An issuance of up to $15 million in bonds unanimously approved Tuesday by the Henderson City Council will help Touro University expand its campus.
Touro University Nevada is a nonprofit, Jewish-sponsored private institution that opened in 2004 with 78 medical students. It has since grown to have about 1,400 students, said Craig Seiden, the university’s vice president of finance and administration.
The tax-exempt bond would provide funds to expand existing health care programs, Seiden said.
“The bonds will allow Touro to continue to grow and expand,” Seiden said at the meeting. “It will assure that Henderson is home to the largest medical school in the state of Nevada. Our goal is to increase the amount of health care providers, not just within the city, but within the state.”
Through the City of Henderson, Nevada Public Improvement Trust, the city may issue and sell up to $15 million in bonds for things such as job creation, services, infrastructure and affordable housing.
The university is responsible for repaying the bonds.
Henderson spokesman David Cherry said the emergency ordinance is necessary because Congress is working on a tax overhaul that would eliminate the issuance of certain municipal bonds.
A third approval is still required by the State Board of Finance, which will meet Dec. 4.