February 20, 2013

Bill Passes that Allows Kentucky Universites to Issue Bonds for Construction Projects

After some changes from the Kentucky Senate House, the state House quickly passed House Bill 7, which will allow universities in the commonwealth to issue bonds for construction projects.

The bill targets specific projects for six of the eight public universities in the state, including buildings to be added at University of Kentucky, Western Kentucky University, Murray State, Northern Kentucky University, Morehead State and the University of Louisville.

Among the projects to be undertaken by the universities are a new UK science building, UofL student center, and NKU health center, along with renovations at Commonwealth Stadium.

A couple of stipulations were included in the bill, with there being no tuition increases with the bonds, and that the revenue will only come from the individual schools and not from state dollars.

The overall costs of the various projects come to about $363 million.

With the House approving of the changes from the Senate, the bill has been forwarded to the governor's office to be signed.

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