PIERRE, S.D. (KELO) — The state board that governs South Dakota’s public universities decided Tuesday to seek a $24.5 million bond to help pay for construction of one new building and renovate five buildings at five campuses.
The Board of Regents also agreed to transfer legal control of the buildings to the South Dakota Building Authority until the financing is repaid through a portion of tuition. The authority would then transfer control back to the regents.
Heather Forney, the regents’ vice president of finance and administration, said Tuesday her office had waited to bring the plan forward until after the universities saw student numbers for the current 2020 fall semester. Enrollments were down slightly but better than some expected.
Regent Jim Morgan of Brookings asked about the maximum interest rate of 4% on the borrowing. Forney said the rate was unpredictable day to day: “There is a possibility of doing better, yes.” Replied Morgan, “That would be good.”
The universities, communities, projects and portions of funding include:
Black Hills State University, Spearfish, E.Y. Berry Library renovations and tunnel repair $2.5 million.
Dakota State University, Madison, East Hall renovations $2.5 million.
South Dakota State University, Brookings, Lincoln Hall renovations $10 million.
University of South Dakota, Vermillion, Allied Health Sciences Facility $5 million. I.D. Weeks Library renovations $500,000.