Midwestern University will expand its facilities in Glendale, Ariz., and Downers Grove, Ill., with proceeds from $50 million of tax-exempt revenue bonds approved last week by the Glendale city council.
The bonds will be issued by the Glendale Industrial Development Authority.
The private, not-for-profit university is the largest medical educator in Arizona. It opened its 122-acre campus in Glendale in 1995.
The university will use $21 million of the proceeds for dental and optometry clinics in Glendale that were completed in 2010, and adjacent parking decks.
Projects at the Illinois campus will receive the remaining $29 million from the sale.
School officials said the Glendale board has issued $259 million of debt on behalf of the university since 1996.
The bonds issued for Midwestern University projects have an underlying A-minus rating from Standard & Poor’s.