Tuesday, May 4, 2010
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ALBANY, Ga. -- Two planned construction projects at Albany State University, totaling $46 million, are moving forward, university and government officials say.
Larry Wakefield, ASU's vice president of fiscal affairs, said Tuesday that the projects -- a new dorm building and a student center -- have been approved by the Board of Regents and are currently being examined by underwriters in preparation for a bond offering.
"We're having everything the underwriters and others take a look and hope to move forward with a bond offering soon," Wakefield said.
ASU officials are currently eyeing a local authority to offer the bond through. The Albany-Dougherty Inner City Authority and the Albany-Dougherty Payroll Development Authority are the top two currently under consideration.
A 30-year bond, the loan will be made callable after a certain period of time, meaning the university will be able to refinance should interest rates improve. Final interest rates won't be known until the bonds are offered, but university officials should get a rough figure after Standard & Poor's issue its report on the bond proposal Thursday.
Wakefield said that plans are to build the student housing facility in the area behind the university's ACAD Auditorium not far from the football stadium.
Campus officials plan to repay its portion of the bond through rent collected from students, Wakefield said.
The student center will be built in the center of campus and will be attached to the rear of the dining hall. Mandatory student facility fees -- $76 each semester -- have already been assessed on students to help pay for that building, Wakefield said.