Word: bondses
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The endowment--consisting of donations--to the university in such forms as property, stocks, and bonds--nosed over the magical mark last month. It is the third highest in the nation behind Harvard and the University of Texas.
With its decision this week to issue $245 million in long-term, tax-exempt bonds, Harvard took a significant sleep toward improving its long-range ability to finance big capital projects, according to financial officials interviewed this week.
It took Harvard only one day to sell an unusual $245 million package of bonds, put on the market yesterday morning, according to University officials. The money raised will finance all construction and renovation underway on campus, as well as several major projects planned for the near future.
"It's all sold," said Financial Vice President. Thomas O'Brien. "Everything went smoothly." O'Brien and other Harvard officials have estimated that the sale of the long-term, tax-exempt bonds was the largest transaction of its kind ever undertaken by a Massachusetts educational institution.
Garonzik added that a variety of private individuals and large firms purchased Harvard bonds but that specific information on the identity of buyers is not available.