DALLAS The Texas A&M University System Board of Regents has approved $115 million of revenue —finance system bonds to remodel nine dormitories for the military Corps of Cadets at its flagship campus in College Station, Texas.
The so-called Corps District in the university's southside quadrangle is home to more than 2,400 cadets housed in 12 residence halls. The first buildings date to the 1930s with six small lounge buildings added in the 1970s.
The 2012 Corps District Plan led to upgrades in three of the 12 dorms.
At the Sept. 3 meeting, Regents also approved $20 million to upgrade three utility plants.
Annual debt service for the project is estimated at $8.3 million, according to staff analysis.
Throughout the College Station area, supply of student residential housing is falling short of demand, according to a June 30 Moody's Investors Service report. To address the issue, a $104 million privatized housing facility is underway.
With ratings of triple-A from all three ratings agency, the Texas A&M University System carries about $3.3 billion of debt.
About $2 billion of TAMUS outstanding debt falls under the Revenue Financing System, including $12.3 million of RFS Commercial Paper Notes. The remaining debt is backed by the state's Permanent University Fund, which provides annual allotments of funding for Texas A&M and the University of Texas systems, as well as a bond guarantee.
