Scaled-back bond issue approved by Romney aide

by Daniel J. Fitzgibbons, Chronicle staff

scaled-down bond issue for capital projects across the University system was approved this week by the Romney administration.

     The $133.2 million package was submitted earlier this month by President William M. Bulger after a planned $371.2 million bond issue was revoked by state Secretary of Administration and Finance Eric Kriss, who called the plan fiscally irresponsible. The revised project list, which does not include $237.9 million for two residence halls and a dining commons at UMass Boston, was approved following a review of the plan ordered by Kriss.

     "We are satisfied that the issuance of this level of debt is prudent and financially supportable," Kriss said this week.

     Kriss added that the revised project list also places greater emphasis on funding for deferred maintenance projects, which he said should be a priority.

     The bonds, to be issued through the University of Massachusetts Building Authority, will provide $82.4 million for projects at the Amherst campus, including $26.3 million for an integrated science building. Other funds will be used for building and road repairs and fire alarm and elevator maintenance.

     The bond package also will generate $39.7 million for a parking garage at UMass Boston, $9 million for a parking garage at the Lowell campus, and $2.15 million for athletic fields and a building project at UMass Dartmouth.

     The Romney administration's approval was welcomed by Bulger, who said the projects will "enhance the teaching, research and student life" on the four campuses.

     In his statement, Bulger called the integrated science building "a critical investment in the innovation economy of Massachusetts" and expressed appreciation for Kriss' action on the plan.

     Chancellor John V. Lombardi said, "We are now positioned to make significant progress on some of our most pressing capital projects for teaching and research and to resolve some of the most urgent issues related to the campus deferred maintenance."

     Despite concerns that delaying the original bond issue caused the Building Authority to miss out on ideal interest rates, Kriss said rates have continued to decline since the bonds were put on hold in early March.