SJR 56 Authorizes the issuance of $950 million in general obligation bonds to fund infrastructure improvements
Sponsor: Dixon
LR Number: 6284S.01I Fiscal Note not available
Committee: Transportation and Infrastructure
Last Action: 3/26/2014 - Second Read and Referred S Transportation and Infrastructure Committee Journal Page: S624
Title: Calendar Position:
Effective Date: Upon voter approval

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Current Bill Summary

SJR 56 - This constitutional amendment, if approved by the voters, permits the Board of Fund Commissioners to issue bonds in the amount of up to $950 million. Up to $200 million of the bond proceeds may be used for information technology infrastructure upgrades for state government. Renovations to the state capitol may receive up to $100 million in bond proceeds. Renovation and maintenance of other state office buildings may receive up to $100 million in bond proceeds.

Up to $550 million in proceeds may be used to provide funds for the construction, renovation, and rebuilding of buildings of institutions of higher education. At least 15 percent of the bond proceeds must be allocated to community colleges. For projects at higher education institutions, the institution must match at least 15% of the bond proceeds.

This amendment is similar in concept to HJR 73 (2014), SJR 3 (2013), HJR 14 (2013), and HJR 57 (2012).