Honestly not sure how that works. A pledge to fund the Smith Center, for example, does all that money come in at once, up front, and is invested at a rate such that the total value of that asset and interest fully covers the P&I of the bonds, once they start paying?So, does that mean the funds that make up our debt are already committed to us via donations?
Question for anyone who knows: Do we plan for the interest payments within the donation, or do we take, for instance, a $100M pledge over 10 years, borrow for that $100M up front, and then the AD has to pay the interest, with the donation only going toward the principal?
Or, is the pledge more along the lines of, once the bonds start payment out P&I, the pledge money comes in, to cover.
