Today's News

Regents approve Helser razing and bonds for new residence building;
Moody's upgrades ISU bond rating
1-18-2001 | University Relations

AMES, Iowa --Two requests from the Iowa State University residence department topped ISU items on the January meeting of the Board of Regents, State of Iowa. The board convened via telephone Jan. 17.

The regents authorized the residence department to demolish the north wing of Helser Hall to clear space for a community center that is part of the planned Union Drive neighborhood clustered around State Gym. Construction on the community center is set to begin this summer. The north wing of Helser Hall is empty this semester, but it won't come down until the semester ends in May.

The regents also approved the sale of $21.665 million in dormitory revenue bonds to pay for the first suite building (320 beds) in the Union Drive neighborhood.

In a related matter, Iowa State received word from Moody's Investors Services Jan. 16 that the rating agency has assigned an A1 rating on these new dormitory revenue bonds.

Moody's also reported that it has upgraded its rating on $127 million of outstanding bond debt at Iowa State from A1 to Aa3, up one step. This is the highest rating Iowa State has ever received on its bond debt, according to Vice President for Business and Finance Warren Madden.

The upgrade reflects the university's stable enrollment, manageable debt, strong financial resources following a successful capital campaign and steady operating performance, according to Barry Fick of Springsted Inc., St. Paul, financial adviser to the regents.

The $127 million includes bonds on academic buildings ($80 million), utility systems ($25 million), recreational facilities ($10 million), telecommunications facilities ($6 million), student health center ($4 million), and the athletic fieldhouse and auditorium ($3 million).

In other action Wednesday, the regents:

Approved revisions for the 2001-03 Iowa State general catalog.
Approved student fees and charges for the 2001-02 academic year. ISU highlights include:
1. Standardize study-abroad fee at $300 for all programs.
2. Merge former orientation ($60) and voluntary New Student Days program ($45) fees into $105 New Student program/matriculation fee.
3. Raise transcript fee from $5 to $6.