UMass Issues $284M in Bonds to Finance More Campus Construction
Robert L. Caret, PhD
Having brought major academic and research facilities to all five campuses over the past decade, the University of Massachusetts this week sold $284 million in construction bonds to help finance a new phase of construction and renovation.
Over the course of a two-day sale held Wednesday and Thursday of this week, the University of Massachusetts Building Authority sold $284 million in taxable and tax-exempt bonds to individual and institutional investors at an overall interest rate of 3.865 percent. The University sold $212.8 million in tax-exempt bonds at a rate of 3.834 percent and $71.7 million of taxable bonds at a rate of 3.976 percent.
The new construction bonds will help to finance vital projects on all five UMass campuses, including:
- Commonwealth Honors College academic/residence center at UMass Amherst
- UMass Boston's major roadway and infrastructure improvements
- UMass Dartmouth's bio-manufacturing accelerator project
- UMass Lowell's Emerging Technologies and Innovation Center
- UMass Medical School's purchase of three buildings in the biotechnology research park adjacent to the campus
"We want to maintain the momentum that has been created in recent years and provide our students, faculty and staff with the facilities that will allow them to achieve at the highest levels," said University of Massachusetts President Robert L. Caret in a statement. "The University of Massachusetts this week was described as a world-class university, and we're taking the steps that will ensure that our facilities are also world-class."
UMass placed 42nd in the world - and was the 10th highest-rated public university in the United States -- when the Times of London this week released its 2013 World Reputation Rankings.
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