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

LAKE BUENA VISTA — Hurricane Irma gave Mark Walton a chance to be with his 6-month old daughter and ...

LAKE BUENA VISTA —Apparently, University of Miami All-American receiver Ahmmon Richard’s hamstring w ...

University of Miami quarterback Malik Rosier was about to head home to Mobile, Alabama, when the bos ...

University of Miami defensive coordinator Manny Diaz, who grew up in Miami and is the son of the for ...

How’s your landscaping after Hurricane Irma? Did you get it cleaned up (and replaced) as fast as the ...

The two year project looks to improve forecast predictions that would look three to four weeks out, ...

UM students recount how they rode out the storm called Hurricane Irma. ...

The University’s decision to close classes well in advance of the hurricane enabled the successful e ...

The University is moving swiftly and diligently to clear widespread downed trees, power lines, and o ...

The University of Miami continues the recovery effort from Hurricane Irma. ...

The Miami women's tennis team is set to begin its 2017 fall season this weekend, with the major ...

Despite a career-best nine saves by Phallon Tullis-Joyce, the Miami soccer team dropped a 1-0 road d ...

The Miami Hurricanes evacuated Coral Gables ahead of Hurricane Irma and now they move forward as a f ...

The University of Miami volleyball team returns to the court this weekend to host Virginia Tech and ...

The University of Miami swimming & diving team opens its 2017-18 season Friday at the eighth ann ...

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.