SB 1480

Abstract

Creates the State University Certificates of Participation Act. Provides that the power of the board of trustees of any State university to enter into contracts includes, but is not limited to, the power to enter into financing agreements in connection with the financing of capital improvements by selling certificates of participation in the installment payments made under such financing agreements. Allows such financing agreements to be entered into for any period of time less than or equal to 30 years, but not to exceed the useful life of the capital improvement. Provides that, upon determination by the board of trustees of a State university to undertake a transaction for the sale of certificates of participation and enter into related financing agreements in connection with the financing of capital improvements, the board shall adopt a resolution or resolutions describing in a general way the contemplated facilities or a combination thereof designated as the project, the estimated cost thereof, and any additional relevant information. Provides that these provisions are declaratory of existing law. Amends the Statute on Statutes to provide that a citation to the Omnibus Bond Acts is a citation to the State University Certificates of Participation Act.