BONDS: Authorizes the issuance of bonds to finance deferred maintenance projects included in the College and University Deferred Maintenance and Capital Improvement Program (EN INCREASE GF EX See Note)

HB 940 authorizes the state to issue bonds to fund deferred maintenance projects for colleges and universities under an existing capital improvement program. The bill allows the Office of Facility Planning and Control to retain up to one percent of project costs for administrative expenses and permits university boards to approve smaller projects under one million dollars if they determine it is cost-efficient. It also updates the maximum funding limit for these projects from one hundred eighty-one million dollars to two billion dollars and clarifies the timeline for legislative approval. These changes directly affect state higher education institutions by providing a financial mechanism to address necessary repairs and upgrades.