Aurora University is asking the city of Aurora for help in taking out $16 million in tax-free debt to support new construction on campus.
Although the debt is being taken out through the city, Aurora residents will not be paying the bill, according to city Chief Financial Officer Chris Minick. Instead, he said Aurora University will be fully responsible for repaying the bonds, and that the debt will not even show up on the city’s financial statements.
The proposed $16 million bond issue, which is set to go before the Aurora City Council on Tuesday, will help finance the construction of a new three-story building that is set to replace the university’s aging Charles B. Phillips Library.
However, the campus’s new “Learning…