LARAMIE, Wyo. (AP) - The market plunge on Wall Street turned out to be a financial boon for the University of Wyoming. UW just happened to be offering $44.3 million in revenue bonds Thursday to pay for two building projects on campus and to refinance a previous bond issue at a better interest rate.
Vice President for Administration Doug Vinzant told the board of trustees Friday that the stock market downturn resulted in UW obtaining the lowest interest rates ever for revenue bonds. As a result, he says UW saved an estimated $100,000 to $150,000 a year in interest payments over the 20-year life of the main revenue bond. Vinzant says that means Wyoming will have more money available for any future building projects.