Lake Superior State University Finance Report 2026-05-15
LSSU Proposes $2M Line of Credit with Central Savings Bank
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Description
Lake Superior State University leadership recommends entering into a $2,000,000 line-of-credit agreement with Central Savings Bank to finance critical deferred maintenance projects across campus. The 15-year simple-interest facility at an anticipated 6% rate will be repaid from donor and auxiliary funds, with the CFO authorized to finalize financial and contracting documents upon Board approval.
Contract Details
Contract Amount
$2,000,000.00 line of credit; annual payment $194,745.00 at anticipated 6% simple interest for 15 years
Vendor
CENTRAL SAVINGS BANK
Agency
Lake Superior State University, MI
Contract Type
FINANCIAL_SERVICES
Document Date
May 15, 2026
Contract Term
15 years
Renewal Info
Initial financing term is 15 years; no explicit renewal or extension options are described.
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