The University of Arkansas Board of Trustees unanimously approved a $30 million revenue bond issue to finance a new residence hall and an outdoor sports complex at the University of Arkansas at Little Rock.
Proceeds from the bond sale will provide $23 million for the two-building residence hall, $4 million for the 12-acre sports complex, and $3 million for issuance costs, capitalized interest, and debt-service reserves.
The UA system’s revenue bonds are rated Aa3 by Moody’s Investors Service. The bonds will be supported by revenue from the residence hall and sports complex, and student athletic fees.
The 25-year bonds are expected to be sold by the end of the year. School officials expect debt service to be approximately $2 million.
The new 400-bed residence hall for honor students is expected to be fully occupied when it opens in August 2011.
The sports complex is expected to open in late 2010.
Facilities will include a track, soccer field, dressing rooms, and concession stands.
With 13,100 students, UALR is the second-largest university in the state.
Nearly 20,000 undergraduate and graduate students are enrolled for the fall semester at the UA main campus at Fayetteville.
In September, UA trustees approved a $34 million issue to finance several new facilities at UALR, including a $9 million nanotechnology center.