"Sometimes it (the bond) can be taken out for a much longer period of time," he said. "It's a common way of financing large infrastructure projects or civic facility projects."
Ken Aaron is communications director at Paul Smith's College. He says with enrollment on the rise, the college needs more space to house its students.
"We are very thankful that the CDC and Franklin County gave us access to this financing so we can continue to grow," he said.
Aaron notes that increasing enrollment at the college benefits the local economy, as more students translates to more dollars spent at local businesses.
Some three quarters of the bond goes to the construction of the new dorm, while the remainder will be used for energy conservation efforts on campus.
The new dormitory will total some 34,000 square feet and feature 23 four-bedroom units. Each unit will contain four single-bed rooms, a common area, a kitchen, and at least one bathroom.
The construction project employs some 100 workers from Clinton, Essex, and Franklin counties, although Aaron notes that numbers fluctuates depending on what phase the project is in.