Under the constitutional provision establishing the PUF, TAMUS and UTS are authorized to issue bonds and notes payable from distributions from the PUF to the AUF.
8 million share of the fiscal 2012 AUF distribution covers fiscal 2012 TAMUS PUF debt service (bonds and CP) of $82 million by 2.
Total PUF obligations issued by TAMUS and UTS are constitutionally limited to 10% and 20%, respectively, of the cost value of the PUF, excluding PUF lands, at the time of issuance.
Fitch expects both TAMUS and UTS will continue utilizing available PUF borrowing capacity to fund eligible projects on either a temporary or long-term basis.
Under a Note Purchase Agreement (NPA) between TAMUS and UTIMCO, UTIMCO agrees to purchase as investments for the PUF any TAMUS PUF CP Notes that are not renewed, remarketed, or refunded.
Under the Texas constitution, total PUF obligations issued by TAMUS
and UT may not exceed 10% and 20%, respectively, of the cost value of the PUF, excluding PUF lands, at the time of issuance.
TAMUS also issues bonds under the Permanent University Fund (PUF) mechanism, which is separately secured and rated 'AAA' with a Stable Rating Outlook by Fitch.
Headquartered in College Station, TAMUS consists of 11 state-supported academic institutions, seven research and service agencies, and a health sciences center.
4 billion, five year capital plan (2010-2014), TAMUS plans to issue approximately $150 million of PUF bonds during the current fiscal year as well as actively draw under its CP program to finance capital expenditures on an interim basis.
TAMUS consists of eleven state-supported academic institutions, seven research and service agencies, and a health sciences center.
6 times (x) coverage of TAMUS
PUF bond debt service ($61.
2 billion, five year capital plan (2009-2013), TAMUS contemplates the issuance of additional $250 million in RFS debt over the next two to three years.
For the fall 2008 semester, TAMUS enrolled 109,441 students.