Thursday, February 14, 2008

System bonding request goes before House Higher Education Committee

Chancellor James McCormick, Trustee Clarence Hightower, and Al Johnson, Associate Vice Chancellor for Facilities, along with student, faculty and staff representatives, presented the Minnesota State Colleges and Universities bonding request to the House Higher Education and Work Force Development Policy and Finance Division Committee on Tuesday. Committee members listened as Al Johnson explained the $350 million bonding request, explaining that 16 projects were funded for design in the last bonding bill and will be ready for contract in the next 12 months and 14 projects are on the list in the design or design plus some construction phase. Johnson also explained that of the 37 projects on the list, 28 of the projects are renovation projects compared to new construction. Members asked questions about the debt service, citing concern for the burden of the debt service on students and the institutions. Up next, the committee will hear about the University of Minnesota's bonding request. The committee anticipates having a bill to the Capital Investment Committee by Feb. 26.

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