The bill seeks to significantly improve public higher education infrastructure in the Commonwealth by allocating $1,250,000,000 for capital improvements, maintenance, and modernization of facilities at state and community colleges, as well as the University of Massachusetts. It includes funding for deferred maintenance, decarbonization, and major capital projects, while establishing grant programs for repairs and technology initiatives. The bill also introduces amendments to existing laws, allowing the Massachusetts State College Building Authority to oversee smaller projects and streamlining the disposal process for surplus real property. Additionally, it modifies the selection process for design services on larger building projects and updates provisions for issuing bonds to finance these initiatives.

Moreover, the bill amends various sections of the General Laws to create a new Education and Transportation Innovation and Capital Account within the Education and Transportation Fund, which will facilitate one-time investments in public education and transportation infrastructure. It establishes a Higher Education Property Disposition Fund to manage proceeds from real property sales for capital projects related to decarbonization and maintenance. The state treasurer is authorized to issue bonds totaling $2.83 billion for public higher education capital expenditures, with an additional $170 million for other specified expenditures, all payable from the Education and Transportation Fund without impacting the state's debt limits. The bill aims to enhance the financial framework supporting education and transportation initiatives while ensuring accountability and transparency in fund management.

Statutes affected:
Bill Text: 7C-5