As of June 30, 2014, IUP has completed
a $28.6-million payment for indebtedness related to the
construction and bond financing of the Kovalchick Convention
and Athletic Complex. This transaction was effected through
repurchase and internally defeased efforts.
According to Cornelius Wooten, IUP vice president for
Administration and Finance, the successful completion of
this financial transaction resulted in the removal of this
indebtedness from the university’s financial statements, and
the university is no longer obligated for this bond
indebtedness. In addition, IUP achieved ultimate cost
avoidance, or interest savings, estimated at $15.3 million.
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