MAGNOLIA—The Southern Arkansas University Board of Trustees has passed a resolution authorizing a bond of up to $14 million for the construction of a science and technology center. The interest rate of the bond will not exceed an average coupon rate of 5.5 percent.
“I think the science and technology center will put us on the map and provide SAU with the most state-of-the-art technology center in the state of Arkansas,” said SAU President Dr. David Rankin.
Darrell Morrison, vice president for finance, said this is the largest bond amount ever approved in the history of SAU. He said the issue will now be forwarded to the Arkansas Department of Higher Education Coordinating Board for final approval during their October 26 meeting.
The University has currently secured more than $3.7 million from other sources for the project, including a recent $1 million by Arkansas Governor Mike Beebe.
The last time SAU issued bonds was in 2005 when $3 million in bonds were approved to build the band building and make improvements at Wilkins Stadium, Morrison said.
