Regents Consider Bonds to Aid University of Iowa Flood Recovery

The Iowa Board of Regents plans to meet Friday to consider issuing $30 million in bonds to help with flood-recovery at the University of Iowa.

The school suffered more than $230 million in damage during widespread June flooding.

Officials say if the recovery and mitigation bonds were issued for repairs, the university would later be reimbursed by the Federal Emergency Management Agency.

The university’s portion of the damage has been estimated at $25 million with the rest coming from both FEMA and insurance. While the insurance settlement was paid up front, FEMA’s reimbursement can take months.

The regents have issued other bonds in the past to help pay for major construction projects on the state’s three public university campuses.

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Information from: The Des Moines Register,
http://www.desmoinesregister.com