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Article VII, Section 18 (b) of the Texas Constitution authorizes The University of Texas System Board of Regents (Regents) to issue bonds and notes secured by the U. T. System’s interest in the Permanent University Fund for several allowed purposes. The Library, Equipment, Repair and Rehabilitation (LERR) Budget sets forth annual allocations of bond proceeds by the Regents for three of the allowed purposes including:
- major repair and rehabilitation of buildings and other permanent improvements;
- acquiring capital equipment; and
- acquiring library books and library materials.
The LERR Budget is technically not required by statute, but is presented to enhance transparency.