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The University of Wyoming Board of Trustees today (Friday) approved the university's 2010 bond series, totaling $44.9 million, including $39 million in revenue bonds to construct a new Visual Arts Facility and renovate Downey Hall.
The board also approved $5.4 million for refunding of the 2001 bond series.
The board's action follows strong ratings from Moody's (Aa3) and Standard & Poor's (AA-), two of the nation's preeminent credit rating agencies. UW's rankings signify a stable financial outlook and enable the university to borrow money at favorable interest rates now and into the future, says Douglas H. Vinzant, UW's vice president for administration.
"The strong ratings from Moody's and S&P's enable the university to borrow money at very low rates, reducing the interest costs we have to pay on the debt," Vinzant says. "A major factor in our ratings has been the strong operating and capital budget support provided by the state of Wyoming."
The $33 million Visual Arts Facility, to be located on university-owned property east of the Centennial Complex that houses the American Heritage Center and UW Art Museum, will expand existing art programs and add new ones. Construction is expected to begin this summer and be completed in 18 months.
The $6 million renovation of Downey Hall, an eight-story, 203-room residence hall, will provide improved life, safety and infrastructure support. Renovations are expected to be complete by fall 2011.