CAPITAL FUNDING PLAN

 

SB 175 appropriates $10.4 million to the newly created Capital Improvement Revolving Fund to address capital needs in the state. This bill also establishes the State Facility Capital Needs Committee to make recommendations on capital funding priorities. The majority of these funds will be held until the 1998 session, when committee recommendations are available. However, the bill allows up to $2 million to be expended for preliminary work on capital projects if the expenditures are approved by the Long Range Capital Planning Commission and the Contingency Review Board. Also $1 million may be used for planning, development and land acquisition related to additional state office space.

SB 175 directs the State Facility Capital Needs Committee to determine funding allocations for the subcommittees of the General Conference Committee on Appropriations. Each subcommittee will develop a capital spending plan by March 1, 1998. It is anticipated that the $10.4 million set aside in the 1997 Session will be coupled with additional appropria tions and revenue bond proceeds.

 

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