UTIMCOUniversity of Texas Investment Management Company
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The new law does not require UTIMCO to move its gold to the state's depository.
A major Bush donor also served as the first chair of the UTIMCO Board.
The first condition: The cost of storing the gold at the depository must be cheaper than what UTIMCO currently pays to keep it in New York.
Under a Note Purchase Agreement (NPA) between TAMUS and UTIMCO, UTIMCO agrees to purchase as investments for the PUF any TAMUS PUF CP Notes that are not renewed, remarketed, or refunded.
Texas Tribune: How are things at UTIMCO today relative to how you found them seven years ago?
In addition to the NPA with TAMUS, UTIMCO also maintains a purchase agreement with the University of Texas System (UTS) to provide liquidity support to UTS' PUF CP ($500 million maximum).
Capriglione said he was still in discussions with UTIMCO over the amount of gold that should be stored in Texas.
He has also spoken with UTIMCO, which owns the 6,643 gold bars currently housed underground in New York City.
Created in March 1996, UTIMCO is the first external investment corporation formed by a public university system in the nation.
Not only have UTIMCO salaries been lagging lately, he said, but the gap has been widening.
Fitch recognizes that UTIMCO holds additional liquid assets, on behalf of UTS, to support its variable-rate programs.
With the universities it serves under pressure not to hike tuition rates, even though fewer state dollars are flowing their way, the company's performance will be under intense scrutiny this session - and UTIMCO officials are still recovering from last session's showdown over their generous bonuses.