By Tony Parra: PNT Staff Writer
The Eastern New Mexico University representatives are investing in the future of the campus and in the form of building upgrades, courtesy of system revenue bonds.
The ENMU Board of Regents approved the issuance of $9.325 million in the issuance of system revenue bonds to renovate the university. ENMU President Steven Gamble and regents want to use the money for renovations to the Campus Union Building, West Campus apartments, Harding and Chavez Hall and perhaps new elevators for Bernallilo and Lincoln Halls.
ENMU is paying for the issuance of previous bonds from 1993 and 1995. The school will pay $1.3 million during the fiscal year of July 1, 2005 to June 30, 2006. That total will drop to a little more than $800,000 for the July 1, 2006 to June 30, 2007 fiscal year, according to Scott Smart, vice president of Business Affairs.
According to the resolution authorizing the issuance of the bonds, the debt for the new bond will be an additional $315,000. The new debt, when added with the debt due in 2006-07 from previous bonds, will brings the total debt to approximately $1.2 million for the 2006-07 fiscal year.
“We thought the interest rates would be the best they would be,” Smart said about the timing of the 20-year bond. Smart said the interest rate was about 4.22 percent per year.
The debt service is paid off through a combination of university revenue generators, such as student fees, tuition, housing and food service.
The $9.32 million is for the purpose of providing funds for purchasing, constructing, erecting, altering, improving, repairing, furnishing and equipping buildings.
Smart said it is uncertain whether some of the money will be used as supplemental for the new athletic facilities. ENMU received $450,000 from capital outlay funds for the new athletic facilities. One of the athletic facilities will be shared by the ENMU softball and women’s soccer team.
The other athletic facility will be shared by the ENMU baseball and men’s soccer team. Gamble said the cost for each facility will range between $275,000 to $300,000.
Smart said the next step is to create project designs for the work on campus. Smart said a project, such as new windows for the Campus Union Building, could be started in the summer. He said other projects such as the cooling systems in buildings, CUB dining room and kitchen equipment would be started later this year and the summer of 2006.