|Bonds sold for new PJC campus in Sulphur Springs|
|From Staff Reports|
July 18, 2006 - The Paris Junior College Board of Regents has approved the issuance and sale of the district’s consolidated fund revenue bond to finance new campuses in Sulphur Springs and Greenville.
In a unanimous vote Monday night, regents approved the order authorizing bonds in the amount of $7.5 million to be sold to Bank of America at 4.5 percent interest for a term of 25 years.
Regents have already approved the purchase of approximately 46 acres of land from the Sulphur Springs-Hopkins County Economic Development Corporation on which a new Sulphur Springs college campus will be constructed.
The parcel of land is located on State Highway 19, also known as West Loop 301, across from the Sulphur Springs Municipal Airport. The new campus will replace the current home of the Sulphur Springs Higher Education Center, located between Hopkins County Regional Civic Center and Sulphur Springs High School.
The Higher Education Center, which offers college courses, has seen its enrollment grow each year since opening.
The college has also purchased land just north of Interstate 30 service road near Greenville High School on Monty Stratton Drive for the new Greenville campus.
The annual debt service on the bond will be paid from pledged revenue of building use fees, tuition and fees, auxiliary revenues and other revenue authorized for retirement of the bond.
The tax-exempt obligation financing through Bank of America will be used to begin the construction phase of the new campus facilities.
SHW Group of Dallas is developing a campus master plan for Paris, Greenville and Sulphur Springs, and is designing the buildings to be constructed on the two campuses.