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We recently received an inquiry regarding the required approvals (and timelines) needed for a new issuance of equipment master lease in 2026.</div>
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<b>Quick Overview of this Attractive and Beneficial Program: </b></div>
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Strategic Benefits of the Equipment Master Lease Program for Institutions:</div>
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<b>Preservation of Working Capital:</b> The program allows institutions to avoid significant upfront cash outlays, spreading the cost of equipment over its useful life (up to 20 years). This preserves unrestricted cash for core academic and operational missions.</li><li style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0); line-height: 115%; margin: 0in 0in 8pt;">
<b>Tax-Exempt Financing Rates:</b> Participants benefit from the State’s high credit standing, accessing tax-exempt interest rates that are typically significantly lower than traditional commercial financing or individual vendor leases.</li><li style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0); line-height: 115%; margin: 0in 0in 8pt;">
<div role="presentation"><b>Flexible Scaling:</b> The program accommodates a wide range of personal property—including IT infrastructure, laboratory equipment, security systems, and vehicles—with transaction values ranging from
<b>$50,000 to $10,000,000</b>.</div>
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<b>Upcoming Dates:</b></div>
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Working backwards from the next meeting dates of both the State Regents and the Council of Bond Oversight:</div>
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<b>Option A</b></div>
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Listing to the State Regents due March 2, 2026 Return detailed survey</div>
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Bond Oversight Applications due March 2, 2026 (Return BO-5, BO-7, Cash Flow worksheet and any necessary attachments)</div>
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State Regents Meeting March 26, 2026</div>
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Council of Bond Oversight Meeting March 27, 2026</div>
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Closing (Tentative) Late April/early May 2026 Final schedule to be determined </div>
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<b>Option B</b></div>
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Listing to the State Regents due March 17, 2026 Return detailed survey</div>
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Bond Oversight Applications due March 17, 2026 (Return BO-5, BO-7, Cash Flow worksheet and any necessary attachments)</div>
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State Regents Meeting April 16, 2026</div>
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Council of Bond Oversight Meeting April 24, 2026</div>
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Closing (Tentative) Late May/early June 2026 Final schedule to be determined </div>
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The Council of Bond Oversight would like to have all approvals in place (or near simultaneously in place) before their consideration. Approval from your Board is needed before engaging this process. They also ask for applications approximately three weeks
ahead of their scheduled meeting date, which is very similar to our internal deadlines at the State Regents.</div>
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Let me know if you have any interest in engaging with this high quality program.</div>
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Nick</div>
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