Stadium Imp

5a System Certificates of Participation (COPS)

All Legally Available Funds of the System

Most Revenue Streams bull Regents bull UNR Student Fitness Center bull TMCC Redfield Health

Science Center bull UNR Great Basin Hall

5b Bank Loans All Legally Available Funds of the System

Most Revenue Streams bull Regents bull CSN renovation of West Charleston ldquoArdquo amp ldquoBrdquo buildings

bull Donor ldquobridgerdquo financings

5c Vendor Developer Financing

Revenue StreamCollateral (asset being financed)

Most Revenue Streams bull Regents bull Equipment leases bull UNR Sinclair Street lease w

City of Reno

5d Other Industrial Development Revenue Bonds New Markets Tax Credits Tax Increment Bonds

Revenue Stream Collateral (asset being financed)

Most Revenue Streams bull City or County bull Regents or a Foundation

bull UNLV Foundation Building bull UNR Ponderosa Village bull MidTown UNLV

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 9 of 64

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

9 JNA Consulting Group LLC

Bonding Authorization

State GO bonds none

Revenue bonds UNR ndash master plan projects UNLV ndash master plan projects CSN ndash student servicesparking

classrooms NSC ndash student housingparking WNC ndash student housing Bank loansSystem COPs not

subject to Legislative authorization

Issuance of bonds often depends on affordability not authorizationdebt limit

Authorization is equivalent to the number of checks in your checkbook

Revenues pledged to bonds may not be the source of repayment (eg bridge loans repaid with donor funds)

Bank loansSystem COPs represent a cross-pledge of all NSHE institutions

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 10 of 64

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

10 JNA Consulting Group LLC

Legislatively Authorized Revenue Bonds Campus Bond Type

Authorized but Unissued

Legislative Authorization

Authorization Expiration

Authorized Projects

UNR UNRUNLV Student Fee Revenue

$2790000 AB 478 (2011) Jan 1 2029 Capital improvements within Master Plan

UNLV UNRUNLV Student Fee Revenue

156020000 AB 401 (2009) Jan 1 2029 Capital improvements within Master Plan

CSN Community College Student Fee Revenue

45000000 SB 455 (2007) June 1 2022 bull Student service facilities

bull Classrooms bull Parking facilities

WNC Community College Student Fee Revenue

20000000 SB 455 (2007) June 1 2022 Residence hall

NSC Nevada State College Student Fee Revenue

15000000 5000000

SB 455 (2007) June 1 2022 bull Student housing bull Parking facilities

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 11 of 64

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

11 JNA Consulting Group LLC

NSHE Debt SummaryAnalysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 12 of 64

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

12 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY SECURITY TYPE)

Nevada System of Higher Education December 1 2015

1207 719

6231 496

070

1277

State GO Bonds ndash $84695000

State COPs ndash $50445000

Universities Revenue Bonds ndash $437185000

NSHE COPs ndash $34780000

DRI Lease Revenue Bonds ndash $4930000

Misc Bank LoansLeases ndash $89576033

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 13 of 64

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

13 JNA Consulting Group LLC

Nevada System of Higher Education DEBT SERVICE REQUIREMENTS TO MATURITY

Bonds Bank LoansLeases As of June 30 2015

0

10000000

20000000

30000000

40000000

50000000

60000000

7000000020

1620

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

4320

44

State GO Bonds State COPs UNR UNLV CSN TMCC DRI GBC

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 14 of 64

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

14 JNA Consulting Group LLC

COMPOSITION OF OUTSTANDING AND APPROVED DEBT amp OTHER CAPITAL OBLIGATIONS (BY BENEFICIARY CAMPUS)

Nevada System of Higher Education December 1 2015

3968

5014

719

109

063

113

014

UNLV ndash $278413861 UNR ndash $351773844 Nevada State College ndash $50445000 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $701611033

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 15 of 64

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

15 JNA Consulting Group LLC

A Few Noteshellip (not all debt is created equal)

Projects generating incremental revenues do not impact debt affordability in the same way as non-revenue generating projects

Debt paid by sources outside of NSHE are excluded from rating agenciesrsquo analysis of NSHE State GO Bonds State Certificates of Participation

UNRUNLV have used interim ldquobridgerdquo loans to match timing of donor contributions These may affect debt affordability but are generally expected to be paid from non-NSHE sources

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 16 of 64

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

16 JNA Consulting Group LLC

OUTSTANDING amp APPROVED DEBT WITH A RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

3909

5721

000

135

079 140

017 UNLV ndash $221416300 UNR ndash $324076404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $566471033 Excludes State GO Slot Tax Bonds amp COPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 17 of 64

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

17 JNA Consulting Group LLC

Debt Outstanding or Approved But Unissued by Board of Regents

Campus Debt Type Debt

Outstanding Approved but

Unissued Total

UNR Univ Rev Bonds NSHE COPs Bank LoansOther Total

255905000 28975000 11596404

$296476404

0 0

27600000 $27600000

255905000 28975000 39196404

$324076404

UNLV Univ Rev Bonds NSHE COPs Bank LoansOther Total

181280000 1355000

768300 $183403300

0 0

38013000 $38013000

181280000 1355000

38781300 $221416300

CSN Bank LoansOther $7673000 $0 $7673000

TMCC NSHE COPs $4450000 $0 $4450000

DRI Lease Rev Bonds Bank LoansOther Total

4930000 2977747

$7907747

0 0

$0

4930000 2977747

$7907747

GBC Bank LoansOther $947583 $0 $947583

NSHE $500858033 $65613000 $566471033

Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 18 of 64

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

18 JNA Consulting Group LLC

Approved But Unissued BondsNotes

Campus BondObligation Type Amount Project

UNR Bank Loan (Donor Bridge)

