Of Bonds and Bondage

Seen on a University of Texas System Web page:

"The UT and Texas S&M University System boards may issue bonds secured by each system's interest in the AUF amounts not to exceed 20% and 10% respectively, of the book value of PUF assets at the time of issuance."

Our apologies, but S&M's trustees are all tied up and won't be taking any calls today ...

Send ideas to short.subjects@chronicle.com


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