DALLAS - The Texas State University System plans to refund a trio of issues for strong present-value savings, but the $36.8 million in revenue bonds cannot be sold until the state Supreme Court rules on the legality of the higher education funding system.

Advisers on the refundings for Sam Houston State University and Southwest Texas State University say that a May 1 injunction prevents the sale of any bonds, even though the refunding is expected to generate an average present-value savings of 6%.

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