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Treasury: Debt Financing



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U.T. System Debt Overview

  • UT System borrows on the behalf of UTMB to finance construction cash flows or the acquisition of capital assets related to projects

  • All debt is issued in the name of the Board of Regents and issued centrally on behalf of the UT System institutions through the Office of Finance

  • The Board of Regents approves a project to be added to the CIP and for final approval. Projects must be approved by the Regents if they are new capital projects or renovation projects in excess of $4 million or to be funded in whole or in part by debt regardless of the amount

  • UT System can issue debt under three programs:
    • Revenue Financing System ("RFS")
    • Permanent University Fund ("PUF")
    • Higher Education Assistance Fund ("HEAF")

  • Commercial Paper and Tuition Revenue Bonds (TRB) are issued under the RFS program but are secured by the same pledge. TRB's are secured by the same pledge of all legally available revenues of the System; however the expectation is that the State will reimburse TRB debt service with general revenue

  • The Revenue Financing System (RFS) is a cost-effective debt program secured by a system-wide pledge of all legally available revenues for debt issued on behalf of all 15 institutions and System Administration
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