UMass sells $284M in bonds for construction - NEWS10 ABC: Albany, New York News, Weather, Sports

UMass sells $284M in bonds for construction

Posted: Updated:
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 This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow
     
NEWS10 ABC
341 Northern Boulevard
Albany, NY 12204
+(518) 436-4822
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WTEN. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.