COMMITTEE APPROVES HIGHER ED FUNDING

Capital Construction Measure Moves Forward

DENVER—Today the Senate Finance Committee approved a bill that would direct a portion of Federal Mineral Lease dollars to fund higher education capital construction projects.

Sponsored by Senator Sue Windels (D-Arvada), Senator Suzanne Williams (D-Aurora), and Representative Jim Riesberg (D-Greeley), SB08-233 would authorize state-backed bonds to provide funding for capital construction.

“Our colleges and universities are starved for capital construction funding, which means higher costs for students,” Williams said. “It’s time the state give schools the support they need to ensure the very best learning environments for our students.”

The bill requires the Colorado Commission on Higher Education to submit a prioritized list of higher education capital construction projects to the Office of State Planning and Budgeting (OSPB). OSPB will turn over the list to the Capital Development Committee and forward it to the Joint Budget Committee (JBC). The bill also allows the State Treasurer to enter into lease-purchase agreements for the construction of the projects identified in the resolution set by the JBC based on the priority list.

SB08-233 next heads to the full Senate for consideration.