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UMass sells $284 million in bonds to finance projects at all five campuses

Posted by Your Town  March 8, 2013 01:39 PM

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The University of Massachusetts sold $284 million in construction bonds this week to finance building projects at all five of the UMass campuses, the university announced in a statement.

The statement said that the new construction bonds will help to fund projects including improvements to roadways and infrastructure at UMass Boston, the Commonwealth Honors College academic and residence center at UMass Amherst, and UMass Dartmouth’s bio-manufacturing accelerator project.

“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,” University of Massachusetts President Robert L. Caret said in the 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.”

The University of Massachusetts Building Authority sold the taxable and tax-exempt bonds to investors at an overall interest rate of 3.865 percent, the statement said.

Katherine P. Craven, executive director of the UMass Building Authority, said in the statement that they were pleased to have gotten such favorable rates.

“These rates will save the University millions of dollars in debt-service payments over the life of the bonds and reflect the confidence that investors have in the management and fiscal policies of our campuses and system,” Craven said.

Katherine Landergan can be reached at klandergan@globe.com. For campus news updates, follow her on Twitter @klandergan.

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