UMass sells $284M in bonds for construction

BOSTON (AP) – The University of Massachusetts has
sold $284 million in construction bonds as it moves forward on several
major projects.

Officials say a combination of taxable and
tax-exempt bonds were sold this past week to individual and
institutional investors. The average interest rate was just under 3.9 percent.

UMass Building Authority executive director
Katherine Craven said the low rates will save the university millions of
dollars in future debt service payments.

The borrowing will finance projects at each of the
five campuses, including a building for the Commonwealth Honors College
at UMass-Amherst; a bio-manufacturing accelerator project at
UMass-Dartmouth; and the purchase by the UMass Medical School of 3
buildings at a biotechnology research park in Worcester.

UMass President Robert Caret says the new facilities will help students and faculty achieve at the highest levels.

Copyright 2013 The
Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten or redistributed.

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