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HB 461 — Independent Nonprofit Higher Educational Facilities Financing

by Reps. Sullivan, Moraitis and others (SB 622 by Senators Montford and Bean)

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Higher Education Committee (HE)

The bill expands the types of projects that the Higher Education Facilities Financing Authority may finance for independent nonprofit higher education colleges and universities. Specifically, the bill expands the definition of authorized projects that may be used by participating institutions to include projects such as, dining halls, research facilities, athletic facilities, healthcare facilities, parking, and other structures useful for the instruction of students, conducting research, or the operation of an educational institution, including equipment and machinery.

If approved by the Governor, these provisions take effect July 1, 2015.

Vote: Senate 40-0; House 108-5