Text: SF02286 Text: SF02288 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. STATE BOARD OF REGENTS BONDING.
1 2 1. FINDINGS. The general assembly finds that:
1 3 a. Pursuant to section 262A.3, the state board of regents
1 4 prepared and within seven days after the convening of the
1 5 Eightieth General Assembly of the State of Iowa, Second
1 6 Session, submitted to the Eightieth General Assembly, Second
1 7 Session, for approval the proposed five-year building program
1 8 for each institution of higher learning under the jurisdiction
1 9 of the board, containing a list of the buildings and
1 10 facilities which the board deems necessary to further the
1 11 educational objectives of the institutions, together with an
1 12 estimate of the cost of each of the buildings and facilities
1 13 and an estimate of the maximum amount of revenue bonds which
1 14 the board expects to issue under chapter 262A to finance the
1 15 costs of the projects.
1 16 b. The projects contained in the capital improvement
1 17 program are deemed necessary for the proper performance of the
1 18 instructional, research, and service functions of the
1 19 institutions.
1 20 c. Section 262A.4 provides that the state board of
1 21 regents, after authorization by a constitutional majority of
1 22 each house of the general assembly and approval by the
1 23 governor, may undertake and carry out at the institutions of
1 24 higher learning under the jurisdiction of the board any
1 25 project as defined in chapter 262A.
1 26 d. Chapter 262A authorizes the state board of regents to
1 27 borrow moneys and to issue and sell negotiable revenue bonds
1 28 to pay all or any part of the cost of carrying out projects at
1 29 any institution payable solely from and secured by an
1 30 irrevocable pledge of a sufficient portion of the student fees
1 31 and charges and institutional income received by the
1 32 particular institution.
1 33 e. To further the educational objectives of the
1 34 institutions, the state board of regents requests
1 35 authorization to undertake and carry out certain projects at
2 1 this time and to finance their costs by borrowing moneys and
2 2 issuing negotiable bonds under chapter 262A in a total amount
2 3 as provided in this Act, with the remaining costs of the
2 4 projects to be financed by appropriations or by federal or
2 5 other funds lawfully available.
2 6 2. APPROVAL – LIMITS.
2 7 a. The proposed five-year building program submitted by
2 8 the state board of regents for each institution of higher
2 9 learning under its jurisdiction is approved and no commitment
2 10 is implied or intended by approval to fund any portion of the
2 11 proposed five-year building program submitted by the state
2 12 board of regents beyond the portion that is financed and
2 13 approved by the Eightieth General Assembly, Second Session,
2 14 and the governor.
2 15 b. The maximum amount of bonds which the state board of
2 16 regents expects to issue under chapter 262A, unless additional
2 17 bonding is authorized, is set forth in this Act, and this plan
2 18 of financing is approved.
2 19 3. PROJECTS. The state board of regents is authorized to
2 20 undertake, plan, construct, improve, repair, remodel, furnish,
2 21 and equip, and otherwise carry out the following projects at
2 22 the institutions of higher learning under the jurisdiction of
2 23 the board, and the general assembly authorizes the state board
2 24 of regents to borrow moneys and to issue and sell negotiable
2 25 revenue bonds in the amount of $120,000,000 in the manner
2 26 provided in sections 262A.5 and 262A.6 in order to pay all or
2 27 any part of the costs of carrying out the projects at the
2 28 institutions as follows:
2 29 a. Iowa state university of science and technology
2 30 For the veterinary teaching hospital – diagnostic lab,
2 31 Coover hall – information science, and for fire safety costs:
2 32 .................................................. $ 48,000,000
2 33 b. State university of Iowa
2 34 For the chemistry building renovation, phase II of the art
2 35 building renovation, and for fire safety costs:
3 1 .................................................. $ 50,000,000
3 2 c. University of northern Iowa
3 3 For the science buildings renovation project and for the
3 4 Russell hall renovation:
3 5 .................................................. $ 22,000,000
3 6 Total ......................................... $120,000,000
3 7 4. Notwithstanding the limitation established in
3 8 subsection 3, the amount of bonds issued as authorized in
3 9 subsection 3 may be exceeded by the amount the state board of
3 10 regents determines to be necessary to capitalize bond
3 11 reserves, interest during construction, and issuance costs.
3 12 EXPLANATION
3 13 This bill authorizes the state board of regents to issue
3 14 bonds in the sum of $120 million for a five-year building
3 15 program at the regents universities. The bill permits the
3 16 state board of regents to exceed the limitation placed on the
3 17 amount of bonds that may be issued under the bill by an amount
3 18 the state board of regents determines to be necessary to
3 19 capitalize bond reserves, interest during construction, and
3 20 issuance costs.
3 21 LSB 6376SV 80
3 22 kh/gg/14
Text: SF02286 Text: SF02288 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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