A bond sale at the state Board of Regents meeting gave a financial boost to the ISU Union Drive Association construction project. The project is part of the Department of Residence’s Master Plan and was discussed during Wednesday’s teleconference call meeting.Barry Fick, financial adviser for Springsted, Inc., announced the bond for more than $21.6 million. It was sold to U.S. Bancorp Piper Jaffray and other smaller shareholders. Interest for the bond will be 4 percent, Fick said, which is a favorable percentage.”It’s the lowest rate we’ve received for a bond for a couple of years,” he said. Fick said the low rate was due to the lowering of federal interest rate and the quality of bonds from the board.While he is aware of the large amount of borrowed money the university will eventually pay back for its projects, Warren Madden, vice president for Business and Finance, said, “we believe that these plans will let us do that.”The design development drawings and budgets for Phase One of the UDA project, including a suite building and community center, were approved by the regents during the December meeting.Madden announced the university’s bond rating has moved from A1 to Aa3 by Moody’s Investors Service, New York. Madden said this is the highest rating the university is likely to receive, which demonstrates confidence in Iowa State’s finances.”Generally they think the university’s financial situation is good,” he said. “The university is well-managed.”Regents also passed a motion to demolish the north wing of Helser Hall, another part of the UDA project. “Helser Hall ultimately comes down now that the bonds have been approved, and we are moving ahead with that project,” Madden said.