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Section 19 - Financing

Section 19.1 - Financing Transactions

Date: 2/19/07 — Approved: Finance Board

In accordance with Executive Order No. 703, the Associated Students of SDSU has established the following policy and procedures on approval of financing transactions:

Equipment and Working Capital Financing and Refinancing

Transactions for financing of equipment purchases used in the day to day business activity or programs of the Associated Students shall be executed by auxiliary management in accordance with the approved budget of the Associated Students. Alternative financing plans shall be obtained in accordance with the AS bid requirements for purchases. Management shall obtain expert legal, tax and financial advice on these transactions as appropriate.

Transactions for obtaining working capital shall be executed by auxiliary management upon approval of the AS Executive Committee and, if transaction exceeds $50,000, the AS Council. Management shall obtain expert legal, tax and financial advice on these transactions as appropriate.

The SDSU President’s review is required if the financing transaction in these categories exceeds $50,000.

Execution of documents for these types of transactions by Associated Students shall not take place before the SDSU President, or designee, review is complete.

Upon completion of the review, the SDSU President, or designee, may authorize in writing the execution of any and all documents necessary to complete the transaction by Associated Students.

Other Financing and Certain Refinancing Transactions

Financing transactions for purpose of obtaining new funds for development of projects; to both refinance existing debt and obtain new funds for a project or projects; and to restructure existing debt for reasons other than to yield a net present value savings shall be approved by the Governing board and submitted to the campus president with the minutes of the meeting at which the transaction is approved. Management shall obtain expert legal, tax and financial advice on these transactions as appropriate which shall be reviewed with the governing board. The campus president shall present to the Trustees as an information item at a regularly scheduled meeting of the Board. The request shall include information as outlined in Executive Order No. 703.

Execution of documents for the transaction by the Associated Student shall not take place before the Trustees’ review is completed.

Refinancing transactions intended only for the purpose of providing a net present value saving over current debt service obligations shall be approved by the governing board and submitted to the campus president with the minutes of the meeting at which the transaction is approved. Management shall obtain expert legal, tax and financial advice on these transactions as appropriate which shall be reviewed with the governing board. The campus president shall submit the proposed transaction to the executive vice chancellor and chief financial officer who shall review the refinancing plans and information, including the evaluation of the plan of savings to be achieved.

Execution of documents for the transaction by the Associated Student shall not take place before the Chancellor’s Office review is completed.

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