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University of Massachusetts > Treasurer's Office > Fixed Rate Bonds
Fixed Rate Bonds
The University Treasurer's Office produced the following tax-exempt bond financing for the capital projects described below.
WCCC, Series A (Defeased)
A 362,000 square foot research center building has been constructed on the Worcester Medical School campus. Construction began in January of 2000 and the facility was opened to University of Massachusetts Medical School Scientists on October 19, 2001. The research center project was financed primarily through the issuance of $100,000,000 Massachusetts Health and Educational Facilities Authority Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series A in March 2000. The credit rating on the WCCC Series A bonds is "AAA" based upon the purchase of bond insurance. See the Official Statement of this issue (PDF file). The WCCC Series A bonds have been advance refunded and legally defeased with the issuance of the below described WCCC Series D bonds.
UMASS, Series B
On the Lowell Campus, a 65,000 square foot student center has been constructed. Construction of the student center broke ground in December of 2000 and the facility was opened on September 3, 2002. The student center was financed in part through the issuance of $11,970,000 Massachusetts Health and Educational Facilities Authority Revenue Bonds, University of Massachusetts Issue, Series B in June 2001. The Commonwealth's Division of Capital Asset Management managed the project on behalf of the University and the Commonwealth provided funding for the project in addition to the UMass Series B bonds. The credit rating on the UMass Series B bonds is "AAA" based upon the purchase of bond insurance.
WCCC, Series B
In June 2001, the Massachusetts Health and Educational Facilities Authority issued its $52,020,000 Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series B. Concurrent with the issuance the Foundation transferred ownership of its medical research facility ("Biotech II) to WCCC. In exchange for Biotech II, WCCC assumed from the Foundation the remaining debt of the "Foundation Bonds". Approximately $17.0 million of the proceeds of the WCCC B Bonds were used to refund the "Foundation Bonds". The remaining proceeds were used to finance the construction of a parking garage and the acquisition and installation of equipment at the Worcester campus. The credit rating on the WCCC Series B bonds is "AAA" based upon the purchase of bond insurance.
UMASS, Series C
On the Boston campus, a 331,000 square foot campus center has been constructed and the facility was opened in April 2004. The campus center project was financed in part through the issuance of $35,000,000 Massachusetts Health and Educational Facilities Authority Revenue Bonds, University of Massachusetts Issue, Series C in June 2002. The Commonwealth's Division of Capital Asset Management is managing the project on behalf of the University and the Commonwealth is providing funding for the project in addition to the UMass Series C bonds. The credit rating on the UMass Series C bonds is "AAA" based upon the purchase of bond insurance.
WCCC, Series C (Defeased)
In April 2002, the Massachusetts Health and Educational Facilities Authority issued its $70,000,000 Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series C for the purpose of constructing a biologics filling and manufacturing facility ("Biologics Facility") to be located on the former Boston State Hospital site in Mattapan. WCCC entered into a sublease with the University that requires the University to make semiannual rental payments sufficient to pay debt service on the WCCC C bonds. The credit rating on the WCCC Series C bonds is "AAA" based upon the purchase of bond insurance. The WCCC Series C bonds have been advance refunded and legally defeased with the issuance of the below described WCCC Series F bonds.
WCCC, Series D
In April 2005, the Massachusetts Health and Educational Facilities Authority issued its $99,325,000 Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series D for the purpose of refunding the outstanding amount of the above-described WCCC Series A bonds. The credit rating on the WCCC Series D bonds is "AAA" based upon the purchase of bond insurance. See the Official Statement of this issue (PDF file).
UMASS, Series D
In January 2007, the Massachusetts Health and Educational Facilities Authority issued its $10,435,000 Revenue Bonds, University of Massachusetts Issue Series D for the purpose of refunding a portion of the above-described UMass Series B bonds. The credit rating on the UMass Series D bonds is "AAA" based upon the purchase of bond insurance.
WCCC, Series E
In January 2007, the Massachusetts Health and Educational Facilities Authority issued its $118,750,000 Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series E for the purpose of constructing a seven-story, approximately 260,000 square foot advanced education and clinical practice center on the Worcester campus and to refund a portion of the above-described WCCC Series B bonds. The credit rating on the WCCC Series E bonds is "AAA" based upon the purchase of bond insurance.
WCCC, Series F
In January 2007, the Massachusetts Health and Educational Facilities Authority issued its $101,745,000 Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series F for the purpose of constructing and equipping a four-story, 180,000 square foot building containing wet research and development laboratories, vivarium and office space, a structured parking facility to be located on the former Boston State Hospital site in Mattapan and to refund the outstanding amount of the above-described WCCC Series C bonds. The credit rating on the WCCC Series F bonds is "AAA" based upon the purchase of bond insurance.
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