Southeast Arkansas College trustees Wednesday authorized a sale of bonds toward making capital improvements aimed at reducing the cost of energy.
The board last month agreed to sell up to $5.6 million in student tuition and free revenue improvement bonds. The purpose is to address electrical needs across campus and make upgrades as identified by Bernhard TME.
According to college President Steven Bloomberg, the college’s lighting, HVAC and security infrastructure sustained aging to a point where SEARK needed to make a big investment in upgrades. The Arkansas Higher Education Coordinating Board approved project financing at a special meeting Dec. 6. Once the bonds are sold, they will not mature until Jan. 1, 2044, at a yearly interest rate of 6.5%.
Bloomberg said the sale is scheduled for next Tuesday.
The SEARK board also approved certificates, diplomas and degrees to be presented during the college’s graduation ceremony scheduled for 7 p.m. Friday at the Pine Bluff Convention Center.