Word: caps
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Because the cap affected all private, non-profit institutions, an assortment of organizations joined with Harvard to push for the law including the American Red Cross, the Volunteers of America and the American Museum of Natural History...
Lobbyists argued that the cap unfairly disadvantaged private institutions, because the 1986 law did not cap public institutions' borrowing. Moreover, a 1996 National Science Foundation study found that scientific research across the nation suffered because of inadequate space and ill-maintained buildings due in part to the bond...
Just after the bill passed, some credit services warned that repealing the cap could in the long run hurt some colleges that could now borrow more money than they could reasonably repay. But officials say that Harvard-which is already well over the $150 million limit and has a pristine credit rating and massive endowment-won't suffer this fate...
Emory planned to issue $13.2 million in bonds this summer to build a Vaccine Research Center. When officials learned that Congress was debating repealing the bond cap, Emory postponed its issue...
According to Dingman, "Adams House always seemed to be over cap. This move will just about balance their classes...