Release date: July 3|
Bonds to finance San Antonio campus
Wayland Baptist University, through the city of Universal City, will issue $7.5 million in tax-exempt bonds in order to purchase the land and building for the San Antonio campus.
The bonds received an A- rating and a stable outlook by Standard & Poor's. According the S&P report, the rating "reflects the university's strong enrollment growth as demonstrated by a 27 percent increase in headcount over the past five years; good revenue diversity as only 55 percent of revenues are derived from tuition and fees, with another 12 percent from auxiliary operations; solid financial performance that has generated healthy surpluses due primarily to strong growth in tuition revenues and conservative management of expenses for the past four fiscal years; and low debt burden with no additional debt plans in the near future."
According to Jim Smith, the university's Chief Financial Officer, the A- rating is a positive sign.
"Anything B and above means tremendous bonds. It means we're financially very stable," Smith said.
The bond proceeds will be used to finance the cost of acquiring the 5.09 acres of land and the 32,000 square-foot building constructed in 1999, which the university is currently leasing. Also, two additional tracts of land - with all parcels totaling 26 acres - will be acquired for future use and for parking space.
Wayland-San Antonio currently leads the system in enrollment with 1,400 students. Catering primarily to the nontraditional, working adult student or military member, the campus has achieved great success in its nearly two decades of existence under the leadership of Dr. Bill Hardage, vice chancellor, and Dr. Dillard Whitis, campus dean. The campus moved to the new location off Interstate 35 North in the fall of 2000.