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Boost In Md. College Borrowing Authority Advances

ANNAPOLIS, Md. (AP) — A measure to increase the amount of money the University System of Maryland can borrow by $200 million has advanced in the House of Delegates.

The House gave preliminary approval to the bill on Thursday. The measure would increase the bonding authority of the system from $1.2 billion to $1.4 billion.

The House rejected an amendment by Delegate Andrew Serafini, R-Washington, that would have allowed the system’s bonding authority to increase by $50 million instead. Serafini says the system should use money in the bank instead of borrowing for infrastructure needs.

But Delegate Adrienne Jones, D-Baltimore County, says the amendment would have hindered projects already in the works at Maryland colleges and universities.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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