From the Ole Miss web site.
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Ole Miss
"There is a valid distinction between The University and Ole Miss even though the separate threads are closely interwoven.
The University is buildings, trees and people. Ole Miss is mood, emotion and personality. One is physical, and the other is spiritual. One is tangible and the other intangible.
The University is respected, but Ole Miss is loved. The University gives a diploma and regretfully terminates tenure, but one never graduates from Ole Miss."
Frank E. Everett, Jr., B.A.'32 LL.B.'34
http://www.olemiss.edu/hospitality/olemiss.html