DALLAS - The University of Texas System through the forward sale of oil and gas reserves will add $1 billion to the Permanent University Fund that backs bonds for UT and Texas A&M University campuses.

The plan, approved by the UT System board of regents, is supported by Texas Gov. Rick Perry and Lieut. Gov. David Dewhurst, as well as Land Commissioner Jerry Patterson. Patterson chairs the Board for Lease of University Lands, an obscure agency that manages oil and gas leases on PUF lands.

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