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State sells Olympic Village bonds

SHARE State sells Olympic Village bonds

State Board of Regents Chairman Charlie Johnson announced last week the sale of $100 million in bonds to get the 2002 Winter Olympic Village under way at the University of Utah.

The bonds will fund construction of a new student housing complex at the U., where athletes and officials will lodge during the Games. The primary function of the construction will be student housing, however.Of the 30-year bonds, $70 million can be refinanced or repaid early. The other $30 million cannot.

The investment strategy saves $1.1 million in projected interest.

"We hit the market just at the right time to save that money," said Utah Commissioner of Higher Education Cecelia Foxley.