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Borrowing, protest to mark Penn State meeting
By: The Associated Press and WJAC Web Staff
STATE COLLEGE, Pa. --
A vote on millions of dollars in proposed borrowing and a protest march are expected today as Penn State University trustees meet in State College.
The trustees are scheduled to consider a variety of topics at the session, slated to start at 1:30 p.m.
Outside of the meeting, supporters of the late Joe Paterno plan a "march for truth" to protest allegations in a university-commissioned report that the longtime Penn State football coach helped cover up Jerry Sandusky's crimes.
At the meeting itself, Penn State trustees may be asked to approve $30 million in borrowing to help its Athletic Department cover costs resulting partly from the Sandusky child sexual abuse scandal.
PennLive.com reported on 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 said the department should be in the black by 2018.
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