
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, July 6, 1990                   TAG: 9007060754
SECTION: VIRGINIA                    PAGE: B-3   EDITION: EVENING 
SOURCE: Associated Press
DATELINE: LYNCHBURG                                LENGTH: Short

SCHOOL BUYS CAMPUS

Liberty University has purchased its campus from Old Time Gospel Hour for $75 million as part of its plan to get long-term, tax-free financing, a ministry spokesman said.

The Lynchburg News & Daily Advance reported last week's transaction in a copyright story today.

Mark DeMoss said 2,000 acres were sold. Liberty already has paid about $25 million and will pay the remainder when it gets taxable financing this summer, he said.

Liberty plans to convert that to tax-free financing when and if it receives final approval of a $60 million bond issue. One of the bond issue requirements was that the school own its own land and buildings.

A Lynchburg circuit judge ruled in March that the bond issue would not constitute state aid and said the school's primary purpose is to provide a liberal arts education.

Liberty plans to use the bonds to pay for new and already-constructed campus buildings and consolidate short-term debt.

by CNB