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Council approves revenue bonds for Roseman University; South Jordan campus to receive roughly $3 million
Summary
The council approved Resolution R2026-17 authorizing the issuance of Public Finance Authority revenue bonds on behalf of Roseman University of Health Sciences to refinance and add to existing borrowing (approximately $140 million total), with about $3 million earmarked for Roseman's South Jordan campus.
The South Jordan City Council on June 2 approved Resolution R2026-17 to permit issuance of revenue bonds by the Public Finance Authority on behalf of Roseman University of Health Sciences. CFO Sunil Naidu and a Roseman representative described the transaction as a private-activity, tax-exempt refinancing and new borrowing totaling roughly $140 million, with about $3 million of that to be spent at Roseman's South Jordan campus (including installation of solar panels on a campus building).
Sunil Naidu told the council the TEFRA-required public hearing had been noticed and held; he said one person briefly attended the hearing but did not comment. "Roseman University is getting ready to refinance some of their existing bond and then add new bond to it, totaling about $140,000,000, $3,000,000 of which will be spent in South Jordan campuses," Naidu said. A Roseman representative added details about the university's recent graduates and program size.
Why it matters: The resolution authorizes the city to approve a tax-exempt private-activity bond issuance as required by the IRS and TEFRA process; city staff said there is no liability to the city and the approval is a standard step in expanding Roseman's financing. Roseman said the local spending would include campus improvements and solar panels.
Council action: Council member Harris moved to approve R2026-17, and Johnson seconded. The council adopted the resolution on a roll-call vote with council members present voting in favor.
Next steps: The Public Finance Authority will complete the bond issuance and Roseman will proceed with the specified campus projects funded by the local portion of the financing.
