No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 2 a n d 2 0 2 1 The 2016 Bonds, 2018 Bonds, and 2020A Bonds were issued as tax-exempt bonds and the 2020B Bonds and 2022 Bonds were issued as taxable bonds. The applicable Note issued with respect to the 2016 Bonds, 2018 Bonds, and 2020 Bonds secures the university’s obligations under the respective loan agreement between the university and HEFFA, Town of Davie, or FDFC, as applicable. The Note issued with respect to the 2022 Bonds secures the university’s obligations as issuer under a related indenture of trust. Bonds 2022 Bonds—The 2022 Bonds were issued in March 2022 by NSU in the principal amount of $150,000,000. Proceeds from the issuance will be used by the university for general corporate purposes, including capital projects from the university’s capital improvement plan. The 2022 Bonds bear interest at 4.8 percent per annum, payable semiannually on April 1 and October 1. The 2022 Bonds are due in annual installments of $3,700,000 to $30,880,000 from 2044 through 2053. 2020A Bonds—The 2020A Bonds were issued in June 2020 through the FDFC, in the principal amount of $39,030,000. Proceeds from the issuance and other available funds were used to refund the outstanding Town of Davie Series 2009 Bonds and outstanding HEFFA Series 2012B Bonds. A non-cash loss on extinguishment of debt associated with the refunding of $1.9 million is included in other expenses in the Consolidated Statement of Activities as of June 30, 2020. The 2020A Bonds bear interest at 5.0 percent per annum, payable semiannually on April 1 and October 1. The 2020A Bonds are due in annual installments of $3,230,000 to $5,735,000 through 2029. 2020B Bonds—The 2020B Bonds were issued in June 2020 through the FDFC, in the principal amount of $195,720,000. Proceeds from the issuance were used to refund the outstanding HEFFA Series 2011 Bonds, outstanding HEFFA Series 2012A Bonds, outstanding Town of Davie Series 2013A Bonds, and outstanding Town of Davie Series 2013B Bonds; redeem the outstanding Note Payable to a bank; and to finance capital projects that are part of the university’s capital improvement plan. A non-cash loss on extinguishment of debt associated with the refunding of $18.6 million is included in other expenses in the Consolidated Statement of Activities as of June 30, 2020. The 2020B Bonds bear interest at rates ranging from 1.6 percent to 4.1 percent per annum, payable semiannually on April 1 and October 1. The 2020A Bonds are due in annual installments of $1,285,000 to $19,655,000 through 2050. 2018 Bonds—The 2018 Bonds were issued in July 2018 through the Town of Davie, in the principal amount of $140,740,000. Proceeds from the issuance were used to finance a new residence hall and parking garage and to refund the outstanding BCEFA Series 2008A bonds. The 2018 Bonds bear interest at rates ranging from 4.0 percent to 5.0 percent per annum, payable semiannually on April 1 and October 1. The 2018 Bonds are due in annual installments of $1,080,000 to $19,990,000 through 2048. 2016 Bonds—The 2016 Bonds were issued in May 2016 through HEFFA, in the principal amount of $86,870,000. Proceeds from the issuance were used to refund the outstanding BCEFA Series 2006 bonds and a portion of the outstanding HEFFA 2011 bonds. The 2016 Bonds bear interest at 5.0 percent per annum, payable semiannually on April 1 and October 1. The 2016 Bonds are due in annual installments of $100,000 to $13,870,000 from 2024 to 2036. As previously described, all bonds outstanding as of June 30, 2022, representing the 2022 Bonds, 2020A Bonds, and 2020B Bonds, 2018 Bonds, and 2016 Bonds, are secured by the applicable Notes issued and outstanding under the Amended and Restated Master Trust Indenture. 32
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