About

The Revenue Financing System (RFS) is a cost-effective debt program secured by a system-wide pledge of all legally available revenues for debt issued on behalf of all 14 U. T. System institutions and System Administration.  For the fiscal year ended August 31, 2025, Pledged Revenues totaled approximately $19.6 billion.

The RFS is governed by a Master Resolution and supplementing resolutions authorized periodically by the Board. The Master Resolution provides that the obligation of the Board to pay or cause to be paid the amounts payable under the Master Resolution and any Supplement thereto is absolute, irrevocable, complete and unconditional, and the amount, manner and time of payment shall not be modified in any way regardless of any contingency.