Sec. 7. (a) Bonds may be issued by the board of trustees of a state educational institution without the approval of the general assembly to finance a qualified energy savings project if annual operating savings to the state educational institution arising from the implementation of a qualified energy savings project are reasonably expected to be at least equal to annual debt service requirements on bonds issued for this purpose in each fiscal year. However, the amount of bonds outstanding for the state educational institution at any time for qualified energy savings projects, other than refunding bonds and exclusive of costs described in sections 3 and 4 of this chapter, and except as provided in subsection (c), may not exceed the greater of:
(1) fifteen million dollars ($15,000,000) for each campus of the state educational institution; or
(2) the product of:
(A) the total replacement value of all structures located on each campus of the state educational institution; multiplied by
(B) two percent (2%).
(b) Bonds issued under this section are not eligible for fee replacement.
(c) If a particular qualified energy savings project for a state educational institution, other than Ivy Tech Community College, results in the amount of bonds outstanding at any time for all qualified energy savings projects for the state educational institution, other than refunding bonds and exclusive of costs described in sections 3 and 4 of this chapter, to exceed fifteen million dollars ($15,000,000), the operating savings to the state educational institution arising from the implementation of that project must at least equal the original amount of bonds issued for that project in not more than ten (10) years.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(f).]
As added by P.L.2-2007, SEC.275. Amended by P.L.182-2009(ss), SEC.366; P.L.173-2011, SEC.11; P.L.143-2014, SEC.11.