Higher Ed Coordinating Board blesses University of Arkansas $30 million bond issue

The Arkansas Higher Education Coordinating Board Tuesday approved the economic feasibility for the University of Arkansas to issue bonds of up to $30 million for campus facility improvements.

The move comes the day after the University of Arkansas Board of Trustees approved financing the bonds for up to 30 years at an annual interest rate of no more than 5.5%, according to press release from the Coordinating Board.

Proceeds of $23.5 million from the bond issue will fund the initial construction stage of a 25,000-square-foot Civil Engineering Research and Education Center; the initial construction stage of a 20,000-square-foot library storage facility; continued renovation of Kimpel Hall with a 3,500-square-foot addition; completing the renovation of Discovery Hall; constructing five new campus entrance signs; the initial design of the new University Recreation Intramural Sports Playing Fields; and other capital improvements.

The auxiliary issue of $6.5 million will renovate and construct an additional 5,668 square feet for the Sigma Alpha Epsilon Fraternity house; constructing a 20,000-square-foot addition to the Pat Walker Health Center; and other improvements.

The 12-member Coordinating Board sets policies carried out by the Arkansas Department of Higher Education.