September 8, 2000

Nonprofit Group Uses Bond Issue to Finance Dormitory Renovation

Western Kentucky University has found an unusual way to pay for renovating dormitories.

Unable to get the millions it needed from the state legislature, the university created a nonprofit organization that took control of 18 dormitories and raised almost $66-million by issuing a bond.

Over the next five years, the foundation will upgrade all of the dorms, and will completely renovate seven of them. The planned improvements include more single rooms and

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