The University of Arkansas will renovate six residential facilities and rebuild a fire-damaged fraternity house with $28.2 million of bonds approved last month by UA trustees.
Trustees authorized a total of $146.3 million of revenue bonds on April 1. The request was reduced to $132.3 million, and approved by the Arkansas Higher Education Coordinating Board on April 15.
Don Pederson, vice chancellor for finance and administration, said several projects are expected to cost less than first predicted, including a $600,000 reduction in the cost of remodeling the student union building.
The projects will be financed with bond proceeds, $2.2 million in reserve funds, and $2.3 million in donations.
The budget calls for a total of $29.3 million for construction at five dormitories and a dining hall, and $3.9 million to rebuild the fire-damaged Phi Gamma Delta fraternity house.
The University of Arkansas system’s $1 billion of outstanding facilities revenue debt is rated Aa2 by Moody’s Investors Service.