The University sold $285 million in debt in May to help finance a new medical research facility at Weill Cornell Medical College in New York City, increasing Cornell's total outstanding debt to $1.96 billion ---- nearly double what it was two years ago.
This sharp increase in the University's debt began during the financial crisis in the fall of 2008. At that time, the University borrowed $500 million of taxable debt in order to provide liquidity, or "cash insurance," in a time of financial uncertainty.
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