UM curators approve financing for projects at MU

Wednesday, December 8, 2010 | 2:04 p.m. CST; updated 2:30 p.m. CST, Wednesday, December 8, 2010

COLUMBIA — The UM System Board of Curators approved the issuing of $252.3 million in bonds to finance a variety of projects across the system’s four campuses Wednesday.

At University of Missouri Health Care, $30 million will be used to expand the Green Meadows Outpatient Care Center and $51.7 million will help finance the previously approved $200 million project for the patient care tower and Ellis Fischel Cancer Center.

At MU, debt financing will facilitate renovations to Mark Twain Residence Hall and East Campus Chilled Water Plant, as well as a heat and power upgrade for the power plant and a replacement for the South Campus storm sewer.

The debt financing was issued through Build America Bonds. A 35 percent subsidy on the interest from the federal government treasury will reduce the total interest rate on the bonds to 3.79 percent from 5.97 percent.

The bond program, part of the American Recovery and Reinvestment Act, was designed to bolster municipal bonds after the stock market crash in 2008.

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