Multiple Agencies and Higher Education Entities
An Audit Report on State-Issued Bonds for Fiscal Year 2001
April 2002
Report Number 02-035
Overall Conclusion
The bond-issuing state agencies and higher education institutions we audited complied with all significant bond covenants, laws, and regulations regarding bonded debt during the fiscal year ending August 31, 2001. In addition, these entities reported accurate information for the supplementary bond schedules included in the Texas 2001 Comprehensive Annual Financial Report (CAFR). The audited entities were:
- Department of Economic Development
- General Land Office and Veterans' Land Board
- Higher Education Coordinating Board
- Midwestern State University
- Military Facilities Commission
- Public Finance Authority
- Southwest Texas State University
- Stephen F. Austin State University
- Texas A&M University System
- Texas Southern University
- Texas State Technical College
- Texas State University System
- Texas Tech University System
- Texas Woman's University
- The University of Texas System
- University of Houston System
- University of North Texas System
- Water Development Board
Key Facts and Findings
- In our opinion, except for the bond-issuing entities not included in our
audit scope, the State complied, in all material respects, with the covenants,
laws, and regulations applicable to bonded debt for the State of Texas.
- As of August 31, 2001, the State had more than $12.5 billion in outstanding
bonded debt. Total bonded debt for the State has almost doubled (from $6.6
billion to more than $12.5 billion) since 1987. Bonds are used to fund programs
such as those related to building construction, loans for tuition and housing,
and grants for state resource development.
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