Kentucky Gov. Steve Beshear has signed House Bill 7, allowing the state's public universities to issue their own bonds secured by specific fees to fulfill pent-up capital needs. The law authorizes $363.3 million of bonds to be sold by six universities for 11 projects, including dormitory renovations, new student centers, and athletic facility improvements.
"Because of our universities' continued good stewardship during tough financial times, approving the use of agency bonds makes good sense for our schools and for our taxpayers," Beshear said when he signed the bill last Thursday. "The bonds will meet the growing needs of our universities with no impact on the [the state's] general fund."