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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NICE EASTER WEEKEND
Frost advisories posted for Friday morning for lows in the 30s. Protect sensitive plants in the outlying suburbs away from the city!
Expect a gradual warm up over the next couple of days.
Friday High: 56
Saturday High: 64
Sunday High: 65