11700000 Achievement Center

UNR Bank Loan (Donor Bridge)

15900000 Fitness Center

UNLV Bank Loan (Donor Bridge)

19900000 Hotel Admin Building

UNLV Capital Lease 18113000 UNLV Gateway

Total 65613000

Proposed BondsNotes

Campus BondObligation Type Amount Project

UNR NSHE Cert of Participation

53250000 Great Basin Residence Hall

UNLV Promissory Note (NSHE COPs)

50100000 TropKoval Land Purch

Total 103350000

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 19 of 64

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

19 JNA Consulting Group LLC

DEBT (INCLUDING PROPOSED) WITH RATING IMPACT (BY CAMPUS)

Nevada System of Higher Education December 1 2015

4054

5633

000

115

066

118

014

UNLV ndash $271516300 UNR ndash $377326404 Nevada State College ndash $0 CSN ndash $7673000 TMCC ndash $4450000 DRI ndash $7907747 GBC ndash $947583

Total ndash $669821033 Excludes State GO BondsCOPs

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 20 of 64

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

20 JNA Consulting Group LLC

NSHE Rating Analysis

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 21 of 64

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

21 JNA Consulting Group LLC

Ratings Moodyrsquos Standard amp Poors Description

High Grade Aaa AAA The highest rating assigned to a debt instrument indicating an

extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities

Aa1 AA+ High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA

Aa2 AA Aa3 AA-

Medium Investment Grade A1 A+ These bonds possess many favorable investment attributes but

elements that suggest a susceptibility to impairment given adverse economic changes may be present

A2 A A3 A- Baa1 BBB+ Bonds are regarded as having adequate capacity to pay principal and

interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment

Baa2 BBB Baa3 BBB-

Speculative Ba1 BB+ Bonds regarded as having only moderate protection of principal and

interest payments during both good and bad times Ba2 BB Ba3 BB- B1 B+ Bonds that generally lack characteristics of other desirable

investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small

B2 B B3 B-

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 22 of 64

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

Moodyrsquos		Standard amp Poors		Description
High Grade
		Aaa				AAA		The highest rating assigned to a debt instrument indicating an extremely strong capacity to pay principal and interest Bonds in this category are often referred to as ldquogilt-edgerdquo securities
		Aa1				AA+		High-quality bonds by all standards with strong capacity to pay principal and interest and judged to be of high quality by all standards These bonds are rated lower primarily because the margins of protection are less strong than those for Aaa and AAA
		Aa2				AA
		Aa3				AA-
Medium Investment Grade
		A1				A+		These bonds possess many favorable investment attributes but elements that suggest a susceptibility to impairment given adverse economic changes may be present
		A2				A
		A3				A-
		Baa1				BBB+		Bonds are regarded as having adequate capacity to pay principal and interest but certain protective elements may be lacking in the event of adverse economic conditions that could lead to a weakened capacity for payment
		Baa2				BBB
		Baa3				BBB-
Speculative
		Ba1				BB+		Bonds regarded as having only moderate protection of principal and interest payments during both good and bad times
		Ba2				BB
		Ba3				BB-
		B1				B+		Bonds that generally lack characteristics of other desirable investments and have greater vulnerability to default Assurance of interest and principal payments over any long period of time may be small
		B2				B
		B3				B-

22 JNA Consulting Group LLC

NSHE Bond Ratings (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

State of Nevada GO Bonds AA Aa2 AA+ Universities Revenue Bonds AA- Aa2 na NSHE Certs of Participation AA- na AA DRI Lease Revenue Bonds na na AA- Community College Rev Bondsdagger na na na

Rating agencies apply state sovereignty rule to NSHE ratings dagger No longer outstanding

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 23 of 64

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

23 JNA Consulting Group LLC

NSHE Peer Ratings Comparison (as of November 1 2015)

Standard amp Poorrsquos

Moodyrsquos Fitch

NSHE AA- Aa2 AA Clark County Nevada AA Aa1 na

Washoe County Nevada AA Aa2 na

Clark County School District Nevada AA- A1 na

Washoe County School District Nevada AA Aa3 AA-

University of Arizona AA- Aa2 na

Colorado State Universitydagger A+ Aa3 na

University of Hawaii A+ Aa2 AA

University of New Mexico AA Aa2 na

Fitch does not rate newly issued Washoe County School District bonds dagger Depicts the underlying CSU system rating not that of its statersquos intercept program

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 24 of 64

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

24 JNA Consulting Group LLC

NSHE vs Moodyrsquos Medians (FY2014 medians)

Category NSHE (Aa2)

Moodyrsquos (Aa)

Moodyrsquos (A)

