FOR IMMEDIATE RELEASE, February 1, 2008
BONDING TO FUND CAMPUS IMPROVEMENT AT BETHANY COLLEGE
LINDSBORG, Kan.—Bethany College has made a significant commitment to its future by financially addressing current facility needs on campus.
The sale of $6 million of bonds, financed through the Kansas Independent College Financing Authority, will fund three major building projects on campus, as well as provide funds necessary to complete the college’s current Campus Green project.
“There are facility needs at Bethany College that need to be addressed as quickly as possible. In this situation, the strategic use of debt is the most effective solution for the health of the college. Bonding will allow us to make vital improvements at a faster pace, and with a greater impact. This is an investment in the future of the college that must take place if we are to grow enrollment,” said Bethany College President Edward F. Leonard III. “I am excited by the difference these improvements will make in the Bethany experience for students, and in securing the viability of the college in the future.”
The bonds went to market Jan. 28, and will close Feb. 6. On that date, the college will have access to funds generated by the sale of the bonds.
The $6 million gross bond issue will net funds totaling $5.5 million for a variety of campus improvement and maintenance projects, addressing needs in student housing, exercise facilities and classroom space.
Specifically, Bethany College is committed to three major building projects: the addition of laboratory space to Nelson Science Center; the addition of a weight room and locker rooms to Stroble-Gibson Physical Education Center; and the creation of a new apartment-style student housing facility on campus.
Architectural designs for these facilities will be presented to the Bethany College Board of Directors at their February 16 meeting for approval. If approved, work will then begin on finalizing construction blueprints and developing project schedules.
The completion of Campus Green will include new sidewalks and walkways on campus. A new amphitheatre space, functioning also as an outdoor classroom, will be created in the area of the current Wallerstedt Court on campus.
Campus Green is a multi-phase project to renew the central campus landscaping of Bethany College. Phase one, a new circle entrance east of Presser Hall with a water feature and the Carl Aaron Swensson statue, was completed last spring. Phase two has involved replacing the old First Street on campus from Presser Circle north to Swensson Street. In its place is a promenade of flags, featuring a cobblestone walkway, large planters and flagpoles.
Improvements to campus infrastructure as part of the bond issue will include replaced bleachers in Hahn Gymnasium and investments in computer technology and classroom equipment.
Finally, funds from bonds will be used to reimburse the college for recently completed maintenance projects, including some Campus Green projects. They are: repairs to bleacher seating in Anderson Stadium; a new cooling system in Burnett Center; renovation of Hahn Gymnasium parking lot; a replaced main sewer line on campus; and new boilers in Wallerstedt Library and Warner Hall.
The Bethany College Board of Directors initially approved securing bonds to use debt as a strategic investment for the infrastructure of the college last May, before Leonard began his term as thirteenth president of the college. The board then recommitted to this strategy at an August 2007 meeting. Discussion and decisions about details of the bond issue, including which projects to fund, continued last fall. A final resolution to issue bonds was made when the board of directors convened via conference call on Jan. 22.
Bethany College, established by Swedish Lutheran immigrants in 1881, is a college of the Evangelical Lutheran Church in America. The mission of Bethany College is to nurture and challenge individuals in their search for truth and meaning as they lead lives of faith, learning and service. Bethany College is on the Web at www.bethanylb.edu.
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