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The state has also begun "very preliminary" talks with UTIMCO to discuss the possibility of moving the gold to Texas, according to Tom Smelker, the administrator of the state depository.
Management responsibility is with UTIMCO (University of Texas Investment Management Company), which operates under the authority of the UTS board, and has extensive, investment policies and procedures that are posted on public web-sites.
The April purchase of nearly $1 billion in physical gold bullion by the University of Texas Investment Management Company (UTIMCO) is raising questions among endowments, think tanks, and asset managers: Was this a prescient investment, or a political statement?
Because no effort was made to interview UT or UTIMCO officials, the article presents a distorted view of university investments.
By law, three of UTIMCO's nine board members are UT Regents.
LaCoste-Caputo also said that gold storage fees UTIMCO pays would have to be cheaper at the Texas depository than it currently pays in New York for the organization to make the switch.
SUFFICIENT LIQUIDITY: The 'F1+' rating is based on highly liquid resources, provided under a liquidity agreement with UTIMCO, that are available to meet potential liquidity needs of TAMUS' PUF CP notes.
With Bush's support and the sponsorship of legislators associated with the governor, the UTIMCO bill passed through the capitol in 1995 with very few questions asked.
"The UTIMCO staff and Board, and everyone associated with the UT and A&M Regents and Systems, are remarkable people contributing so much to the state," Zimmerman said.
The new law does not require UTIMCO to move its gold to the state's depository.
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.
Texas Tribune: How are things at UTIMCO today relative to how you found them seven years ago?
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