Work started this week on replacing Law Barracks. The 65-year-old building was named for Evander M. Law, Class of 1856, a major general in the Confederate Army who was instrumental in establishing the Florida educational system after the Civil War.
Environmental contractors started removing asbestos and lead paint, and demolition is scheduled to start in March. If work proceeds as planned, the new Law Barracks will be ready by second semester of the 2006-2007 college year.
Ellis Don, the same contractor that rebuilt Padgett-Thomas Barracks, is rebuilding Law Barracks at a cost of $18.5 million.
The beginning of construction is not the only positive news surrounding the
project. According to Curt Holland, vice president for finance and business
affairs, The Citadel got a very favorable interest rate of 4.06% on a $26.5
million bond offering. The bonds will cover the rebuilding of Law Barracks and
allow the college to retire older bonds with higher interest rates.
Merrill Lynch was the low bidder of 7 firms that submitted bids. When The Citadel
offered bonds five years ago, there were only 3 bidders.
The college expected to pay a higher rate according to Holland. The lower
rate will save The Citadel about $62,000 a year in retiring the older bonds..
The favorable rate came on the heels of a good report from Moody's Rating Service in December. Moody's did a review of the college's financial situation and upgraded The Citadel's bond rating to A1 with stable outlook.
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