ASU Trustees Approve $30.6 Million Bond Issue to Finance New A-State Veterinary School Facility
LITTLE ROCK — The Arkansas State University System Board of Trustees today in a special meeting approved a $30.6 million bond issue to finance construction for the new College of Veterinary Medicine at the A-State campus in Jonesboro.
Design and construction of the College of Veterinary Medicine facility is estimated at $33.2 million. The university plans to finance the building through the issuance of taxable Student Fee Revenue Bonds and use of institutional reserve funds. Tuition and fees from CVM students will ultimately fund debt service for the construction.
The move follows a recent consultative site visit by the American Veterinary Medical Association’s Council on Education, which reviewed A-State’s progress on facilities, policies and personnel for the college. The university plans to admit its first cohort of students in 2026 in what would become the state’s only public vet school.
The bond funding plan also allows for the refunding and reissuance of $11.6 million in existing student fee revenue bonds that were used for capital improvements on the A-State campus. The total 30-year bond issue must have an interest cost of no more than 7%, and the refunding must produce a savings of at least 4%.
Stephens Inc. and Crews & Associates Inc. will serve as bond underwriters. PFM Financial Advisors LLC is the financial advisor, and Friday, Eldredge & Clark is the bond counsel.
In other action, the board authorized Henderson State University to explore the disposition of three university-owned houses as part of its efforts to pursue cost savings and future growth.
The properties in Arkadelphia include the Ramsauer House at 327 North 11th Street, the Smith Garner House at 324 North 12th Street and the Evans Street House/Lot at 1228/1226 Evans Street.
Disposition may include the sale of each property, which would require surveys and appraisals.
