§ 100455 Higher Education Capital Outlay Funding

• • $2.5 billion from bond proceeds goes into the 1998 Higher Education Capital Outlay Bond Fund.
• • The money can be spent only when the state appropriates it.
• • $1.25 billion of those bonds may be issued only on or after July 1, 2000.

A state university wants to build a new science building and needs money from the Higher Education Capital Outlay Bond Fund.

The university can use money from the $2.5 billion fund, but only after the legislature decides to spend it. The part of the fund that is $1.25 billion couldn’t be sold to raise cash until after July 1, 2000, so any bonds for that half had to wait until that date.