NOTE 4: SHORT-TERM DEBT

Short-term debt on June 30, 2015, is summarized as follows:

SHORT-TERM DEBT (in thousands)
BEGINNING BALANCE
JULY 1, 2014
ADDITIONS REDUCTIONS ENDING BALANCE
JUNE 30, 2015
COMMERCIAL PAPER        
Taxable $11,292 $19,668 $18,215 $12,745
Tax-exempt 194,601 43,000 199,701 37,900
TOTAL COMMERCIAL PAPER $205,893 $62,668 $217,916 $50,645

The University has a combined taxable and tax-exempt commercial paper program that provides for bridge financing primarily for capital projects up to a Board-approved limit. The Board approved the current commercial paper program limit of $300 million in April 2008. In fiscal year 2015, interest rates on commercial paper ranged from 0.03 to 0.15 percent.