Debt Overview

Debt Management coordinates the issuance of bonds, notes and master leases. The department is responsible for receipt and disbursement of borrowed funds, compliance with regulations, and the accounting of the university’s tax-exempt and taxable debt. Payments of principal, interest and other bond expenses are handled by this area. Management and oversight of the university’s short- and long-term capital needs is another function of this area.

METRICDATA (as of June 30, 2019)
Debt Outstanding$3.060 billion
Credit ratingsAa1/AA
FY20 Debt Service$178 million
Weighted Avg. Cost of Capital3.1%
Weighted Avg. Life34 years

SUMMARY FOR 6/30/2019 

Statements and Resources 

Types of Debt

General Receipts Bonds

Senior Lien Obligations consisting of bonds secured by the pledge of the University’s General Receipts.  The University has previously issued Senior Lien Obligations and mat at any time incur additional Senior Lien Obligations secured by a pledge and lien on all General Receipts of the University and such pledge is senior in priority to the pledge and lien securing the Special Purpose General Receipts Obligations.

Special Purpose General Receipts Bonds

Subordinated obligations of the university, payable solely from the Special Purpose Pledged Revenues.  The pledge and lien on Special Purpose Pledged Revenues is junior to the pledge and lien of the Senior Lien Obligations issued by the university.  Special Purpose Pledged Revenues include all revenues, fees, rentals, rates, charges, insurance proceeds and other moneys derived by the university from the ownership or operation of Special Purpose Revenue Facilities, subject and subordinate to the lien on General Receipts securing any Senior Lien Obligation

Variable Rate Debt 

Total Outstanding (as of June 30, 2019): $559,075,000

DATED DEBTOUTSTANDINGSERIESRATE PERIODFINAL MATURITY
12/23/1997$15,610,0001997 Weekly12/1/2027
12/1/1999$8,200,0001999 B1 Weekly12/1/2029
11/30/2001$49,845,0002001 Weekly12/1/2031
9/11/2003$44,960,0002003 C Up to 270 Days6/1/2033
8/10/2005$62,730,0002005 B Weekly6/1/2035
9/29/2008$77,730,0002008 BWeekly12/1/2028
9/28/2010$150,000,0002010 E Weekly6/1/2035
10/1/2014$75,000,000

2014 B-1

Weekly12/1/2044
10/1/2014$75,000,0002014 B-2Weekly12/1/2044