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Committee approves bill expanding higher-education financing options to non-real-estate needs
Summary
Senate Bill 545, sponsored in the House by Rep. Carol Dolby, received a committee "do pass" recommendation. The bill updates a 75-year-old statutory financing authority so public higher-education institutions can finance needs beyond construction and land purchase while keeping current safeguards for bond issuance.
Senate Bill 545, sponsored in the House by Rep. Carol Dolby (District 100), received a favorable recommendation from the House Education Committee after a brief presentation and no public opposition.
Dolby told the committee the bill updates a 75-year-old law that currently allows public higher-education institutions to finance building projects and buy land. "All this bill is doing is updating a 75-year-old law that allowed higher ed institutions to finance building projects and to buy land," Dolby said. "What this is doing is this is going to allow them to finance other needs other than construction and purchase of real estate. All the safeguards that are in the law now in regard to issuing a bond remain in place. Higher ed institutions still have to get all the approval. There still has to be the feasibility, all of that."
Committee members asked whether the change could affect student activity fees; Dolby said the bill does not change existing language about rents, tolls and activity fees and that the institutions themselves would determine any fee changes. The committee had no signed opponents. Representative Vaught moved a "do pass" motion; the committee carried it by voice vote and Representative Dolby's bill was advanced.
The committee recorded the action as approved by voice vote. No detailed roll-call vote tally was provided in committee minutes.
