- Associated Press - Saturday, November 1, 2014

FORT SMITH, Ark. (AP) - The University of Arkansas will borrow $5 million from the reserve funds of its individual campuses to pay for the startup of a new, online-only college.

The UA Board of Trustees voted Friday for a resolution to borrow the money despite previous opposition from chancellors of the campuses. The resolution calls for the funds to be borrowed in equal installments on March 1, 2015, and March 1, 2016.

The money is to be repaid in 10 years at an annual interest rate of 1.75 percent.

The Arkansas Democrat-Gazette reports (https://bit.ly/1xMi280 ) the board voted 8-0 for the resolution with one member absent and one abstaining.

The UA System eVersity will offer degree programs through existing UA institutions until the eVersity is independently accredited. Classes are to begin in fall 2015.

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Information from: Arkansas Democrat-Gazette, https://www.arkansasonline.com

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