§ 15-55-10 — Limitation on buildings and other campus improvements and issuance of bonds

bonds.
No building or other campus improvement may be erected or constructed under this
chapter, and no bonds may be issued for the payment of the cost of any building or other
campus improvement under this chapter, unless authorized by legislative act, nor may any
building or other campus improvement be erected at a cost exceeding the amount fixed by the
legislative assembly as the maximum to be expended for the building or other campus
improvement undertaken under this chapter. The legislative authorization may be aggregated
and the appropriation of the proceeds of the bonds for the construction of the buildings or
improvements are not subject to cancellation under section 54-44.1-11. Authorization for the
issuance of bonds by the legislative assembly expires four years after the effective date of the
authorization unless bonds have been issued for the construction of buildings or improvements
in the amounts so authorized or a contract for the design of the building has been signed by the
state board of higher education before the expiration date or the authorization specifies a
different expiration date. Refunding bonds may be issued by the state board of higher education
under this chapter without legislative act to refund, at or before the maturity of or pursuant to

any privilege of prepayment reserved in or granted with respect to, any bonds issued to pay the
cost of buildings or other campus improvements designated and authorized by legislative act.