During a special meeting Thursday, UNM regents unanimously approved prices for University bonds estimated to generate $46 million to fund the construction of the new Physics and Astronomy building, Smith Plaza renovations and other projects.
“This is good for the University,” said Regent President Rob Doughty after the vote.
The price-setting effort had been in the works for over a year, members of the board noted.
During the meeting, it was clarified that University bond securities are payable through UNM revenue streams, which includes student tuition and fees.
For these bonds, there will be an almost two percent hike in student tuition and fees, said attorneys from the University’s Bond and Disclosure Counsel.
Regents noted that, if University enrollment falls, tuition and fees for students could go even higher to compensate.
There was a 1.12 percent decrease in enrollment for 2017 compared to 2016, according to a Feb. 3 enrollment report.
According to information presented to the regents, the bond ratings, prices and other information had been reviewed and updated by various UNM departments and administrators, including David Harris, who serves as UNM’s chief financial officer.
Regents Approve UNM Foundation Funding Increase
During the same meeting, UNM regents unanimously approved an increase in funding to the UNM Foundation.
State economic downturn would have resulted in an over $800,000 loss for the Foundation, representatives from the Foundation said on Thursday.
The funding increase will be used to continue the Foundation’s fundraising efforts and maintain its staff level.
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The approval was made by the Foundation’s Board of Trustees last week but required the Board of Regents' approval.
Brendon Gray is a news reporter for the Daily Lobo. He can be reached at news@dailylobo.com or on Twitter @notgraybrendon.
