DALLAS -- The Texas Supreme Court has cleared the state's universities to refund bonds and roll over $108 million of commercial paper even though the justices still have not ruled on a constitutional challenge to the state's higher education funding system.

In a special ruling issued late Wednesday, the court made it clear it will take no action affecting the validity of any obligations sold between now and the time a final decision is rendered.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.