MassDevelopment has issued a $9,040,000 million tax-exempt bond on behalf of Labouré College, a Catholic school that focuses on healthcare education.

The college will use bond proceeds to renovate its five-acre campus in Milton and to refinance previous debt from the purchase of the campus. Labouré College, which will move from its current Dorchester location, expects the project to create five jobs. Blue Hills Bank purchased the bond.

"At Labouré, it is our mission to prepare our students for successful, family-sustaining careers in health care," Katelyn Dwyer, Labouré College spokeswoman, said in a statement. "Our new Milton campus is allowing us to create an even better learning environment for our students. We are very grateful for the MassDevelopment bond for helping the college secure its future in health care education."