Sec. 5. (a) Subject to this section, in addition to projects authorized by the general assembly, the board of trustees of a state educational institution may engage in a project to:
(1) construct buildings or facilities of a cost greater than two million dollars ($2,000,000); or
(2) purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds two million dollars ($2,000,000);
only if there are funds available for the project, the project meets any of the applicable conditions, and the project is reviewed by the commission for higher education and approved by the governor upon recommendation of the budget agency. The review by the commission for higher education must be completed not later than ninety (90) days after the project is submitted for review.
(b) If:
(1) any part of the cost of a project described in subsection (a) is paid by state appropriated funds or by mandatory student fees assessed all students for the project; and
(2) the project is to:
(A) construct new buildings or facilities of a cost greater than two million dollars ($2,000,000); or
(B) purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds two million dollars ($2,000,000);
the project must also be approved by the general assembly.
(c) This section does not limit the board of trustees in supplementing a project approved by the general assembly from gifts or other available funds so long as approval for the expansion of the project is given by the governor on review by the commission for higher education and recommendation of the budget agency.
(d) The review and approval requirements of this section do not apply to a project to:
(1) construct buildings or facilities; or
(2) purchase or lease-purchase land, buildings, or facilities;
if the project involves the expansion or improvement of housing for students undertaken entirely by a fraternity or sorority at the state educational institution.
[Pre-2007 Higher Education Recodification Citations: 20-12-5.5-2.]
As added by P.L.2-2007, SEC.274. Amended by P.L.31-2010, SEC.4; P.L.229-2011, SEC.237; P.L.143-2014, SEC.7.