KALAMAZOO, Mich.—Meeting in formal session at 11 a.m. Thursday, Nov. 5, the Western Michigan University Board of Trustees will consider a resolution authorizing issuing a general revenue bond not to exceed $70 million to fund the completion of the student center/dining facility construction project underway on campus. Trustees are to convene in the Bernhard Center's North Ballroom. A livestream of the meeting will be accessible at wmich.edu/trustees.
As planned, the University completed the first round of financing for the new student center/dining facility in 2019 and intended to finance the closing round in 2020-21. An additional bond issue provides the project its final infusion of funding, paying for site completion, construction, furnishing and equipping of the facilities. Bond proceeds also would pay for the design and construction of a new roadway at the south side of the student center for pedestrian drop-off and parking.
If market conditions are favorable, a portion of this bond issue could be used to refund currently outstanding general revenue bonds. Current market conditions indicate that refunding certain outstanding bonds may provide an opportunity for WMU to achieve savings due to favorable interest rates.
On Thursday, trustees also are slated to consider ending WMU's affiliation agreement with Cooley Law School. While maintaining financial and academic autonomy, in 2013, the two institutions agreed to a formal association, with co-branding. After seven years, there are goals of the affiliation that are yet to be realized. The board will weigh whether to continue the affiliation or begin the separation process, which, under terms of the institutions' agreement, is a three-year process.
The board's full meeting agenda and associated materials are online at wmich.edu/trustees.
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