UM System Takes on More Debt to Fund Projects

7 years 3 weeks 2 days ago Monday, November 22 2010 Nov 22, 2010 Monday, November 22, 2010 6:24:34 PM CST November 22, 2010 in News
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COLUMBIA - UM System Board of Curators approved multiple measures Monday morning to take on more debt in an effort to fund more capital projects.  The curators discussed the move's impact at a special teleconference meeting.  The UM system will take out bonds for $265 million. It will repay the money plus interest throughout the future.

The UM system already has $1.14 billion of debt however it feels Monday's decision is a good step. UM System President Gary Forsee said with low construction costs and interest rates, this is the perfect time for the system to reinvest in some of its revenue generating facilities.

The money that the UM system borrows will go towards the following projects:
- Mark Twain Hall: $18.7 million, MU
- East Campus Chilled Water Plant: $10 million, MU
- South Campus Storm Sewer Replacement: $6.5 million, MU
- Green Meadows Outpatient Care Center: $30 million, UMHC
- Oak Street Parking Structure: $23.1 million, UMKC
- Miller Nichols Classroom Addition: $17.8 million, UMKC
- University Center Renovations for Student Success: $4 million, UMKC
- Geothermal Energy Project: $30 million, Missouri S&T
- University Center Renovations for Student Success: $4 million, UMKC
- Patient Care Tower and Ellis Fischel Cancer Center: $51.7 million, MUHC*
- Thomas Jefferson Renovation Phase III: $7.1 million, Missouri S&T*
- Power Plant Combined Heat and Power Upgrade: $45.9 million, MU*
*Projects the board already approved for debt financing

Nikki Krawitz, UM System Vice President of Finance and Administration, said she does not expect that the system's credit rating will suffer. She said the system has already met with two credit agencies and that those meetings went well.

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