FTE Enrollment 68550 27668 9470

Debt Outstanding ($000s)dagger 550123 585498 116628

Expendable Resources to Debt (x) 199 122 074

Total Financial Resources to Debt (x) 274 191 112

Cash amp Investments to Debt (x) 176 124 083

Debt to cash flow (x) 446 583 869

Debt to operating revenues (x) 039 050 068

Debt service (FY16) to operations () 338 410 500

Debt service coverage (x) 318 263 208

Universities Revenue Bonds As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 25 of 64

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

25 JNA Consulting Group LLC

NSHE vs Standard amp Poorrsquos Medians (FY2014 medians)

Category NSHE (AA-)

SampP (AA)

SampP (A)

FTE Enrollment 68550 32265 10819

Debt Outstanding ($000s)dagger 550123 689891 141343

Cash amp investments to debt () 2032 1630 973

Adjusted Unrestricted Net Assets to debt () 1287 1021 621

Current debt service burden () 32 33 39

MADS burden () 38 35 44

Universities Revenue BondsCertificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 26 of 64

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

26 JNA Consulting Group LLC

NSHE vs Fitch Medians (FY2014 medians)

Category NSHE (AA)

Fitch (AA)

Fitch (A)

Debt Outstanding 550123 na na

Available FundsPro-forma Debt () 1967 862 411

Current Debt Service Coverage (x) 18 22 15

Current Debt Burden () 32 45 67

Pro-Forma MADS Coverage (x) 15 18 13

Pro-Forma MADS Burden () 39 45 90

Certificates of Participation As of June 30 2015 dagger Excludes State GO Slot Tax Bonds amp COPs Includes NSHE bondsobligations outstanding as of June 30 2015

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 27 of 64

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

27 JNA Consulting Group LLC

Recent Rating Agency Debt Comments

NSHEs debt levels are modest with $497 million of pro-forma rated debt and 035 times debt to operating revenue compared to the Aa2 median of $683 million and 046 times respectively ndash Moodyrsquos January 2015

Financial resources remain strong for the rating and we believe NSHE has some additional debt capacity within the existing rating given its modest debt burden ndash Standard amp Poorrsquos January 2015

Fitch views the systemrsquos moderate debt burden track record of generating satisfactory debt service coverage from annual operations and conservatively structured debt portfolio as indicators of a manageable leverage position Fitch does not expect near-term debt plans to pressure the rating ndash Fitch July 2014

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 28 of 64

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

28 JNA Consulting Group LLC

NSHE Debt Capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 29 of 64

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

29 JNA Consulting Group LLC

Debt Capacity Defined

Generally debt capacity is an organizationrsquos ability to meet its debt obligations with ongoing revenues

Debt capacity can also incorporate bond rating restrictions if appropriate Rating agency criteria change from time-to-time Not everyone can be ldquoAAArdquo

Debt capacity is also affected by revenues pledged to bondholders and additional bondsrsquo tests

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 30 of 64

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

30 JNA Consulting Group LLC

Cash Flow Debt Capacity Analysis (FY2014 audit vs FY2016 pro-forma debt service)

From Cash Flow Statement NSHE Operating Activities (558254)

Noncapital Financing Activities 646493

Net Cash Flow 88239

Debt Service

Principal 30258

Interest 25723

Total 55981

Coveragedagger 158

Due to the timing difference between the 2014 audit and 2016 est debt service some associated project revenues are not included in this analysis (eg UNR Fitness Center student fees UNR Cooper Court project revenues NSC student union fee revenues)

dagger Other revenues that may be available for debt service but are not depicted in this analysis are Proceeds from sale of property amp equipment Investing activities and Capital grants and gifts received If included these would show additional capacity

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 31 of 64

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

31 JNA Consulting Group LLC

FY2016 DEBT SERVICE BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

3449

4350

1165

435

197

063

312

030

UNLV ndash $19308880 UNR ndash $24353505 State GO Bonds ndash $6519250 Nevada State College ndash $2432775 CSN ndash $1101708 TMCC ndash $354200 DRI ndash $1744687 GBC ndash $165948

Total ndash $55980953

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 32 of 64

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

32 JNA Consulting Group LLC

0

5

10

15

20

25

30

35

40

0

25

50

75

100

125

150

175

200

225

250

Thou

sand

s

Milli

ons

of $

Fiscal Year

UNR Student Fees UNLV Student Fees

UNR Auxillary Revenue UNLV Auxillary Revenue

UNRUNLV Statutory Revenue AAFTE

UNLVUNR Revenue Bondsrsquo Pledged Revenue History

Excludes UNLVUNR Gen Fund amp Gen Imp Fees

2000 2015

change

FTE 24636 36062 4637

Pledged Rev (000s) 56113 221393 29455

Statutory Revs (000s) 16466 64965 29453

UNR per credit hour pledged feedagger 6350 16123 15391

UNLV per credit hour pledged feedagger 6485 16710 15767 dagger Undergrad fees

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 33 of 64

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

33 JNA Consulting Group LLC

FY2016 DEBT SERVICE ON UNLVUNR REV BONDS BREAKDOWN (BY CAMPUS)

