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


William Riggin

Around the Web

The University of Miami community is invited to participate in several events to discuss crucial topics regarding social justice and racial equality, explored in Ijeoma Oluo’s best-seller. ...

University writing experts weigh in on the inaugural poem, written and recited by Amanda Gorman, a 22-year-old U.S. youth poet laureate. ...

The number of ambassadors has been increased from 75 to 100 as the University continues to support a safe environment and help students adhere to COVID-19 guidelines. ...

The series—which will feature experts discussing their groundbreaking research on corals, ocean and atmospheric science, and how climate change is forcing communities to alter their long-range plans—will begin this week. ...

Octavia Bridges—a 20-year veteran of the University of Miami Police Department and the first Black woman to serve as a lieutenant—has been promoted to oversee crime prevention and community relations on the Coral Gables Campus. ...

TMH Twitter
About Us

The Miami Hurricane is the student newspaper of the University of Miami in Coral Gables, Florida. The newspaper is edited and produced by undergraduate students at UM and is published in print every Tuesday.