SB 3553

Abstract

Amends the State University Certificates of Participation Act. Provides that the board of trustees of a State university has the power to enter into financing agreements in connection with the financing or refinancing (instead of just the financing) of capital improvements by selling certificates of participation in the installment payments made under such financing agreements; makes a related change. Provides that a State university must present to the Commission on Government Forecasting and Accountability information on the amount being financed or refinanced (instead of just financed), the nature of the project being financed or refinanced (instead of just financed), and the status of all currently outstanding (instead of currently issued) certificates of participation. Sets forth the maximum annual debt service amount for a State university's total outstanding (instead of total) certificate of participation obligation. Provides that the Act applies until December 31, 2024 (instead of December 31, 2014); makes a related change. Effective immediately.