Bill > S2101

This bill provides capital funding for public higher education institutions in the Commonwealth to support their educational missions and enhance regional economic development. It allocates $2.1 billion for capital improvements at state universities and community colleges, and another $2.1 billion for the University of Massachusetts campuses, covering costs for planning, studies, land acquisition, repairs, construction, renovations, improvements, maintenance, and demolition. These projects must align with capital master plans developed by the Division of Capital Asset Management and Maintenance (DCAMM) and approved by the Board of Higher Education, with maintenance work tracked in DCAMM's information system. To fund these expenditures, the state treasurer is authorized to issue bonds totaling up to $4.2 billion, designated as "Public Higher Education Capital Expenditure Act of 2016" bonds, with a maximum term of 30 years and payable by June 30, 2055, with principal and interest paid from the General Fund. The Secretary of Administration and Finance will submit an annual report for 10 years detailing project progress and expenditures to various legislative committees and educational bodies.