Lake Superior State University Finance Report 2026-05-15
LSSU Proposes $2M Line of Credit for Maintenance
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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, including roof replacements, flatwork repairs, and work on the Norris Center Natatorium. The proposed 15-year simple interest loan carries an anticipated 6% rate with annual payments of $194,745, to be repaid from donor and auxiliary funds.
Contract Details
Contract Amount
$2,000,000.00
Vendor
CENTRAL SAVINGS BANK
Agency
Lake Superior State University, MI
Contract Type
FINANCIAL_SERVICES
Document Date
May 15, 2026
Contract Term
Simple interest loan at an anticipated rate of 6% for 15 years, annual payment of $194,745.00
Renewal Date
2041-05-15
Renewal Info
This is a 15-year loan facility rather than a renewable service contract; no renewal or extension options are specified.
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