Financing mechanism approved for CCU to renovate Brooks Stadium; - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Financing mechanism approved for CCU to renovate Brooks Stadium; Haley disagrees with decision

Source: WMBF News Source: WMBF News

CONWAY, SC (WMBF) – The South Carolina State Fiscal Accountability Authority passed a resolution Tuesday allowing for the issuance and sale of revenue bonds to go toward the renovation of Brooks Stadium at Coastal Carolina University.

Delbert Singleton, secretary and agency communication coordinator for the SFAA, confirmed the authority did approve the resolution, with the funding avenue not exceeding $22.9 million in revenue bonds.

According to Singleton, the university can sell bonds up to the amount allowed and use the proceeds to renovate the stadium. Those renovations and expansion were necessary in order to be in compliance with the requirements as set forth in the agreement entered into between the Sun Belt Conference and CCU.

“The University is pleased with the outcome today at SFAA,” said CCU President David DeCenzo. “With this final approval, we will now embark on the stadium expansion project.”

Tuesday’s SFAA approval followed a 9-4 decision reached in May by the S.C. Commission on Higher Education to vote against fully funding CCU’s project proposal for the expansion of Brooks Stadium.

Gov. Nikki Haley took to Twitter on Tuesday to express her displeasure with the SFAA's decision.

Haley said the senators who voted in favor of CCU collecting the bonds have given the school an excuse to hire lobbyists and ignore decisions by the Commission on Higher Education.

She added schools will now turn to legislators when they do not get their way.

Read all of Haley's Twitter response below:

Related story:

Copyright 2016 WMBF News. All rights reserved.

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