Press Release Details
The AHECB approved economic feasibilities for three institutions
Posted Date: 9/30/2016
FOR IMMEDIATE RELEASE
Contact:Communications@adhe.edu
LITTLE ROCK, AR – At a special meeting on September 30, 2016, the Arkansas Higher Education Coordinating Board (AHECB) approved the economic feasibility for the University of Arkansas Community College at Batesville (UACCB) to obtain a loan in the amount of $2.0 million with a term of ten (10) years at an annual interest rate not to exceed 0.68 percent. Proceeds from the loan issue will be used to construct a Workforce Training Center including classrooms, offices, student lounge, clean lab, conference room, innovation hub, rest rooms, and a large open area for teaching workforce training courses/programs. The University of Arkansas Board of Trustees approved this loan financing at its meeting on September 8, 2016.
The AHECB approved the economic feasibility for South Arkansas Community College (SACC) to obtain a loan not to exceed $2.5 million with a term of up to fifteen (15) years at an annual interest rate not to exceed 2.5 percent. Proceeds from the loan will be used to finance an Energy Performance Project under the guidelines of the Arkansas Energy Performance Contracting (AEPC) Program overseen by the Arkansas Energy Office. South Arkansas Community College Board of Trustees approved this financing at its meeting on September 20, 2016.
The AHECB approved the economic feasibility for the University of Arkansas, Fayetteville (UAF) to obtain a bond not to exceed $120.0 million with a term of twenty (20) years at an annual interest rate not to exceed 5.50 percent. Proceeds from this bond issue will be used to fund the Donald W. Reynolds Razorback Stadium project, which includes a north end zone expansion, improvements and updates to existing areas in the stadium, and replacement of the Broyles Athletic Center. The University of Arkansas Board of Trustees approved this financing at its meeting on September 8, 2016.
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 $120 million annually from state revenues and lottery funds. For more information, visit https://adhe.ade.arkansas.gov