U. of California Will Lend Money to State, to Get Its Own Projects on Track

Despite deep cuts in its state funds, the University of California has agreed to lend nearly $200-million to the state, the San Francisco Chronicle reports. The university will borrow the money and lend it to the state, which will give it back to the university with interest over three years. The arrangement gets around the state’s current difficulty in selling bonds and will allow the university to get moving on a number of stalled capital projects.