TALLAHASSEE, Fla. (AP) - The president of the University of North Florida is being asked to answer questions about bonds issued on behalf of the Jacksonville school.
UNF President John Delaney went before Gov. Rick Scott and members of the Florida Cabinet on Tuesday to explain why a bond rating agency two months ago downgraded bonds issued several years ago by the school to build a campus facility.
The head of the state agency that handles bonds said state officials weren't immediately informed about the downgrade, which can affect the amount of interest that UNF has to pay when it borrows money.
Delaney acknowledged that state officials should have been told earlier about the downgrade, which he blamed primarily on declining enrollment at the school. He also said that that changes have been made to prevent this from happening in the future.
