The Arizona Board of Regents voted last week to support a plan to issue up to $1.4 billion of bonds to finance construction at the University of Arizona, Arizona State University, and Northern Arizona University. The proposal by the three state institutions calls for the Legislature to appropriate $81 million a year for 25 years to cover 80% of debt service on the bonds, with the schools responsible for the remaining 20%.

The regents said the plan would stimulate Arizona’s lagging construction industry by repairing dozens of older buildings and would provide new facilities to meet anticipated enrollment increases.

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