85-322. State College Buildings Renovation and Land Acquisition Fund; created; authorized uses.

(1) There is hereby created a State College Buildings Renovation and Land Acquisition Fund. All money accruing to this fund is hereby appropriated to the Board of Trustees of the Nebraska State Colleges and shall be used exclusively for those projects of repair, remodeling, and renovation of buildings belonging to the state colleges and for those land acquisition projects of the state colleges pursuant to this section as long as no such repair, remodeling, or renovation project specified in subsection (2) of this section provides for construction of an addition to any building, unless required by any federal law or law of this state relating to building safety or relating to building access for handicapped persons. No expenditure may be made from such fund without prior approval by a resolution of the Board of Trustees of the Nebraska State Colleges.

(2) The Board of Trustees of the Nebraska State Colleges is authorized to make expenditures from the State College Buildings Renovation and Land Acquisition Fund for the following projects and associated expenses: (a) Repair, remodel, and renovate the east wing of the West Center Main Building at Kearney State College, one million one hundred three thousand one hundred four dollars; (b) repair, remodel, and renovate the Fine Arts Building at Chadron State College, nine hundred ninety thousand dollars; (c) acquire certain real property for public use by Kearney State College, three hundred seventy thousand dollars; and (d) administrative and financing costs associated with any contract which the board of trustees may enter into pursuant to this section to implement any of the projects listed in subdivisions (a) through (c) of this subsection, not to exceed eighteen thousand dollars.

(3) In addition to those building repair, remodeling, or renovation projects and land acquisition projects specifically listed in this section, the Board of Trustees of the Nebraska State Colleges is further authorized to make expenditures from the State College Buildings Renovation and Land Acquisition Fund, which shall include any investment income received from the investment of such fund, for other building repair, remodeling, or renovation project or land acquisition project which shall be specifically approved by the Legislature.

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