Based on June 30 2015 outstanding obligations

4682

5318

UNLV ndash $18124884

UNR ndash $20589298 Total ndash $38714181

The most restrictive test for issuance of URBs is a requirement for 110 coverage of debt service based on revenues defined in the legislative authorization Based on this subset of 2015

pledged revenues ($64964762) max debt service for UNLVUNR revenue bonds is $59058875

Practically issuance of URBs is constrained by factors other than legal covenants

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 34 of 64

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

34 JNA Consulting Group LLC

Final Notes on Debt Capacity

Each NSHE institution has differing capital needs Capital projects requiring debt issuance are analyzed on an individual basis comparing internally allocated and

incremental revenues against debt service requirements Debt has a programmatic opportunity cost revenues utilized for debt service may not be used for other

programming purposes While the majority of NSHE debt is cross-pledged between institutions each institution is expected to execute a

plan to pay its portion of debt without subsidy from other campuses

Some ldquobright linesrdquo exist for debt capacity within rating categories Debt service equal or greater than 10 of ldquooperating revenuesrdquo is considered highly leveraged In general highly levered organizations do not receive ldquoAArdquo level ratings As shown on previous slides NSHErsquos debt service burden is not near this threshold

Rating agencies are encouraged by positive NOI (including State appropriations andFederal non-operating grants amp contract activity)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 35 of 64

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

MAJOR CONSTRUCTION

PROJECTS REPORT

- SUMMARY DOCUMENT -

System Administration middot University of Nevada Reno middot University of Nevada Las Vegas middot

College of Southern Nevada middot Great Basin College middot Truckee Meadows Community College middot

Western Nevada College middot Desert Research Institute middot Nevada State College

Attachment B

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 36 of 64

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

NEVADA SYSTEM OF HIGHER EDUCATION

BOARD OF REGENTS

Mr Rick Trachok Chair Mr Michael B Wixom Vice Chair

Dr Andrea Anderson Mr James Dean Leavitt Mr Cedric Crear Mr Sam Lieberman Mr Robert Davidson Mr Kevin C Melcher Dr Mark W Doubrava Mr Kevin J Page Dr Jason Geddes Ms Allison Stephens Mr Trevor Hayes

Mr Scott Young Acting Chief of Staff

OFFICERS OF THE NEVADA SYSTEM OF HIGHER EDUCATION

Mr Daniel J Klaich Chancellor Nevada System of Higher Education

Dr Marc Johnson President University of Nevada Reno

Dr Len Jessup President University of Nevada Las Vegas

Dr Michael D Richards President College of Southern Nevada

Dr Mark A Curtis President Great Basin College

Dr Maria Sheehan President Truckee Meadows Community College

Mr Chester Burton President Western Nevada College

Dr Stephen G Wells President Desert Research Institute

Mr Bart Patterson President Nevada State College

Document Prepared by the Finance Department Office of the Chancellor

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 37 of 64

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

TABLE OF CONTENTS

MAJOR CONSTRUCTION PROJECTS REPORT SUMMARY DOCUMENT

Introduction 5

Active and Pending Projects

College of Southern Nevada 9 Desert Research Institute 10 Great Basin College 11 Nevada State College 12 System Administration 13 Truckee Meadows Community College 14 University of Nevada Las Vegas 15 University of Nevada Reno 16 Western Nevada College 17

Completed Projects

College of Southern Nevada 20 Desert Research Institute 21 Great Basin College 22 Nevada State College 23 System Administration 24 Truckee Meadows Community College 25 University of Nevada Las Vegas 26 University of Nevada Reno 28 Western Nevada College 29

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 38 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 39 of 64

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

NEVADA SYSTEM OF HIGHER EDUCATION MAJOR CONSTRUCTION PROJECTS REPORT

FY 2010 ndash FY 2020

Introduction

This document provides a summary of major construction from Fiscal Year 2010 through Fiscal Year 2020

To define the term ldquomajorrdquo we relied on the State of Nevadarsquos definition of a capital project new building construction remodeling or major repairs and maintenance repair or replacement projects greater than $300000

Each campus identified individual projects within the ten year time frame and provided a status completion date and funding amount

The major construction projects contained in this document are divided into two sections

bull ActivePendingbull Completed

Within the two sections all projects have been categorized by project status using one of the following

BOR Approval Granted Completed Construction in Progress Design in Progress Planning Proposed Not Approved by BOR Ongoing To Be Determined (TBD)

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 40 of 64

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

ltThis page intentionally left blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 41 of 64

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

ACTIVE AND PENDING PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 42 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 43 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern NevadaBuilding RemodelRenovation

CC Phase II of CC Library amp seismic renovationTBD $050 $000Performance Contracting $380 $000WCC A Building

