HARTFORD — State auditors are taking issue with a loan taken out by the University of Connecticut to build its new ambulatory care center at the UConn Health Center in Farmington.
Auditors say that instead of complying with the legislature’s directive to enter a public-private partnership to pay for the project, the school took out a $200 million TIAA-CREF loan.
The auditors say UConn could have received state bonding at much lower interest rate, and the loan may have cost the state just under $77 million in unnecessary interest.
UConn responded by saying lawmakers can refinance the loan with state bond money if they choose.
The audit, which covers the 2012 and 2013 fiscal years, found several other problems, including with the process in approving payments for charges to school-issued purchasing cards.
