|House Budget Committee approves bill to allow state universities to bond projects|
A bill to authorize six of Kentucky’s state universities to issue agency bonds, and assume the debt, for 11 specific building construction projects at a collective cost of approximately $363 million has cleared the House budget committee.
House Bill 7, sponsored jointly by House Speaker Greg Stumbo House Appropriations and Revenue Committee Chairman Rep. Rick Rand was approved by Rand’s committee. The bill now goes to the full House for consideration.
The projects would be funded by the universities’ own revenue streams, not state dollars, according to the bill.
The bill would authorize agency bonding for three projects at the University of Kentucky, three at Murray State, two at Northern Kentucky University, and one each and Morehead State, the University of Louisville, and Western Kentucky University though they must be self-financed with the universities’ own revenues. The projects must also fill an urgent need to meet the universities’ goals of student success and retention, begin in the next calendar year, and not rely on state funding in future budget cycles.
Murray State will be able to renovate dorms and Western Kentucky University will construct an Honors College facility.