Francis Marion University Turns to JEDA to Lower Costs at Florence Campus
Florence, SC — Florence County
Francis Marion University is using $12.7 million in bond issues from the South Carolina Jobs-Economic Development Authority (JEDA) to refinance a 2004 bond issue that paid for construction of student housing on the Florence campus.
A $12.6 million tax-exempt economic development refunding bond issue and $85,000 in taxable economic development bonds will be used to refund the decade-old bonds that financed construction of the 235-bed student housing facility.
The new bond funding helps the school retain seven jobs. Francis Marion University currently provides 726 beds for students for its 4,200 students. The funding is through FMU Student Housing LLC and the Francis Marion University Development Foundation.
“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.”
– Howard Lundy, CPA, Francis Marion University Administrative Manager.
“We know what an impact these new student housing options at Francis Marion University have played in the lives of FMU students, and we feel privileged to have helped with this bond funding transaction,” said Bond Counsel Mitchell Johnson with Haynsworth Sinkler Boyd, P.A., in Charleston.
“Francis Marion University continues to grow in size and impact. We’re happy to help the University build a brighter future for all South Carolinians by empowering an educated citizenry,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.
