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Second round of bonds for UConn 2000 issued
April 4, 1997
The second issuance of UConn 2000 bonds began Thursday and continues through Tuesday.
The bond sale, totaling $120 million, will enable the University to continue its 10-year plan to rebuild, renew and enhance UConn's buildings and grounds. People affiliated with UConn, including alumni, faculty and staff, students, parents or donors, will be given preference in purchasing the state and federal tax-free bonds.
The money raised will be used to continue construction of the new chemistry building and the downtown Stamford campus; to cover early costs associated with the new South Campus dormitory project; and to begin work on the marine sciences center at the Avery Point campus in Groton.
Some of the money also will be used to begin design and architectural work for a new school of business building, which will be constructed in 1998. Another $25 million will be used for deferred maintenance and equipment, and the remainder of the money will be used to build a 1,000-space parking garage adjacent to the ROTC hanger.
The first bonds sold under the UConn 2000 program went on sale February 7, 1996. Proceeds from that sale, for $84 million, were used for equipment and deferred maintenance, and to begin the Stamford and chemistry projects.
Approximately $100 million in bonds are expected to be sold each year of the 10-year program.