Board of Trustees Approves Bond Issuances to Fund Capital Improvements on Kent Campus

Return to Issue of Nov. 23, 2009

The Kent State University Board of Trustees
To ensure Kent State’s ability to provide students now and in the future with a world-class education, the Board authorized the university to proceed with the next steps in developing a plan for major capital improvements at the Kent Campus, including the rehabilitation of aging buildings and construction of new buildings. The plan is likely to include the issuance of General Receipts Bonds to finance the improvements.

Trustees noted that the time is ripe for planning a bond issuance because it would allow the university to take advantage of highly favorable bond interest rates.

The Board stipulated that the total amount of bonds issued cannot exceed $200 million; that all projects funded by the bonds must align with academic priorities; that all projects must preserve the value of recent improvements and allow the continuance of university operations; and that, to the greatest extent possible, all projects must use best practices in energy efficiency.

With today’s Board action, the university will move forward with a consultation process that includes a variety of university constituencies and results in a specific plan of capital projects. The plan would be submitted for Board approval in early 2010.

In a related action that is in keeping with standard practice at public universities across Ohio and nationwide, the Board authorized the vice president for finance and administration and the president to work with the chancellor of the Ohio Board of Regents to develop a schedule of instructional and general student fees that would include a fee to help offset the debt created by the bond issue. The university will work with the chancellor and university leadership to develop the appropriate form and amount of such a fee.

Return to Issue of Nov. 23, 2009

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