§ 21-33-3-9 — Use of certain funds for the cost of projects

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.]

Legislative History

As added by P.L.2-2007, SEC.274. Amended by P.L.229-2011, SEC.239.