85-326. State College Facility Fund; created; authorized uses.

There is hereby created a State College Facility Fund. All money accruing to the fund is hereby appropriated to the Board of Trustees of the Nebraska State Colleges and shall be used exclusively for the construction project authorized in this section. No expenditures may be made from such fund without prior approval by a resolution of the Board of Trustees.

The Board of Trustees is authorized to make expenditures from the State College Facility Fund for the following project and associated expenses: Construction of a classroom and laboratory facility to house the Division of Business at Wayne State College, three million nine hundred twenty-five thousand five hundred twenty dollars. The cost limitation set forth in this section shall be exclusive of sums previously expended from other sources for planning and administrative costs, financing costs, and other costs associated with any contract which the Board of Trustees may enter into pursuant to this section and section 85-327 to implement the project listed in this section. The Board of Trustees shall record and report, on the Nebraska State Accounting System, expenditure of amounts from the State College Facility Fund and expenditure of proceeds arising from any contract entered into pursuant to this section and section 85-327 in such manner and format as prescribed by the Department of Administrative Services.

The Board of Trustees is authorized to make expenditures for the purposes stated in this section from investment income balances in the State College Facility Fund. Any balance existing in the State College Facility Fund or in any reserve funds created as part of a long-term contract entered into by the Board of Trustees pursuant to section 85-327 shall be transferred to the General Fund either on July 15, 1997, or when all financial obligations incurred in the contracts entered into by the Board of Trustees pursuant to section 85-327 are discharged, whichever occurs first. Any balance existing in any reserve funds created as part of a long-term contract entered into by the Board of Trustees pursuant to section 85-327 in excess of such level as may be required by such contract shall be annually transferred to the General Fund on July 15.

Source