CWRU has sold $100 million in tax-exempt bonds to pay for the first steps in developing its campus master plan as well as several other capital projects.

A little over half of the funds realized from the sale will go toward construction of new undergraduate residence halls and an 830-car parking deck on the University's north campus. Both are elements of the campus master plan adopted in May 2001.

The remainder of the funds will be used to pay for the addition to the Harlan G. Woods Building of the School of Medicine, which is currently under construction; for various major maintenance projects; and for the first phase of alterations to the former Mt. Sinai Hospital.

The University acquired the Mt. Sinai property in 2000. The University fixed the interest rate on $50.1 million of bonds at slightly under 5 percent, said William Rose, CWRU treasurer. The remainder carry variable interest rates that currently are priced to yield under 1.5 percent. The bonds will mature between 2019 and 2031.

"We've typically been pretty conservative in our financing by selling bonds that mature in less than 15 years," Rose said. "These longer maturities will help to balance out our annual debt service."

The lead underwriter for the sale was Morgan Stanley Dean Witter. Co-underwriters were National City Bank and McDonald Investments Inc.

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