The North Dakota Board of Higher Education’s Budget and Finance Committee on Tuesday approved giving UND permission to use unspent tax-exempt bond proceeds to finance an addition to the Fritz Pollard Athletic Center.
UND V-P for Finance Karla Mongeon-Stewart says, when the home of the Business College, Nistler Hall, was being built, UND’s Alumni Association and Foundation took out a line of credit to fund pledges for that facility.
But because pledges were paid more quickly than anticipated. Stewart says, the full line of credit wasn’t used.
“Because the rates on that line of credit are extremely favorable, compared to if we were to go and get a new loan now, there’s about $13 million of unused credit there,” she said. “So we’re asking permission to transfer that unused credit line for funding the pledges of the Fritz Pollard addition.”
The full Higher Ed board will vote on the matter next month.
Groundbreaking is expected next spring for phase two of the Pollard Center, which includes new locker rooms for football and other sports…and replacing the turf and track on the current Memorial Field.
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(Photo: ICON Architectural Group)
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