MassDevelopment has issued a $29.7 million tax-exempt bond for Merrimack College in North Andover and Andover. Merrimack is using bond proceeds to build, furnish and equip two academic buildings and three student residential buildings; to renovate, furnish and equip its O’Reilly Hall and McQuade Library; and to make various renovations to other campus buildings. The college is also using proceeds to build a new eight-lane, 400-meter track and turf field, along with a 2,500-seat grandstand with space for press boxes, concessions, public restrooms, and locker rooms, and to make improvements to other athletic fields.