Bill goes to Gov. Steve Beshear for signature
FRANKFORT, Ky. (Feb. 20, 2013) — A bill that would allow state universities to assume debt for specific construction projects was approved today by the Kentucky Senate.
House Bill 7, sponsored by Rep. Rick Rand, D-Bedford, and House Speaker Greg Stumbo, D-Prestonsburg, would authorize six of the state’s eight public universities to issue agency bonds for construction projects totaling approximately $363 million.
The 11 projects include renovations to residence and dining halls, as well as the construction of academic and other buildings at the University of Kentucky, Murray State, Northern Kentucky University, Morehead State, the University of Louisville and Western Kentucky University.
Under the bill, debt from the construction projects would be paid by the schools’ individual revenue streams and not by state dollars. The Senate also added wording that would require that funding for the projects would not result in tuition increases.
Since the House quickly approved the Senate’s changes to the legislation, the measure now goes to the governor’s desk for his signature.