Press Release Details
AHECB approves $1.8 million loan for North Arkansas College
Posted Date: 5/5/2016
FOR IMMEDIATE RELEASEContact:
Arkansas Department of Higher Education
LITTLE ROCK, AR – The Arkansas Higher Education Coordinating Board approved the economic feasibility for North Arkansas College to obtain a loan not to exceed $1.8 million with a term of up to fifteen (15) years at an annual interest rate not to exceed 2.7 percent. North Arkansas College Board of Trustees approved this financing at its meeting on May 3, 2016.
Proceeds from the loan will be used to finance an Energy Performance Project which includes roof replacements on the North Main Building and the HVAC/Carpentry/Welding Shop Building, upgrade replacement of certain HVAC equipment, upgrading to LED lighting and installing water conservation upgrades. The project is under the guidelines of the Arkansas Energy Performance Contracting (AEPC) Program overseen by the Arkansas Energy Office.
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 www.adhe.edu.