More financing approved on new college facility
PARIS - Paris Junior College Board of Regents come to terms with five local banks on construction financing of the new Math and Sciences Building.
The issuance of $4 million in revenue bonds was approved as part of Monday’s meeting. Agreements were obtained with Lamar National Bank, Liberty National Bank, First Federal Community Bank, Guaranty Bond Bank and People’s Bank. PJC says the remaining costs of the estimated $11 million project are being paid out of the college reserves.
Crews broke ground on the new facility last August to account for future growth and ease crowding among its current students. The new Math and Sciences building is scheduled for completed in spring 2013.
Regents also Monday approved including the building of a new parking lot in the main contract with Charter Construction to be included in the guaranteed maximum price. Approximately 150 parking spots will be included.