1596-2417 Higher Education Capital Funding

For a reserve for the study, design, construction, reconstruction, retrofit, site preparation, demolition, system repair and replacement, climate resiliency and adaptation, and other capital investment, planning, and improvements of campus facilities, including instructional and student facilities, laboratory facilities, infrastructure modernization, decarbonization, accessibility improvements, critical repair or other capital asset needs, administered by the executive office for administration and finance in consultation with the executive office of education and the division of capital asset management and maintenance; provided, that funds from this item may be transferred to the University of Massachusetts Building Authority and the Massachusetts State College Building Authority under a memorandum of understanding or agreement relating to capital planning or capital projects approved by the secretary of administration and finance; provided further, that funds from this item may be used for innovative strategies that result in debt reduction or savings for public higher education institutions; provided further, that the secretary of administration and finance shall convene a working group to develop a comprehensive facilities financing plan considering the future needs of the public higher education system to provide affordable, equitable, and competitive higher education for the commonwealth; and provided further, that the secretary's working group shall make recommendations to the governor not later than March 31, 2025 regarding the following: (i) a permanent financing structure using fair share revenues appropriated in this item to support the issuance of debt for the benefit of public higher education capital needs; (ii) to support the University of Massachusetts Building Authority and the Massachusetts State College Building Authority to finance investments in public higher education infrastructure; (iii) to develop an efficient, affordable, and effective process for application, approval, design, and delivery of capital projects for public higher education campuses in consultation with the executive office of education and the division of capital asset management and maintenance; and (iv) to develop a proposal for 10-year higher education bond legislation to invest up to $2,500,000,000 for decarbonization, deferred maintenance, and facilities improvement for the public higher education system of the commonwealth

Education and Transportation Fund

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