Board Approves Bonds For Arkansas State University Construction

(AP) - The Arkansas Higher Education Coordinating Board has approved plans for nearly $20 million in bonds to help finance construction of residential buildings at Arkansas State University in Jonesboro.

School officials want to added new housing for fraternities and sororities and an honors dormitory and to improve climate systems.

Interim Chancellor G. Daniel Howard has said the changes are necessary to accommodate demand for on-campus housing and enrollment growth.

The higher education board on Friday approved the feasibility of a $19.64 million bond issue with a maximum annual interest rate of 5.5 percent and a 30-year term.

The ASU System board approved the proposal Jan. 20. Arkansas State has about 14,000 students.

The Arkansas Department of Higher Education says Arkansas State's overall enrollment increased about 25 percent from 2007 to 2011.