Strong UC System to Sell $364M, Though Cuts May Lie Ahead

Finestone, Deborah
May 2003
Bond Buyer;5/2/2003, Vol. 344 Issue 31627, p30
Trade Publication
The Regents of the University of California (UC) plan to competitively price 364.26 million dollars in revenue bonds on May 6, 2003 to finance the nine-campus system's ongoing need for student and faculty housing, parking facilities, health services, recreation and administrative facilities, and student centers. While the university faces possible reductions in funding from the state, which faces a budget shortfall of approximately 35 billion dollars, strong and growing demand at all campuses should help the system face the difficulties. Governor Gray Davis had previously funded increases for enrollment growth while reducing spending in other areas, cutting 134 million dollars from the UC system in the fiscal 2003 state budget. The UC system also has several nationally renowned research programs that help diversify the system's revenue base and contribute to its credit strength. During the economic slowdown in the early 1990s, the state cut funding for the system. But the university maintained a balance by increasing tuition and cutting expenditures.


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