Cornell University Cuts Spending, Plans $500 Million Bond Sale - Janet Frankston Lorin, Bloomberg

Cornell University is expected to reduce endowment spending by 15 percent and to sell more than half a billion dollars in bonds. They authorized the sale of taxable bonds to provide working capital, President David Skorton said in a statement that the cuts in spending from the endowment will take effect July 1, with more to follow in fiscal years 2011 and 2012.