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Learn about University of California, including Featured News, Featured Projects, Finance Team, and Outstanding UC Debt.
The University of California is the public institution of higher education designated by the State of California in its Master Plan for Higher Education for the training of individuals for the professions, for the awarding of doctoral degrees in all fields of human knowledge, and for the conduct of research. Since it was chartered in 1868, the University has conferred approximately 2,530,000 higher education degrees, as of June 30, 2018. The University’s administrative offices are located in Oakland, California.
The University is governed by a 26-member Board of Regents, 18 of whom are appointed by the Governor and approved by a majority vote of the State Senate (currently for a 12-year term), one student Regent, who is appointed by the board to a one-year term, and seven ex officio Regents who are members of the board by virtue of their elective or appointed positions. The ex officio Regents are the Governor of the State, Lieutenant Governor of the State, Speaker of the Assembly, State Superintendent of Public Instruction, President of the Alumni Associations of the University, Vice President of the Alumni Associations of the University, and the President of the University.
Classes began at Berkeley in 1873 and the University currently operates general campuses located in Berkeley, Davis, Irvine, Los Angeles, Merced, Riverside, San Diego, Santa Barbara and Santa Cruz; a health science campus located in San Francisco; and laboratories, research stations and institutes, affiliated schools, activity locations, and a statewide Division of Agriculture and Natural Resources. The University operates a cooperative extension program reaching into nearly every area of the State and numerous public service programs. The Education Abroad Program of the University is offered at many different host institutions around the world.
The University of California utilizes three primary borrowing vehicles: General Revenue Bonds, Limited Project Revenue Bonds and Medical Center Pooled Revenue Bonds and has a Commercial Paper Program. Please find below a general description of each borrowing credit. For outstanding amounts please refer to the charts and graphs included below.
General Revenue Bonds: The General Revenue Bond (GRB) credit serves as the University's primary borrowing vehicle and is utilized to finance projects that are integral to the University's core mission of education and research. The GRB credit is secured by the University's broadest revenue pledge. Pledged revenues for FY 20-21 were $16.8 billion. General Revenues, as defined in the GRB indenture, have been amended to include certain state appropriations to secure payment of the General Revenue Bonds.
Limited Project Revenue Bonds: The Limited Project Revenue Bond (LPRB) credit, established in 2004, is used to finance primarily auxiliary services such as student housing or parking. Pledged revenues for FY 20-21 were $656.3 million. The LPRB credit provides the University's bondholders with a subordinated pledge of gross revenues derived only from facilities financed under the structure. This credit was created to conserve debt capacity in the GRB credit for mission-based projects.
Medical Center Pooled Revenue Bonds: The Medical Center Pooled Revenue Bond credit serves as the primary financing vehicle for hospital debt; its initial issuance occurred in January 2007. The Bonds are secured by gross revenues of the five medical centers. Pledged revenues for FY 20-21 were $15.8 billion. Previously, the medical centers issued debt on a standalone basis, secured by their individual revenue streams, of which no bonds remain outstanding.
Commercial Paper Program: The University's commercial paper program has an authorized amount of $2.0 billion. The program, which is a combination of both taxable and tax-exempt commercial paper, is used for a variety of purposes, including the funding of working capital and to provide interim funding for approved projects that are eventually to be funded using permanent financing.
Other University Debt: In addition to the primary borrowing vehicles listed above, the University also has other outstanding long-term debt obligations as listed below:
*Bonds outstanding as of June 30, 2022