Community, News

County commissioners approve bonds for campus construction, upgrades

The Miami-Dade County Board of Commissioners voted 10-0 Tuesday to adopt a resolution that approves the issuance of up to $764 million in revenue bonds by the county Educational Facilities Authority on behalf of the University of Miami. Tax-exempt revenue collected from the sale of the bonds will be loaned to the university to finance or refinance all or part of the cost of projects at the school’s Coral Gables campus, as well as refunding past revenue bonds series from 2007 and 2008 that helped fund past projects.

According to the resolution’s memorandum, the Board of Commissioners created the EFA “and empowered it to issue tax-exempt revenue bonds for the purpose of making loans to secondary educational institutions such as the University in order to provide financing for qualified educational facilities.”

The collective series of projects listed in the memorandum as being financed by the revenue bonds, known as the “2015 Project,” include an “ambulatory care center, an ERP – Workday system and a nursing simulation hospital.”

The ambulatory care center is the already under-construction Lennar Foundation Medical Center, while the ERP – Workday system is a software system that offers human capital and financial management resources. Associate Vice President of Campus Planning & Development Janet Gavarrete recently told The Miami Hurricane that permitting for the simulation hospital was underway, and that the university would have a better idea of when groundbreaking might take place by January 2016.

The memorandum states that the EFA and the county have no liability with respect to the repayment of the bonds; “the principal and interest on the Bonds shall be payable solely from the revenues of the University.”

A request for comment was not returned by the university.

Feature photo courtesy Pixabay user falco.

September 2, 2015

Reporters

William Riggin


Around the Web
  • Miami Herald
  • UM News
  • HurricaneSports

Happy Thanksgiving! I started this while I was sitting in Washington-Dulles Airport awaiting my seco ...

This is how extraordinary the University of Miami football season has been: When the Hurricanes won ...

A six-pack of Hurricanes nuggets on Thanksgiving: • There’s no doubt that UM’s home field advantage ...

You’ve got to expect the Las Vegas sportsbooks to come strong and smart with two days of Florida col ...

Here’s why UM moving up to No. 2 in the CFP poll was important, for reasons that extend beyond Canes ...

At the entrance of the University of Miami’s Sue and Leonard Miller Center for Contemporary Judaic S ...

UM Police Department's Innovative Fundraiser Sells Abandoned Bikes to Support United Way ...

The 41st annual conference on the Caribbean and Central America held a special program at the Univer ...

The Finker-Frenkel Legacy Foundation gift will establish the Business Plan Competition Endowed Fund. ...

C. David Naylor, a UM Presidential Scholar and public health policy expert, provided insight into he ...

Here are three matchups to watch as the No. 2 Hurricanes face Pitt with a chance to finish the regul ...

The tournament will be played in Southern California next November 22, 23 and 25. ...

Dewan Huell scored a career-high 16 points as the Canes defeated La Salle in Reading, Pa. ...

The University of Miami volleyball team had to break a 10-year-old record to overcome sturdy Georgia ...

The Hurricanes jumped o to No. 2 in the latest College Football Playoff rankings released Tuesday, e ...

TMH Twitter Feed
About TMH

The Miami Hurricane is the student newspaper of the University of Miami in Coral Gables, Fla. The newspaper is edited and produced by undergraduate students at UM and is published weekly in print on Tuesdays during the regular academic year.