AP: Penn State to make first payment on its $60M NCAA fine
Penn State University says it will make its first payment later this month on the $60 million fine issued by the National Collegiate Athletic Association over the sex abuse scandal involving former assistant football coach Jerry Sandusky.
The Patriot-News of Harrisburg reports the university said Friday it will make the first of five annual payments Dec. 20.
The NCAA says the money will be held in a money market account while a task force works out guidelines for distribution of grants from an endowment established to combat child sex abuse.
The NCAA imposed the fine and other sanctions over Penn State's handling of the allegations against Sandusky, who was convicted this summer of abusing 10 boys, some on campus.
Sandusky is serving a 30- to 60-year prison sentence.