|Date Requested:April 03, 2009
Time Requested:02:05 PM
| FUND(S) |
Sources of Revenue
Legislation creates:A New Program
Effect this measure will have on costs and revenues of state government.
| Fiscal Note: $1,800,000 for FY 2010 and $10,000,000 for FY 2011 and thereafter.
Summary. The primary purposes of this bill are to establish a new capital and facilities financing and management system for higher education and to redirect $10 million in regular lottery revenue currently dedicated to paying debt service for the Education, Arts, Science and Technology (EAST) bonds to pay debt service for a new higher education bond issue. The higher education bond issue would generate between $140 million and $150 million in funding for higher education capital projects at four-year institutions.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
Explanation of Estimates. For FY 2010, the final debt service payment for the EAST bonds is $8.2 million, so $1.8 million would be available to the Higher Education Policy Commission to begin paying debt service on the Higher Education Lottery Revenue Capital Improvement Bonds. In FY 2011, and annually thereafter, the Higher Education Policy Commission would receive the full $10 million to pay debt service.