Lease-purchase Issuance For Capital Construction
The act requires the state treasurer, on behalf of the state, to execute a lease-purchase agreement in an amount up to $65,500,000 plus reasonable and necessary costs to fund certain capital construction needs for state institutions of higher education that are continuations of previously funded projects as specified by the capital development committee. The capital development committee is required to post the list of specific projects and the cost of each project on its official website no later than August 15, 2020. The capital development committee is also required to specify in this list, in the event of any excess money as a result of the issuance, what any remainder money must be used for.
(Note: This summary applies to this bill as enacted.)