The Tennessee State School Bond Authority was created in 1965 as a corporate governmental agency and instrumentality of the State of Tennessee. It issues bonds and notes that provide funds for loans to state institutions of higher education. Projects financed through the TSSBA are generally limited to those facilities that generate a designated revenue stream. TSSBA is also responsible for approval of any independent borrowing by higher education institutions. TSSBA finances a variety of projects, such as residence halls, athletics facilities, and parking garages. Such projects are differentiated by their revenue-producing requirement from capital projects providing for basic education needs, such as for classrooms and other educational facilities. Basic education capital projects are funded from the proceeds of the state’s general obligation bonds or by direct allocation of funds. Prior to creation of the TSSBA, UT had financed new housing by securing loans from the US Housing and Home Finance Agency or by issuing bonds secured by the revenue structure and repaid from collections.