Trustees committees approve increased debt limits

Rendering of Scaife Hall addition

The Budget and Executive Committees of the Board of Trustees approved measures that would expand the University’s debt limits and secure funding for Pitt’s ongoing construction projects.

In a meeting on Oct. 31, the full committees approved Pitt’s Fiscal Year 2020 Capital Budget, totaling $641 million. Nearly $400 million in taxable bonds will go to build a new recreation center on O’Hara Street, do renovations and new construction at Scaife Hall and a build a new chilled water plant.

Other funds will go to School of Medicine programs.

The other resolution passed expanded the PANTHERS (Pitt Asset Notes — Tax-Exempt Higher Education Registered Series) tax-exempt bonds program debt limit from $120 million to $600 million with maturity time increasing from eight to 15 years.

The full board will meet again for the winter meeting on Feb. 28, 2020.

— Donovan Harrell