Security
University System Revenue Bonds are obligations of the University of Puerto Rico secured primarily by a first lien on tuition fees, and certain other specifically pledged revenues. Further protection is provided by a debt service reserve equal to maximum annual debt service of the University System Revenue Bonds.
Functions
The University of Puerto Rico is an instrumentality of the Commonwealth, largely supported by substantial Commonwealth appropriations. The University is a major, accredited university, with three major campuses and eight additional university campuses located throughout the Island. Degrees are granted in a broad range of academic disciplines including law, medicine, dentistry, liberal arts, engineering and business administration. Total enrollment as of August 31, 2006 was approximately 65,000 students.
Trustee Under the Trust Agreement:
US Bank Trust National Association
New York, N.Y.
Co-Trustee Under the Trust Agreement:
Banco Popular de Puerto Rico, San Juan, PR
Financial Statements Audited by:
Ernst & Young
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