Council approves resolution clearing path for University of the Ozarks residence hall financing

The City of Clarksville opened a public hearing and then approved a resolution authorizing the University of the Ozarks Public Educational Facilities Board to issue revenue/refunding bonds to finance construction of a new residence hall and to refund portions of prior bond issues.

Gloria Aria, Executive Vice President and Chief Financial Officer for the University of the Ozarks and the project manager, told the council the project is a new approximately 250‑bed freshman residence hall that will replace older dorms. She said the bond proceeds would fund only part of the project and answered public questions about the future of Smith and King halls. The council’s reading of the resolution repeated a clause that the city “assumes no liability or responsibility for the repayment of the bonds.”

The resolution was read in full by the clerk and authorizes the board to issue the series specified in the document. After the reading, the council moved, seconded and recorded a unanimous vote to approve the resolution as presented.

The council closed the public hearing and approved the resolution; the record shows the council intends no city liability for repayment. The university project manager and university representatives thanked the council for consideration and expressed optimism about the residence hall’s local impact.