STATE COLLEGE, Pa. (AP) - Penn State trustees may be asked to approve $30 million in borrowing to help its Athletic Department cover costs resulting partly from the Jerry Sandusky child sexual abuse scandal.
PennLive.com reported Thursday that the request would be part of a $750 million borrowing package that trustees will consider Friday.
The Athletic Department posted a $15 million profit as recently as 2011. But university Controller Joe Doncsecz says its expenses outstripped revenues by $6 million this year.
Needs covered by the borrowing include up to $25 million in short-term capital needs, a $10 million line of credit and millions more to cover debt service on the $60 million fine the NCAA imposed for the Sandusky scandal.
Athletic Director Dave Joyner says the department should be in the black by 2018.
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In the wake of yesterday’s system, icy spots will be a concern for the region along with the bitter cold. Look for lows in the teens and 20S. Highs close to 30. West winds 5-10 mph with feels like temperatures in the teens. Bundle up and watch for icy patches on roads and sidewalks.
Wednesday (29/21): Sun/Clouds
Thursday (25/19): Sun/Clouds
Friday (32/17): Sun/Clouds
Saturday (36/35): Rain/Snow