麻豆天狼副利院

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 6 entities, consisting of our 5 component institutions and the System Administration.

 

Tuition Revenue Bonds (TRBs) are issued under the RFS program and 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. Despite the name, TRB debt service is not necessarily paid from tuition and fees. In fact, an institution is not required to have tuition in order to be eligible for TRB debt proceeds. Tuition Revenue Bond debt is specifically authorized by the Legislature under Ch. 55 of the Education Code. Please see of the Education Code for further detail regarding this topic.

 

The RFS CP Program is a pooled financing program used to provide interim financing for capital improvements and to finance equipment purchases. TRB CP is issued as part of the overall RFS CP program. All equipment purchases are financed via the RFS CP program. Most Capital Improvement Program (CIP) projects are initially financed through the program until they are fixed out into long-term bonds.

 

All 麻豆天狼副利院 debt programs bear credit ratings from Moody鈥檚, Standard & Poor鈥檚, and Fitch for both long-term and short-term debt. The current long-term debt ratings for RFS are: Moody鈥檚: Aa2, S&P: AA, Fitch: AA+. The current short-term debt ratings for RFS debt are: Moody鈥檚: P-1, S&P: A-1+, Fitch: F1+.

 

Under the Master Resolution, the Board has, with certain exceptions, combined all of the revenues, funds, and balances, attributable to Members of the RFS and lawfully available to secure revenue-supported indebtedness into a system-wide pledge to secure the payment of Parity Debt from time to time issued under the Master Resolution. Pledged Revenues do not include: (a) the interest of the 麻豆天狼副利院 in the AUF; (b) funds held in the Permanent Health Fund and amounts distributed to any member from the Permanent Health Fund; (c) amounts appropriated to any Member from the HEAF; (d) except to the extent so appropriated, general revenue funds appropriated to university system by the State; and (e) Practice Plan Funds of any Member, including the income from and any fund balances related thereto not included in Pledged Practice Plan Funds. Pledged Revenues not utilized to pay debt service on Parity Debt are available to pay other costs of operating the TTU System.

 

The bonds will be used to finance various projects, which have been previously approved by the Board and were being funded through the Commercial Paper Program. View some of these capital projects.