(a) There is hereby established the postsecondary educational institution infrastructure finance program. Subject to the limitations provided by this act, the program shall be administered by the state board. Applications for financing under the program shall be submitted in the manner provided by the state board. When approving applications for financing under the program, the state board shall take into consideration the need for the project and the financial ability of the institution to meet its obligation if the application is approved.

(b) On or before January 14 of each year, the state board shall prepare a report on projects financed under the program during the preceding fiscal year. The report shall disclose the aggregate amount of bonds issued, the amount of bonds issued at the request of each postsecondary educational institution and an overview of the projects financed by such bonds. The report shall include any other information deemed necessary by the state board. A copy of such report shall be submitted to the governor and the joint committee on state building construction.

Terms Used In Kansas Statutes 76-7,118

  • Bonds: means any bonds, notes, lease certificates of participation or other evidences of indebtedness, whether or not the interest on which is subject to federal income taxation, issued by the Kansas development finance authority on behalf of the board of regents pursuant to this act to finance a scientific research and development facility. See Kansas Statutes 76-779
  • Building construction: means furnishing labor, equipment, material or supplies used or consumed for the design, construction, alteration, renovation, repair or maintenance of a building or structure. See Kansas Statutes 76-7,126
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Institution: means any institution under the control and supervision of the state board of regents. See Kansas Statutes 76-739
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Program: means the Kansas partnership for faculty of distinction program established by this act. See Kansas Statutes 76-773
  • project: means the process of designing, constructing, reconstructing, altering or renovating a building or other structure. See Kansas Statutes 76-7,126
  • State: means the state of Kansas. See Kansas Statutes 76-779
  • State board: means the state board of regents. See Kansas Statutes 76-7,126
  • This act: means the university research and development enhancement act. See Kansas Statutes 76-779

(c) All reports required by this section shall be prepared and submitted in an electronic format.

  Previous section
Next section  
 Article 7 Contents