WKU Board Approves Bond
Refinancing

July 08, 2003

Bowling Green, Ky. - The Executive Committee of Western Kentucky University's Board of Regents on Tuesday approved a bond refinancing package that will save the state more than $500,000.

Wells Fargo Brokerage of Salt Lake City was the successful bidder with a net interest cost of 2.57 percent for the $9.8 million Consolidated Educational Buildings Refunding Revenue Bonds. Five other bidders had net interest costs of 2.6-2.68 percent.

The new bond issue will pay off bonds that were used to build the Cravens Graduate Center, the Ivan Wilson Fine Arts Center and the Downing University Center. Since the state of Kentucky pays the bonds, the savings will help the state's general fund. Those savings are expected to be $69,000-$74,000 a year, or $516,000 over the life of the bonds.

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-WKU-