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$70 million donation lifts Falwell school out of debt

A big gift from a retired life insurance tycoon has Liberty University back in the black.

Millionaire Art Williams donated $70 million to the university to erase a decade of debt and free its founder, the Rev. Jerry Falwell, to resume his role as an outspoken emissary for conservative Christians."The university is back to where it was, and I'm back on the road again," Falwell said Monday in Lynchburg, Va. "It's like being let out of prison, to get back to what I do best."

Falwell, 64, founded Liberty in 1971 and also the Moral Majority. He

stepped out of the spotlight in 1990 and devoted much of his time to dealing with the financial problems at the private university.