Streamlined process for capital construction projects passed

Senators passed a bill March 20 that streamlines the approval process for certain bond projects.

Under LB546, introduced by Omaha Sen. Rick Kolowski, revenue bond projects proposed by the state university or college systems will no longer require review and approval from the Legislature or Coordinating Commission for Postsecondary Education. Instead, bond projects will be allowed to proceed following Board of Regents approval.

The bill also retains legislative approval for capital construction projects if any part of the funds used for repayment of the bonds comes from state general funds, funds received by the University of Nebraska or any state college, tuition or the state’s operating investment pool investment income.

Senators passed the bill on a 40-2 vote.