Francis Marion University (FMU) plans to use $12.7 million in bond issues from the South Carolina Jobs-Economic Development Authority (JEDA) to refinance a 2004 bond issue that funded construction of student housing on the Florence, South Carolina, campus.
To pay off the 10-year-old bonds that paid for a student housing facility, a $12.6 million tax-exempt economic development refunding bond issue and $85,000 in taxable economic development bonds will be used.
The funding came from FMU Student Housing LLC and the Francis Marion University Development Foundation.
Seven jobs at the school will be retained through the new bonds.
At present, 726 beds are available for Francis Marion University's 4,200 students.
“We’re excited to be able to refund our previous bonds, which allowed us to serve our student body’s housing needs for the past 10 years and can now be paid back at a lower rate of interest," said Howard Lundy, CPA, Francis Marion University's administrative manager. “We know what an impact these new student housing options at Francis Marion University have played in the lives of FMU students."