Bond Series: 2013 Series A
Closed: December 23, 2013
Bond Size: $24,515,000
Credit Rating: Not Rated
Credit Enhancement: None
Purchaser: Tawani Enterprises, Inc.
Interest Rate: Fixed Rate, Tax-Exempt
Final Maturity: 2043
Purpose: i) The bonds will be used to fund construction of a new “civilian” student dormitory of approximately 280 beds and 84,000 feet. and ii) Pay for issuance costs related to the financing.
Project Benefit: The dormitory is being built to reduce overcrowding in existing dorms and to address the growing student body. In addition, it is integral to the strategic plan of the University which seeks to grow the civilian population to 750 residential students by its bicentennial celebration year of 2019. The dormitory is the second of three new dormitories needed to accomplish this objective
Economic Benefits: During the 16 month construction period it is estimated that 40 full-time equivalent jobs will be created. Once the dorm is operational, 4 permanent staff positions and many additional adjunct faculty jobs will be created.