Loans $776 $000WCC B Building

Loans $283 $000Deferred Maintenance

13-15 Deferred MaintenanceState HECCSHECC Funds $171 $171

15-17 Deferred MaintenanceState HECCSHECC Funds $219 $219

17-19 Deferred MaintenanceState HECCSHECC Funds $216 $216

19-21 Deferred MaintenanceState HECCSHECC Funds $197 $197

Infrastructure ImprovementsCC North Central Plant - Phase II

TBD $160 $000CC North Central Plant - Phase III

TBD $160 $000Exterior Signage

General Imp Funds $045 $000HC Hydronic Line between A amp C for Central Plant

TBD $050 $000Performance Contracting $135 $000

New FacilityBuildingCC North Central Plant - Phase I Structure

TBD $150 $000CC Student Union

Revenue Bonds (estimated) $2500 $000HC Athletic fields

General Imp Funds $200 $000HC Health Sciences

TBD $3500 $000HC Student Union

Revenue Bonds (estimated) $2500 $000NWC Classroom Admin Building

TBD $4100 $000WC Student Union

Revenue Bonds (estimated) $2500 $000RepairReplacement

CC Elevator RepairUpgradeTBD $025 $000

Deferred Maintenance (non-HECCSHECC)Capital Improvement Fees (estimated) $275 $000

HC A building MechanicalCapital Improvement Fees $076 $000

HC Elevator RepairUpgradeTBD $025 $000

WCC Elevator RepairUpgradeTBD $063 $000

Technology UpgradeDeferred Maintenance (non-HECCSHECC)

Capital Improvement Fees (estimated) $120 $000College of Southern Nevada Total $18876 $803

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 44 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research InstituteBuilding RemodelRenovation

Boulder City Laboratory ImprovementsWould need a Legislative State funding request of $144M $000 $000

Deferred MaintenanceFY15-17 Aggregate of Deferred Maintenance

HECCSHECC $038 $038FY17-19 Aggregate of Deferred Maintenance

HECCSHECC $042 $042Infrastructure Improvements

Power Quality Improvements - Reno CampusWould need a Legislative State funding request of $036M $000 $000

SNSC HVAC Heat Pump and Piping ReplacementWould need a Legislative State funding request of $269M $000 $000

New FacilityBuildingSNSC Pill Construction

Would need a Legislative State funding request of $3967M $000 $000SNSC Pill Project Planning

Would need a Legislative State funding request of $459M $000 $000RepairReplacement

Maxey Science Center Fume Hood ReplacementWould need a Legislative State funding request of $111M $000 $000

Desert Research Institute Total $080 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 45 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeBuilding RemodelRenovation

Welding Lab ExpansionGift $010M CIF $050M State AppropriationCIP $35M $410 $350

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $047 $047FY17-19 Deferred Maintenance

HECCSHECC $037 $037Infrastructure Improvements

Pahrump Center - Planning - BLM LandCIF $040M Other Non State College Funds $010M TBD $175M $225 $000

Great Basin College Total $719 $434

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 46 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeBuilding RemodelRenovation

Dawson BuildingTBD $000 $000

Deferred MaintenanceFY15-17 Deferred Maintenance

HECCSHECC $010 $010FY17-19 Deferred Maintenance

HECCSHECC $018 $018Infrastructure Improvements

Campus InfrastructureTBD $000 $000

New FacilityBuildingAcademic Building

Donor Fd $2M State Appr $8M $1000 $800AcademicArts

Donor funding $3000 $000K-12 or Charter School

Private Funding $000 $000Nursing Science and Education

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000OfficeRetail Spec Building

Private Funding $000 $000Rogers Student Center

State COPs $209M Estate Tax $02M College Reserves $07M $2180 $000Skilled Nursing Facility

Private Funding $000 $000Student Housing

Private Funding $000 $000Nevada State College Total $8388 $828

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 47 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminDeferred Maintenance

FY15-17 Aggregate of Deferred MaintenanceHECCSHECC $010 $010FY17-19

HECCSHECC $010 $010System Admin Total $020 $020

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 48 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCBuilding RemodelRenovation

Student Life Project Red Mountain BuildingGIF $20M CIF $10M New Student Fees (if approved) $20M $500 $000

Building RemodelRenovation New IGT EDA Phase I

Contingency $04M Foundation CD $03M FED EDA Grant $23M GIF $018M $620 $030IGT Phase II Project

Donors $430 $000Redfield Health Science Center

Debt Svc $50M Pennington Fd $20M Jacobs Fd $10M Redfield Fd $20M CIF $1100 $000Infrastructure Improvements

Telecommunications ProjectTelecommunications Replacement Funds $110 $000

New FacilityBuildingBlack Box Theatre

Foundation pledges $50M New Market Tax Credit $35M Redirect Keystone lease $1150 $000New Parking Lot Project

CIF $240 $000RepairReplacement

Vista and Childcare HVAC UpgradesHECCSHECC $050 $050

Truckee Meadows CC Total $4200 $080

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 49 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBuilding RemodelRenovation

School of Medicine Interim AcademicTeaching SpaceEstimated - SOM operating funds $250 $250

Building RemodelRenovation New Engineering College Academic and Research Building

TBD $16M Donor Fds $9M $2500 $000Thomas and Mack Center Renovation and West Addition

Slot tax $544M HECCSHECC $40M Thomas and Mack Fd $33M Revenue $7520 $5840New FacilityBuilding

Animal Care FacilityHECCSHECC $165 $165

Baseball Clubhouse FacilityDonor in-kind project delivery donor funds $300 $000

Business College BuildingTBD $64M Donor Fds $36M $10000 $000

Football Athletic Training FacilityEstimated - Donor funds $3400 $000

Grant Hall Replacement BuildingTBD $39M Donor Fds $26M $6500 $3900

Hotel College Academic BuildingDonor funds (with interim financing) $287M 2009 2013 2015 State CIP $276M $5780 $2900

