STATEHOUSE-Rep. Bob Cherry (R-Greenfield) voted in favor of House Bill 1297, legislation to allow universities the opportunity to take advantage of the current financial climate and jumpstart its economic development. The bill passed with a 70-25 vote.
Under current Indiana law, state educational institutions are required to obtain funding for certain university projects approved by the State Budget Committee and the Indiana General Assembly. House Bill 1297 would allow state institutions to also work with the Indiana Finance Authority for approval on university projects.
"This bill would allow universities to work with the Indiana Finance Authority in the hope of approving their refinancing quicker rather than having to wait to get the State Budget Committee's approval," Rep. Cherry said. "Since the State Budget Committee typically meets monthly during the interim and occasionally during session, it can be a long and timely process when waiting for approval. In addition, these universities could take advantage of opportunities to bring in research groups to operate more efficiently with the available resources they currently have."
House Bill 1297 will now head to the Senate for further consideration.