U.S. Bank Selected as Trustee, Registrar and Paying Agent for Bond Issues at University of Massachusetts Building Authority

SHREWSBURY, Mass. & MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bank has been named trustee, registrar and paying agent for nearly $550 million in Project Revenue Bonds for the University of Massachusetts Building Authority. More than $271 million are in the form of Build America Bonds.

“The Authority is pleased to be the first organization in Massachusetts to access the taxable market using Build America Bonds”

“The Authority is pleased to be the first organization in Massachusetts to access the taxable market using Build America Bonds,” said Steven Dansby, chief financial officer for the University of Massachusetts Building Authority. “We were able to lower our overall debt service payments by almost $1 million a year over the payments the Authority would have made by issuing tax-exempt bonds. We appreciate being able to work with our partner, U.S. Bank, in completing this transaction.”

The University of Massachusetts Building Authority is responsible for providing dormitories, dining commons and other buildings and structures for the use of the students, staff and their dependents located on five of the university’s campuses located in the Commonwealth of Massachusetts. The University of Massachusetts Building Authority is committed to aiding and contributing to the performance of the educational and other purposes of the University of Massachusetts and its nearly 55,000 full time students.

U.S. Bank has 46 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration, escrow services and document custody services.

U.S. Bancorp (NYSE: USB), with $265 billion in assets as of Sept. 30, 2009, is the parent company of U.S. Bank, the sixth largest commercial bank in the United States. The company operates 3,002 banking offices in 25 states and 5,170 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.