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, 2021)
Par Outstanding$2,896,084,650
Credit RatingsAa1/AA/AA
FY21 Debt Service$178,674,744
Weighted Avg. Cost of Capital3.38%
Weighted Avg. Life33.8 years

SUMMARY FOR 6/30/2021

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 may 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 Bonds.

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 subordinate to the pledge and lien of the Senior Lien Obligations backed by the University's General Receipts.  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.

Variable Rate Debt 

Total Outstanding (as of June 30, 2021): $289,970,000

SERIESdated dateOUTSTANDING PARRATE PERIODFINAL MATURITY
199712/23/1997$1,700,000Weekly12/1/2021
1999B112/1/1999$820,000Weekly12/1/2021
200111/30/2001$3,450,000Weekly12/1/2021
2003C9/11/2003-Up to 270 Days6/1/2021
2005B8/10/2005-Weekly6/1/2021
2008B9/29/2008$9,000,000Weekly12/1/2021
2010E9/28/2010$125,000,000Weekly6/1/2035
2014B10/1/2014$150,000,000Weekly12/1/2044