Streamlined process for capital construction projects advances

Senators gave first-round approval Feb. 27 to a bill that would streamline 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 would no longer require review and approval from the Legislature or Coordinating Commission for Postsecondary Education. Instead, bond projects would be allowed to proceed following Board of Regents approval.

Kolowski said the current system of three different levels of approval makes for a disjointed process.

“The infrequency and disconnected timing of meetings creates long waiting times [to begin projects],” he said. “[This bill] seeks to streamline the process … allowing revenue bond projects to proceed in a timely manner.”

An Education Committee amendment, adopted 26-0, would retain legislative approval for capital construction projects when state general funds, funds received by the University of Nebraska or any state college, tuition or the state’s operating investment pool investment income constitute any part of the funds used for the repayment of bonds.

Senators advanced the bill to select file on a 25-0 vote.