The bill aims 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 universities and community colleges. It establishes a grant program for repairs and climate resilience upgrades, ensuring equitable fund distribution, and emphasizes alignment with campus master plans. Additionally, the bill introduces amendments to existing laws regarding the management and disposal of surplus real property, allowing the commissioner of higher education to dispose of such property under specific conditions, and modifies the selection process for design services by raising the threshold for projects requiring designer selection board approval.

Furthermore, the legislation creates the Education and Transportation Innovation and Capital Account within the Education and Transportation Fund for one-time investments in public education and transportation infrastructure. It also establishes a Higher Education Property Disposition Fund for capital projects focused on decarbonization and critical repairs, with expenditures not requiring further appropriation. The bill mandates annual reporting on capital expenditures and project outcomes, protects pledged funds for bondholders, and authorizes the state treasurer to issue bonds totaling up to $2.83 billion for public higher education capital expenditures. Overall, the bill is framed as an emergency measure to address immediate capital improvement needs while enhancing financial management and operational efficiency in educational and transportation projects.

Statutes affected:
Bill Text: 7C-5