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Wichita City Council hears request for revenue bonds for Newman University

April 09, 2019 - 10:41 am
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At Tuesday’s Wichita City Council meeting, the group heard a request for revenue bonds for Newman University.

Newman requested $4.5 million to refund bonds issued in 2015, in order to gain interest rate savings.  

Tim Goodpasture with the city explained that since the university is in Wichita, the city council is the entity to hold the public hearing.  In a conversation during the hearing with Mayor Jeff Longwell, he also stated: "the city is not issuing the bonds and will have no responsibility for them going forward."

Mayor: "And no liability?"

Goodpasture: "And no liability."

The bonds will be issued by the Kansas Independent College Finance Authority.  The university will also pay all costs of issuance and will get no property tax abatement.

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