FOR IMMEDIATE RELEASEContact:
Arkansas Department of Higher Education
LITTLE ROCK, AR – The Arkansas Higher Education Coordinating Board approved the economic feasibility for University of Arkansas-Fayetteville (UAF) to issue bonds not to exceed $30.0 million with a term of up to thirty (30) years at an annual interest rate not to exceed 5.50 percent. University of Arkansas Board of Trustees approved this financing at its meeting on February 15, 2016.
Proceeds of $23.5 million from the bond issue will be used to fund the initial stage of construction of a 20,000 sq. ft. library storage facility; continue renovation of and addition of 3,500 sq. ft. to Kimpel Hall; fund the initial stage of the construction of a 25,000 sq. ft. Civil Engineering Research and Education Center; complete the renovation of Discovery Hall; construct five new campus entrance signs; pay for the initial design of the new University Recreation Intramural Sports Playing Fields; and fund other capital improvements and infrastructure and various equipment for educational and general purposes.
The auxiliary issue of $6.5 million will fund renovation and construction an addition 5,668 sq. ft. to the Sigma Alpha Epsilon Fraternity; construction of a 20,000 sq. ft. addition to the Pat Walker Health Center; and other capital improvements and infrastructure and various equipment for auxiliary purposes if proceeds are available.
The Arkansas Department of Higher Education is responsible for carrying out the policy directives of the AHECB, reviewing college and university academic programs and developing funding recommendations for the state’s 11 public universities and 22 public two-year colleges as well as several other post-secondary entities. In addition, the agency is responsible for distributing approximately $150 million annually from state revenues and lottery funds. For more information, visit www.adhe.edu.