Nursing and Physical Therapy BuildingEstimated - Donor funds $10M 2009 State CIP $31M TBD $33M $4610 $310

Research BuildingTBD $30M Donor Fds $20M $5000 $3000TBD $30M Donor Fds $20M $5000 $000

School of Medicine Teaching and Academic BuildingEstimated - Donor funds $8000 $000

Student Union ExpansionEstimated - bonddebt refinancing funds $700 $000

Undergraduate Sciences Lab Teaching FacilityDonor Fds $328 TBD $492 $8200 $000

Private DevelopmentUniversity Gateway Development

Private Funding $000 $000University Park Apartments Student Housing

Private Funding $000 $000University of Nevada Las Vegas Total $67925 $16365

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 50 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoBuilding RemodelRenovation

Ansari Business School Renovation

Donors $200 $000Chemistry Building Renovation

TBD $000 $000Leifson Physics Building Renovation

TBD $000 $000Lincoln Hall Renovation

Stead and Main Station Field Lab) $710 $000Lombardi Recreation Renovation

TBD $420 $000Mackay Stadium Improvement Project

Donors $2M Increased Ticket PricesSales $95M $1150 $000Manzanita Hall Renovation

TBD $000 $000Palmer Engineering Building Renovation

2013 State Slot Tax Proceeds $1470 $1470Thompson Hall Renovation

Includes monetized non-productive assets (ie excess land and water rights at $440 $000Infrastructure Improvements

Aggregate of Infrastructure Improvements 2016gt$300KState Appropriation -Institutional Funds $170 $170

Electrical System Replacement and Upgrading2013 State Slot Tax Proceeds $300 $300

South Campus Chilled Water InterconnectState HECCSHECC $27M State Appropriation - Inst Fds $11M $380 $380

New FacilityBuilding2017 Residence Hall

Student Rents $5890 $0002019 Residence Hall

Student Rents $000 $000College of Business Building

TBD $000 $000E L Wiegand Fitness Center

Lead Gift Wiegand Fd $8M Other Gifts $55M State Appropriation - Inst Fds $4690 $070Engineering Building

State Appropriation - Inst FdsDonor $445M State CIP Request $415M $8600 $4150Fine Arts Act II Building

Donors $2000 $000Outdoor Tennis Courts

Donors $16M State Appropriation - Inst Fds $05M $210 $050Pennington Student Acheivement Center

Pennington Fd $6M Other Gifts $6MStudent CIF $211M State Appropriation - $4500 $050University of Nevada Reno Total $31130 $6640

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 51 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeBuilding RemodelRenovation

ADA Life Safety RetrofitTBD Est $100 M $000 $000

Aspen ChemistryBiology LabTBD Est $130M $000 $000

Marlette HallTBD Est $050M $000 $000

Sedway CafeacuteStudent Fees -- CIF $050 $000

Deferred MaintenanceFY17-19 Deferred Maintenance

HECCSHECC $049 $049FY15-17 Deferred Maintenance

HECCSHECC $049 $049New FacilityBuilding

Residence HallPublic Private Partnership $1500 $000

RepairReplacement

Cedar BuildingPerformance Contracting $300 $000

Western Nevada College Total $1948 $098Grand Total $133285 $25347

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 52 of 64

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

ltThe page intentionally blankgt

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 53 of 64

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

COMPLETED PROJECTS

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 54 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

College of Southern Nevada09-11 Deferred Maintenance

Deferred MaintenanceState HECCSHECC Funds $124 $125

11-13 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $158 $157

13-15 Deferred MaintenanceDeferred MaintenanceState HECCSHECC Funds $021 $021

CC Air Handlers 6 amp 8Building RemodelRenovationInvestment Income $035 $000

CC Culinary Fan WallBuilding RemodelRenovationInvestment Income $023 $000

CC DataServer RoomTechnology UpgradeCapital Improvement Fees $164 $000

CC Main Building Shear WallBuilding RemodelRenovationInvestment Income $039 $000

CC PavingInfrastructure ImprovementsGeneral Imp Funds $254 $000

CC Science Lab RemodelBuilding RemodelRenovationState CIP $1338M CIF $10M FFampE $059 $1497 $1340

CC Science ModularsNew FacilityBuildingAuxiliary Fund $083M GIF $001M $084 $000

CC Site Improvement Storm drain amp 12 Infrastructure ImprovementsCapital Improvement Fees $121 $000

CC SolarInfrastructure Improvements

Sustainability Reserves $003M NV Energy $50M Student Government $006M $059 $000CC Transportation Technology Building Off Sites

Infrastructure ImprovementsCapital Improvement Fees $026 $000

Student Services Remodels (all campuses)Building RemodelRenovationInvestment Income $039 $000

WC A Building AC ReplacementRepairReplacementCapital Improvement Fees $048 $000

WC A Building FFampEBuilding RemodelRenovationLoans $097 $000

WC C Building computer Lab RefreshTechnology UpgradeGreenspun Ctr $035M GIF $017M $052 $000

WC D Building Solar PanelsInfrastructure ImprovementsSustainability Reserves $012M NV Energy $050 $062 $000

