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STATE SYSTEM GOVERNORS APPROVE IUP BOND ISSUE
Funds to pay for dining hall plans

4/12/2013

The Board of Governors of the State System of Higher Education yesterday approved bond issues worth nearly $32 million for projects at three universities, including $18.2 million for the dining hall construction plan at IUP. 

 

IUP plans sweeping changes to its dining options, including the construction of a fast food court between Stapleton Library and Cogswell Hall; a new buffet-style dining hall in the space where Keith Hall now stands; renovations and expansion at Folger Hall, which will also become buffet-style; the replacement of Foster Hall; and a new parking lot on the Foster Hall site, which could eventually become the site for a new academic building.  The total plan will cost about $47 million.

 

The $18.2 million 20-year bond issue approved yesterday will have an issuance cost of $273,000, raising the total expense to IUP to $18.473 million.  It will be paid for by future increases in dining hall meal plans.     

 

The other bond issues approved yesterday were for the student center building at California and for replacement of the stadium turf at Mansfield. 

 

The new bond issues will be the smallest amount of new debt assumed by the State System since 2003.


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