SB 275 – Current law provides that moneys in the Lewis & Clark Discovery Fund may only be appropriated, in part, to support funding of capital projects at public colleges and universities. This act provides that moneys in the Lewis & Clark Discovery Fund may only be appropriated to support funding of capital projects at public colleges and universities for which actual construction has begun on or before January 1, 2009.
Any moneys remaining in the Lewis & Clark Discovery Fund after the completion of all projects for which construction has begun on or prior to January 1, 2009 will be transferred to the Missouri Higher Education Tuition Reduction Fund at the end of each fiscal year. The Coordinating Board for Higher Education will administer the fund. These moneys will be used for the purpose of reducing tuition rates at Missouri's public institutions of higher education. The Coordinating Board must implement a procedure for reimbursing public higher education institutions that either reduce tuition or increase tuition at a lower rate than previously designated.