BOT Approves Issuing of Bonds and Certificates of Participation

Illinois State University’s Board of Trustees today approved the issuing of bonds and certificates of participation.

The Board approved the issue of its Auxiliary Facilities System Revenue Bonds, Series 2008, to finance the construction, acquisition and equipping of a new Student Fitness and Kinesiology Recreation Center at approximately $24.9 million, a new power plant at $2.6 million, the demolition of Central Campus residence halls at $1.3 million and the planning and design for renovations to Hancock Stadium at $1.5 million.

The Bank of New York Trust Company, N.A. will serve as the bond registrar and paying agent, with the sale of bonds not to exceed $32 million, final bond maturity no later than April 1, 2033, and interest costs of no more than 5.5 percent.

The Board also authorized the issue of Certificates of Participation Series 2008 for up to $23 million with interest costs of not more than 5.5 percent to mature no later than 20 years from the date of issue.  They will fund $15.5 million of the Student Fitness and Kinesiology Recreation Center, $4.4 million of the power plant and $2 million for a human resource information system.