By Robert Laurie —— Bio and Archives--June 27, 2017
During Mrs. Sanders’s seven-year tenure as president of Burlington College, a now-defunct liberal-arts college, the college sought to expand its campus by purchasing 33 acres of land near Lake Champlain for $10 million. But Burlington College had nowhere near $10 million to spend; its total annual budget was less than $4 million. As a result, Vermont’s Educational and Health Buildings Finance Agency offered Burlington College $6.5 million in tax-exempt bonds, and People’s United Bank agreed to give Burlington College a $6.5 million loan to purchase the bonds. That bank loan was contingent on Sanders’s promising that she had secured $5 million in donations and $2.4 million in confirmed pledges (i.e., donations that Burlington College officials had not yet received but that would be coming soon).
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