University of Texas President Fenves Issues Statement on Rebuilding Marine Science Institute

AUSTIN, Texas, March 19 -- The University of Texas issued the following statement by President Gregory L. Fenves:

"I want to thank the University of Texas System Board of Regents for its strong support for the recovery of UT Austin's Marine Science Institute (MSI) in Port Aransas. MSI is critical to UT Austin's research mission. It is also a vital institution for Port Aransas and the Gulf Coast, and the university is fully committed to rebuilding MSI after the destruction of Hurricane Harvey.

"On Monday, the Board of Regents authorized the use of $16.5 million in bonds from the Permanent University Fund to backstop the rebuilding of MSI. My hope is that reconstruction will be completed primarily through other sources of funding, including $10.5 million in private insurance claims and $3 million in federal grants.

"The availability of the UT System funds will help the university issue construction contracts for MSI as quickly as possible. UT stands with both the research community and the people of the Gulf Coast as we move forward together after Harvey."