WC Engelstad AdditionNew FacilityBuildingEngelstad Fd $645M CIF $045M $690 $000

WC Fire StationNew FacilityBuildingInterlocal City of Las Vegas $680 $000

WC Infrastructure - Parking LotsInfrastructure ImprovementsCapital Improvement Fees $098 $000

College of Southern Nevada Total $4371 $1643

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 55 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Desert Research Institute1000 kwh PV array Reno NNSC CRVB 100 kwh GBERL 50 kwh

Infrastructure ImprovementsNV Energy Solar generations $325 $000

350 kwh PV array Las Vegas PHI WestInfrastructure ImprovementsNV Energy Solar generations $107 $000

450 kwh PV array Reno MaxeyInfrastructure ImprovementsNV Energy Solar generations $1283M NV Energy Office loan $$03M $158 $000

FY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $037 $037

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $038 $038

Raggio Parkway ImprovmentsInfrastructure ImprovementsUS EDA $284 $000

Renewable Energy Deployment and Display Facility

New FacilityBuildingUS Department of Energy $1464 DRI ICR $0549 $201 $000

Storm Peak Facility Renovation and Addition

Building RemodelRenovationNational Science Foundation $0588M DRI ICR $0196M $078 $000

Desert Research Institute Total $1268 $114

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 56 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Great Basin CollegeWinnemucca Ceenter - Winnemucca Modular Building

New FacilityBuildingWinnemucca Fd $013M CIF $013M $2600 $000

Leonard Center for Student Life - Elko Campus

Building RemodelRenovationLeonard Fd $174M $174 $000

Lundberg Science Lab Remodel _ Elko Campus

Building RemodelRenovationGrant INBRE $013M CIF $018M $31000 $000

FY09-11 Deferred MaintenanceDeferred MaintenanceHECCSHECC $020 $020

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $035 $035

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $047 $047

Great Basin College Total $33876 $102

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 57 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Nevada State CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $010 $010

Nevada State College Total $030 $030

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 58 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

System AdminFY09-11 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $033 $033

FY11-13 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

FY13-15 Aggregate of Deferred Maintenance

Deferred MaintenanceHECCSHECC $010 $010

Las Vegas System OfficeNew FacilityBuilding

UNLV Loan $396 $000System Admin Total $449 $053

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 59 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Truckee Meadows CCMeadowood South HVAC Project 1

RepairReplacementHECCSHECC $05M $050 $050

Meadowood South HVAC Project 2RepairReplacementHECCSHECC $03M $030 $030

Red Mountain Dental Lab and ClinicBuilding RemodelRenovationPennington Fd $03M $030 $000

Red Mountain Phase II HVAC renovationRepairReplacementHECCSHECC $02M CIF $09M $110 $020

Red Mountain Phase IV amp bookstoreRepairReplacementHECCSHECC $040 $040

Red Mountain Phase IV HVAC ProjectRepairReplacementHECCSHECC $050 $050

Redfield RDMT Nursing Lab RemodelBuilding RemodelRenovationRedfield Fd $04M $040 $000

Truckee Meadows CC Total $350 $190

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 60 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada Las VegasBeverly Rogers Literature and Law Building

Building RemodelRenovationBond Fds $71M Rogers Fd $03M HECCSHECC $09M CIF $41M $1240 $090

Bigelow Physics BuildingRepairReplacement2014 HECCSHECC $060 $060

Boyd School of Law BuildingRepairReplacement2011 HECCSHECC $160 $160

Campus Classroom Technology Improvements

Technology UpgradeInst Fds $03M GIF$12M $150 $030Inst Fds $01M GIF $11M $120 $010

Campus High Speed Research Fiber Network

Technology UpgradeDonor In-Kind Contributions $04M HECCSHECC $01M $050 $010

Campus Wireless Enhancements (15 Buildings)

Technology UpgradeCSUN funds $03M CIF $01M $040 $000

Classroom Building ComplexInfrastructure Improvements2010 HECCSHECC $100 $100

Flamingo Auxiliary Building ImprovementsBuilding RemodelRenovationHECCSHECC $030 $030

Harry Reid CenterInfrastructure Improvements2011 HECCSHECC $080 $080

Harry Reid Research Park Development (Charter School and Pharmaceutical Facility

Private DevelopmentPrivate Funding $000 $000

Lied Athletic CenterRepairReplacement2013 HECCSHECC $030 $030

Lily Fong Geoscience BuildingRepairReplacement2013 HECCSHECC $100 $100

Mendenhall Center Mens Basketball Facility

New FacilityBuildingDonor in-kind project delivery donor funds $1250 $000

Sam Boyd Stadium Field Widening and Synthetic Turf Replacement

Building RemodelRenovation RepairReplacementHECCSHECC $120 $120

Sam Boyd Stadium Scoreboard Replacement

Technology UpgradeHECCSHECC $050 $050

Satellite Energy PlantInfrastructure Improvements2013 HECCSHECC $060 $060

Satellite Energy Plant Bigelow Physics Building

RepairReplacement2013HECCSHECC $190 $190

Solar Panel InstallationInfrastructure ImprovementsHECCSHECC Utility IncentivesRebates $550 $000

