The Louisiana Bond Commission approved $215 million Louisiana State University student housing bonds Thursday.
The Louisiana Public Facilities Authority will offer the bonds on behalf of South Quad L3C, a low-profit limited liability company, which has LSU Real Estate and Facilities Foundation, a Louisiana nonprofit, as its sole member.
South Quad L3C will use the Louisiana State University proceeds to build two freshmen residences — with 1,266 bedrooms and associated parking — and plan future phases of student housing and student support facilities.
The tax-exempt bonds are to not exceed 40 years in duration.
Commission Assistant Director Conner Berthelot told the commission there would likely be a 1.35 coverage ratio of auxiliary revenues to the maximum combined new debt service.
The bonds will sell on a negotiated basis with
The commission gave preliminary approval to the bonds in June and gave final approval Thursday.
LSU has used
