CHICAGO -- Indiana finance officials have warned public universities to expect delays in receiving gubernatorial approval for issuing about $225 million of bonds for capital projects the legislature authorized for the current biennium.

Mark Moore, deputy state budget director, said the state is trying to limit long-term debt service costs because of the uncertain economy and the projected need to draw down state cash reserves by $221.3 million in the current biennium, which began July 1

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