All those borrowed funds have been expended. Both rating agencies recently affirmed our current bond ratings and outlook. In addition, Schultz said that current market conditions remain relatively attractive, given the apparent strength and stability of the national and global economies.
Forecasts also suggest a relatively stable outlook for tax-exempt rates over the coming year.
These new capital funds will cover a portion of the project costs for key educational and general facilities as well as housing, parking and athletic facilities. In addition, the debt coverage for the educational and general projects will be provided by a multi-year plan to commit an increment of tuition for capital improvements. Among the projects to be funded, in part, are proposed new buildings at University Park for Business Administration, Information Sciences and Technology, Food Sciences , Forestry and Life Sciences and renovations to Chandlee Laboratory. Projects that will be self-supporting at University Park include West Campus housing and athletic and parking facilities, among others. A General Studies building at Mont Alto, the Buck Union at McKeesport, an Administration Building at Beaver and the Shenango Sharon Hall will also be partially funded by the new debt.