HEPC: Money Savings Will Be Used on Maintenance Projects
The state Higher Education Policy Commission voted Wednesday to refinance a 2004 bond issue
It will result in lower payments and a windfall of up to $7 million.
State Higher Education Chancellor Dr. Paul Hill says the money will be used on projects on various college campuses across the state.
“These are projects probably in the 200 to 500-thousand dollar range for things like deferred maintenance and-or life safety issues on the campuses,“ Hill said following Wednesday’s vote.
The chancellor says a final list of those projects is still being finalized. He says they will focus on things like roof repairs and heating and cooling upgrades.
Hill says Governor Earl Ray Tomblin must also sign-off on the refinancing plan.
The HEPC’s bond counsel told commission members now is a good time to refinance.
“The bond market happens to be better right now and allows us to do that,“ Chancellor Hill said.