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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2020",
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                    "text": "$ 93,459,482",
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            "bbox": {
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            "text": "Construction in progress consists primarily of projects to repair and replace boilers and distribution lines and energy savings projected funded by capital lease agreement with the Commonwealth of Kentucky disclosed in Note 7. The project is projected to be completed in fiscal year 2021. Estimated cost to complete the project is approximately $3.1 million."
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        {
            "id": "p31.6",
            "order": 86,
            "type": "heading",
            "bbox": {
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            "text": "NOTE 5 – UNEARNED REVENUE",
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            "text": "Unearned revenue consists of the following as of June 30, 2020:"
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                    "text": "Unearned summer school tuition and fees\nUnearned grants and contracts",
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                    "text": "$ 94,697\n914,766",
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                    "text": "$ 1,009,463",
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            "text": "NOTE 6 – LINE OF CREDIT",
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            "text": "During fiscal year 2020, the University entered into a line of credit agreement with Fifth Third Bank for a maximum borrowing amount of $5,000,000, maturing on June 30, 2020. At June 30, 2020, borrowings on the line of credit totaled $2,893,716. The line bears interest at the Adjusted LIBOR rate and the interest rate at June 30, 2020 was 1.8%. The agreement was renewed as of July 1, 2020 for $5,000,000, maturing on June 30, 2021."
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            "text": "(Continued)",
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            "text": "29.",
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