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HCS/SCS/SB 655 – This act creates the "Higher Education Capital Fund." The General Assembly may appropriate moneys to the fund to provide matching funds to public colleges or universities for capital projects. Funds cannot be distributed through the fund without a line item appropriation for a specific project. The state cannot issue bonds to provide funding. Funds cannot be used for any athletic facilities, parking structures, or student housing. To receive matching funds, a public college or university must raise fifty percent of the cost of the capital project from private donations or grants. The General Assembly may appropriate the remaining fifty percent of the cost of the project as matching funds to the institution. Public colleges and universities are prohibited from using operating budget funds, tuition, fees, bond revenues, or state appropriations to produce their portion of the capital project's cost. The Commissioner of Higher Education will administer the Higher Education Capital Fund and may promulgate rules to implement this act. This act is identical to a provision contained in HCS/SCS/SB 563 (2012) and similar to HB 1502 (2012). MICHAEL RUFF
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