There is hereby created in the State Treasury a special fund to be designated as the “Institutions of Higher Learning Repair and Renovation Fund” which shall consist of monies appropriated or otherwise made available therefor by the Legislature. Interest earned on monies in the special fund shall be deposited to the credit of such fund and money shall not lapse at the end of the fiscal year into the State General Fund. Money in the special fund shall be appropriated by the Legislature and allocated by the Bureau of Building, Grounds and Real Property Management, Department of Finance and Administration, for the repair, renovation and improvement of existing facilities under the control of the state institutions of higher learning, including utility infrastructure projects; heating, ventilation and air conditioning systems; and the replacement of furniture and equipment. However, the cost of such repair, renovation and improvement for any one project shall not exceed One Million Dollars ($1,000,000.00). For the purposes of this section, the term “furniture and equipment” shall be limited to the types of furniture and equipment items previously recorded in the institution’s inventory.
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