SAU Board of Trustees approves sidewalk resolution, bond refinancing
MAGNOLIA – The Southern Arkansas University Board of Trustees met Wednesday, April 18, 2018, to discuss a short agenda that included a sidewalk resolution presented by Dr. Trey Berry, president of SAU, and a bond resolution and auxiliary refunding, presented by Shawana Reed, Vice-President of Finance.
Trustee David Nelson attended the meeting on the SAU campus. Edgar O. Lee, board chair; Lawrence Bearden and Therral Story participated via conference call.
Berry said the University has received an 80/20 matching grant from the Arkansas Highway Department for improving and expanding sidewalks on campus. Bids submitted for the project were lower than expected, and the University does have the matching funds.
Sidewalks would be added at Childs Hall and Fincher Hall, with a possible new sidewalk to connect Fincher Hall to the University Village Apartments. Safety crosswalks would be implemented along East Lane, and one would connect Eichenberger Hall to the Engineering Building.
Bearden and Story moved to adopt the resolution, and trustees unanimously affirmed.
Reed asked the board to consider refinancing two bond issues to generate cash flow and avoid taking out additional external funds for annual residence hall repairs. The two bonds considered were series 2012 and 2013-C. The payment level for the refund would be sustainable, Reed said.
Story and Bearden moved to approve, and the Trustees voted unanimously to refund the bonds.
Finally, Berry asked the Trustees to consider a resolution giving the SAU president authority to explore potential new private housing to be built on campus, with the board making any final decisions. The resolution was unanimously adopted.The meeting was then adjourned.