Two items presented by the Finance and Facilities Committee were approved by the Board of Regents committee Wednesday during a special meeting.
The board voted unanimously to adopt the Sales Resolution and Related Documents for Series 2002 A, B and C bonds and the Revised Capital Project Approval for the Cornell Parking structure.
Julie Weaks Gutierrez, vice president of business and finance, said the Regents approval was a final step in a long-term project.
"This is something we have been working on a long time," Weaks Gutierrez said.
The revisions for the Cornell parking structure was needed because the previously approved amount exceeded the amount by 10 percent, and the Commission on Higher Education required it.
Bids for the project were about 15 percent higher than the architect's estimate according to the office of the Vice President for Business and Finance.
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The parking structure, which is four stories tall will be adjacent to the Cornell mall, will provide parking for the UNM Bookstore, the SUB, Johnson Center and Popejoy Hall.
It will also house a 3,600 square foot visitors' center and offices for UNMPD and Parking Service.
Weaks Gutierrez said that the structure would not be a traditional parking structure in appearance and that it would have features not usually found in similar structures.
The budget for the structure is $7.25 million and parking fees will pay the debt incurred for construction.
The sales resolution will allow the Finance and Facilities committee to adopt a more formal debt policy on the advice of JP Morgan financial advisers.
They would develop a debt portfolio and the Finance and Business office would meet monthly to review the portfolio.
Business and Finance would then present its finding to the Regents in the Facilities and Finance committees annual report.
Weaks Gurierrez said resolution would allow for more active management of debt.