Tam Alumni CenterRepairReplacement2013 HECCSHECC $040 $040

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 61 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Thomas Beam Engineering BuildingRepairReplacement2011 HECCSHECC $150 $150

Tropicana Wash ImprovementsInfrastructure ImprovementsDonor Funds $10M HECCSHECC $09M $190 $090

White Hall Flora Dungan Humanities Chemistry Building

RepairReplacement2011 HECCSHECC $100 $100

University of Nevada Las Vegas Total $4860 $1500

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 62 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

University of Nevada RenoAggregate of Building Remodels 2012

Building RemodelRenovationState Appropriation -Institutional Funds $360 $360

Aggregate of Building Remodels 2013gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $471 $471

Aggregate of Building Remodels 2015gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $524 $524

Aggregate of Infrastructure Improvements 2011 gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $117 $117

Aggregate of Infrastructure Improvements 2013gt$300K

Infrastructure ImprovementsHECCSHECC $380 $380

Aggregate of Infrastructure Improvements 2014gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $356 $356

Aggregate of Infrastructure Improvements 2015gt$300K

Infrastructure ImprovementsState Appropriation -Institutional Funds $265 $265

Aggregate of Infrastructure Improvments 2012gt$300K

Infrastructure ImprovementsHECCSHECC $149 $149

Church Fine Arts RenovationBuilding RemodelRenovationGifts $16M State Appropriation - InstFds $25M $410 $250

Earthquake Engineering LabBuilding RemodelRenovation$122M Grants Inst Fds $78M $2000 $000

InNEVation CenterBuilding RemodelRenovation

$05M SWITCH Prnshp $16M Inst (SWITCH is covering the cost of their additional requests for the project) $210 $000

Nevada Living Learning Center Residence Hall

New FacilityBuildingStudent Rents $3780 $000

Peavine Residence HallNew FacilityBuildingStudent Rent $4070 $000

Ponderosa VillageNew FacilityBuildingPrivate EquityOwnership $2030 $000

Reynolds School of JournalismBuilding RemodelRenovationGrants $830 $000

Aggregate of Building Remodels 2011Building RemodelRenovationState Appropriation -Institutional Funds $115 $115

Aggregate of Building Remodels 2014gt$300K

Building RemodelRenovationState Appropriation -Institutional Funds $179 $179

University of Nevada Reno Total $16246 $3166

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 63 of 64

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed

CAMPUSPROJECT TYPE PROJECT DESCRIPTIONFUNDING SOURCE

TOTAL PROJECT

FUND AMOUNT

($M)

STATE FUNDING AMOUNT

($M)

Western Nevada CollegeFY09-11 Deferred Maintenance

Deferred MaintenanceHECCSHECC $031 $031

FY11-13 Deferred MaintenanceDeferred MaintenanceHECCSHECC $057 $057

FY13-15 Deferred MaintenanceDeferred MaintenanceHECCSHECC $049 $049

Western Nevada College Total $137 $137Grand Total $61586 $6934

(BOARD OF REGENTS 120315 amp 120415) Ref BOR-20 Page 64 of 64

• Att 1_JNA Presentationpdf
• • Nevada System of Higher EducationMunicipal Bonds 101
  • General Municipal BondMarket Statistics
  • Municipal Bond Market2014 Snapshot
  • Types of Bonds2014 Snapshot
  • Annual Average MunicipalInterest Rates1
  • NSHE Financing Options
  • Slide Number 7
  • Slide Number 8
  • Bonding Authorization
  • Legislatively Authorized Revenue Bonds
  • NSHE Debt SummaryAnalysis
  • Slide Number 12
  • Slide Number 13
  • Slide Number 14
  • A Few Noteshellip(not all debt is created equal)
  • Slide Number 16
  • Debt Outstanding or Approved But Unissued by Board of Regents
  • Approved But Unissued BondsNotes
  • Slide Number 19
  • NSHE Rating Analysis
  • Slide Number 21
  • NSHE Bond Ratings(as of November 1 2015)
  • NSHE Peer Ratings Comparison(as of November 1 2015)
  • NSHE vs Moodyrsquos Medians(FY2014 medians)
  • NSHE vs Standard amp Poorrsquos Medians(FY2014 medians)
  • NSHE vs Fitch Medians(FY2014 medians)
  • Recent Rating Agency Debt Comments
  • NSHE Debt Capacity
  • Debt Capacity Defined
  • Cash Flow Debt Capacity Analysis(FY2014 audit vs FY2016 pro-forma debt service)
  • Slide Number 31
  • Slide Number 32
  • Slide Number 33
  • Final Notes on Debt Capacity
  • • Att 2_Final Major Construction Summary Reportpdf
    • • 01 - Major Construction Projects Cover (Portrait)
      • 02 - Regents - Updated 7-29-15 (Portrait)
      • 03 - Table of Contents and Introduction
      • • Major Construction Projects Report
        • Summary Document
        • Active and Pending Projects
        • Completed Projects
        • • 040 ACTIVE AND PENDING PROJECTS
          • 041 - Blank (Portrait)
          • 042 Major Construction Active Pending
          • • Pivot for Completed
            • • 050 COMPLETED PROJECTS
              • 051 - Blank (Portrait) (2)
              • 052 Major Construction Completed
              • • Pivot for Completed