The New Mexico Higher Education Department approved an $18 million bond proposal to renovate the library, campus apartments, and to build a multi-purpose athletic center at the University of Eastern New Mexico in Portales, N.M.
The New Mexico Finance Authority approved the bond last year, Nexstar Broadcasting reported.
The University refinanced $6.4 million of the bond and received an interest rate that will save up to $605,000 over 10 years.
School representatives will meet with the New Mexico Board of Finance, which will make the final approval, next month.
