A University System of Maryland Board of Regents committee approved issuing more than $117 million in bonds Thursday for capital projects in the coming fiscal year that include 700 beds of student housing at Towson University.
About $42 million of the $117 million will be for late phases of Towson University's West Village housing project. The fiscal year 2015 bond issuance also includes $20 million for the expansion of Burdick Hall at Towson University and $13.3 million for residence hall renovations at the University of Maryland, Baltimore County. More than $10 million would be earmarked for the addition of air conditioning to the University of Maryland, College Park's high rise residence halls, which is on top of about $58 million approved for that purpose last year. The bonds still must be approved by the full Board of Regents.
Interest on the bonds is expected to cost $9.4 million per year for 20 years at a 5 percent interest rate.