Sec. 9. To pay the cost of a project authorized under this chapter, the following funds may be used:
(1) Funds appropriated in any state fiscal year for the project by the general assembly, subject to allocation of the funds by the budget agency, with approval of the governor.
(2) Funds derived from the issuance and sale of bonds by the board of trustees of any of the state educational institutions, so long as the issuance of the bonds that are to be supported by mandatory student fees assessed all students has been approved by the general assembly for each applicable project.
(3) Funds derived from earnings, farm and miscellaneous sales, or other receipts, so long as a project to:
(A) construct buildings or facilities with a cost greater than three hundred thousand dollars ($300,000); or
(B) purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds one hundred fifty thousand dollars ($150,000);
is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency.
(4) Federal funds granted and allowed a state educational institution for a project to construct buildings or facilities, so long as each project:
(A) with a cost greater than three hundred thousand dollars ($300,000); or
(B) to purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds one hundred fifty thousand dollars ($150,000);
is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency.
(5) Available funds derived from gifts, bequests, devises, or other source not listed in subdivisions (1) through (4), so long as each project to:
(A) construct buildings or facilities with a cost greater than three hundred thousand dollars ($300,000); or
(B) purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds one hundred fifty thousand dollars ($150,000);
is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency.
[Pre-2007 Higher Education Recodification Citation: 20-12-5.5-4.]
As added by P.L.2-2007, SEC.274. Amended by P.L.229-2011, SEC.239.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.