New Ohio State University housing will be financed in part through bonds.

The OSU board of trustees last week approved the $396 million plan, which would feature 3,200 new beds, two dining halls, a new gym, and support buildings. Four current dormitories would be razed, according to local reports.

The financing will come from a mix of bonds and university reserve funds, the school said in a press release announcing the deal.

The plan is part of OSU’s new requirement for all freshmen and sophomores to live in campus housing by September 2015.

Construction will begin in July 2013 and be completed by June 2016, the school said.

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