Twin Cities, Minn.
The University of Minnesota is the first university in the nation to use Build America Bonds to fund capital projects. Build America Bonds were authorized under the American Recovery and Reinvestment Act, enabling state and local governments to issue taxable bonds for projects eligible for tax-exempt financing and to receive a new direct federal subsidy payment for a portion of their borrowing costs. The University of Minnesota will issue $85 million in general obligation bonds, including $35 million in Build America Bonds, to fund construction on the Medical BioSciences Building and the Science Teaching & Student Services Center, as well as other projects in Twin Cities, Crookston, and Duluth.
