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Article VII, Section 18 (b) of the Texas Constitution authorizes the U. T. System Board of Regents to issue bonds and notes secured by the U. T. System’s interest in the Permanent University Fund for the purpose of:
- acquiring land, with or without permanent improvements;
- constructing and equipping buildings or other permanent improvements;
- major repair and rehabilitation of buildings and other permanent improvements;
- acquiring capital equipment; and
- acquiring library books and library materials.
It is for the last three purposes noted above that the U. T. System Board of Regents has established the LERR, Faculty STARs, and similar funded programs.