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.)
