Wednesday, August 10, 2011

CSU Loaned the State $700 Million Dollars

Despite slashing $650 million each from the California State University and University of California, lawmakers also hit two systems up this summer to loan the state some cash.

Senate Bill 79 established a new investment fund for UC, CSU, California Community Colleges and the Judicial Council. Under the bill, the UC loaned the state $1 billion while the CSU fronted the state $700 million—a total of $1.7 billion in public university funds. They expect to earn a return from the state, apparently more than they get elsewhere but less than the state would have to pay Wall Street.

Source: CFA's website

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