Arizona State University in August will open its new College of Nursing and Health Innovation in downtown Phoenix that has been built with proceeds from bonds issued by the city.

The project originally was financed with nearly $30 million from the $220 million of debt for ASU facilities contained in an $878.5 million general obligation bond package approved by voters in 2006. The city later agreed to cover an expansion to the facility with $10 million of excise tax bonds.

The nursing school’s three-year-old existing building lacked sufficient classrooms, offices, and gathering places for students, officials said.

The building is clad in copper, which is not expected to turn green with age due to Phoenix’s low humidity.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.