The University of Missouri Board of Curators on Thursday approved the sale of $175 million in revenue bonds to pay for projects on all four campuses and to refund bonds issued in 1993.
A maximum of $134 million will be used for construction projects.
Refunds will not exceed $41 million. The board decided to refund the outstanding System Facilities bonds from 1993 because current market conditions can generate savings of about $3 million, Natalie Krawitz, UM vice president for finance and administration, said at the brief meeting in Reynolds Alumni Center. The bonds will be issued in October.
The board also appointed Artisan Partners in Boston as its new small cap growth manager. A small cap manager invests in companies that are expected to grow faster than average ones and that have a market value of $250 million to $1 billion.
The board chose Artisan Partners over Lee Munder Capital Group and former small cap manager PIMCO Equity Advisors after listening to presentations by all three firms. The review process started in the spring, when UM account manager Michael Gaffney of PIMCO resigned his position.
In June 2003, UM’s small cap growth assets, then managed by PIMCO, totaled around $95 million.
Projects the UM system is considering funding by selling bonds:
- Virginia Avenue Housing — under construction.
- Dobbs Group renovations — construction will start in fall 2004.
- Critical Measures (other renovations) phase one and two — phase one under construction on campus. Phase two will start in summer 2004.
- Brewer Fieldhouse — under construction.
- Renovations at the MU School of Medicine — starting in November.
- Havener Student Center — under construction.
- Residence Hall One — under construction.
- Kansas City:
- Oak Street Housing — under construction.
- East Garage — stage one completed. Stage two is under construction.