Arkansas State University System Board approves $30.6 million bond issue to build veterinary school

The Arkansas State University System Board of Trustees has approved a $30.6 million bond issue to finance construction for the new College of Veterinary Medicine at the A-State campus in Jonesboro.

Design and construction of the College of Veterinary Medicine facility is estimated at $33.2 million.

The university plans to finance the building through the issuance of taxable Student Fee Revenue Bonds and use of institutional reserve funds. Tuition and fees from CVM students will ultimately fund debt service for the construction.

The move follows a recent consultative site visit by the American Veterinary Medical Association’s Council on Education, which reviewed A-State’s progress on facilities, policies and personnel for the college. The university plans to admit its first cohort of students in 2026 in what would become the state’s only public vet school.

The bond funding plan also allows for the refunding and reissuance of $11.6 million in existing student fee revenue bonds that were used for capital improvements on the A-State campus.

The total 30-year bond issue must have an interest cost of no more than 7%, and the refunding must produce a savings of at least 4%.

Stephens and Crews & Associates will serve as bond underwriters. PFM Financial Advisors is the financial advisor, and Friday, Eldredge & Clark is the bond counsel.