The University is raising $66 million through the issuance of green bonds, according to an IU news release.
These 20-year green bonds include $45 million to fund the construction of a new Arts and Sciences building at IU-Northwest in ?Gary, Ind.
Also included is $21 million toward the renovations of Franklin Hall at IU-Bloomington.
Green bonds are a new program within the Municipal Bond Market in the United States. The bonds allow investors to support environmentally conscious programs, according to the University.
Some examples of these projects might include energy savings, clean water and restoration projects.
“Indiana University’s decision to issue green bonds highlights our commitment to sustainability, energy efficiency and careful stewardship of our resources,” said Don Lukes, IU associate vice president and associate treasurer, in the release.
The bonds will be secured through students’ tuition and fees, according to the University. They will be refinanced through fee replacement that was authorized by the Indiana General Assembly.
The IU Board of Trustees authorized the issuance of the bonds on Nov. 19.
Bonds will be sold this week and sales are expected to close in January, according to the University.
Anna Hyzy
