Alcorn State pays off bond for dorm construction

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Published: August 14,2011

Tags: bond, construction, debt, education, higher education

LORMAN — Alcorn State University recently paid off its $680,000 revenue bond acquired in 1996 for constructing a residence hall on its Natchez Campus.

The project was completed in 1997 and it also included equipping and furnishing the dormitory initially intended for ASU School of Nursing students.

“With today’s concerns over long-term bond agreements and debt, this payoff is evidence of Alcorn’s financial stability,” says Alcorn president M. Christopher Brown II.

The cost of the project was estimated at more than $2.89 million, and the State of Mississippi issued general obligation bonds to provide funding in the approximate amount of $2.2 million to pay a portion of the total project costs. The $680,000 institutional bond was issued to pay the balance of the project costs. The additional funds allowed Alcorn to double the Natchez Campus Residence Hall’s capacity.

The key accessible and 24-hour security monitored Natchez Residence Hall Complex houses ASU School of Nursing and School of Business students as well as Copiah-Lincoln Community College students who attend college in Natchez. The complex is divided into three buildings: individual residence halls for male and female students and the main building that includes the director’s office, guest lobby, kitchen area, computer laboratory and laundry facilities.

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