Issuance of $72 million in bonds approved
May 21, 2002
KALAMAZOO -- Acting at its May 17 regular meeting, Western Michigan University's Board of Trustees authorized the issuance of bonds to finance a number of capital projects.
The proceeds of the bond issue, expected to generate up to $72 million, will fund the completion of the College of Engineering and Applied Sciences and the Donald "J" Seelye Athletic Center. The University's Paper Coating Pilot Plant also will be financed through the issuance, as well as roadway and landscape improvements to the west entrance of the campus; professional fees and site development for the new College of Health and Human Services facility; a community center, landscaping and roadway work at the Arboretum Apartments; and energy conservation projects at several WMU campuses.
The resolution approved by trustees also specified that the highest yield for any maturity will not exceed 7 percent annually for tax-exempt bonds or 10 percent annually for taxable bonds.
In other business, members of the Board of Trustees authorized minor changes to the University's investment policy statements. The alterations to the Operating Cash Investment Policy Statement and the Annuity and Life Income Funds Investment Policy Statement bring WMU standards in line with current best practices for investment management, according to Jan Van Der Kley, assistant vice president for finance, who presented the changes to trustees.
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