Stowers Institute, Mo., to bid on remaining 2000, 2002 revenue bonds

By Melissa Kory

Cleveland, July 28 - Stowers Resource Management Inc. and Stowers Institute for Medical Research said they intend to continue to submit bids in the auctions of the remainder of the $215 million of series 2000 and $75 million of series 2002 medical research facilities auction-rate revenue bonds, which priced through the State of Missouri Health and Educational Medical Research Facilities.

In the auction for the series 2000 bonds on July 26, the Kansas City, Mo.-based biomedical research institutions made no purchases. In the auction for the series 2002 bonds on July 27, the institutions purchased $100,000 of the bonds in the auction.

The institutions now hold $213.325 million of the series 2000 bonds and $71.8 million of the series 2002 bonds.

Until further notice, the institutions will continue to bid in each auction for the bonds at a rate equal to either the lower of the Sifma Municipal Swap index plus a spread of 25 basis points or 12%, which is the maximum rate permitted in the bond indentures.

The institutions have submitted bids in previous auctions at a rate equal to the lower Sifma index plus a spread of 25 bps.

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