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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. 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 project as matching funds to the institution. Public colleges and universities are prohibited from using operating budget funds, tuition, fees, or bond revenues 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. MICHAEL RUFF
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