Regents of the University of Oklahoma have approved $63.5 million of general, limited, and special obligation bonds for a number of projects at the main campus in Norman.
Proceeds will fund portions of 12 projects that are under way or are considered essential by the regents.
OU president David Boren said the bonds will not be issued as long as the credit market is unsettled.
“We will not take action to actually sell the bonds until there is improvement in the bond markets,” Boren said at last week’s regents meeting. “But what we do have to realize is that sometimes what we intend to do in one year, it may now, because of financial conditions, be a two-year plan or a three-year plan.”
Bond proceeds will provide $26.4 million for a new chilled water plant that will cost $76 million. Other projects include $7.4 million for upgrades to university residence halls and apartments, $6.5 million for improvements to the building that houses the university’s architectural school, and $5 million to renovate an existing building into academic offices.
OU’s revenue bonds are rated AA-minus by Standard & Poor’s and AA by Fitch Ratings.