Beshear signs House Bill 7

Staff Report | @KyKernel

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House Bill 7 was signed into law Thursday by Kentucky Gov. Steve Beshear.

The bill allows for 11 major construction projects to take place at six of Kentucky’s public universities for a total of $363.3 million in agency bonds.

An estimated economic impact of about $623 million and 5,110 jobs will result from House Bill 7, according to a UK press release.

The bill allows schools to pay back the money using their own funds, rather than using state General Fund money.

The legislation authorizes UK to self-finance three projects:

— $110 million renovations to Commonwealth Stadium and the Nutter Training and Recruiting Center.

— $100 million construction of an Academic Science Building.

— $65 million renovations and expansion of the Gatton College of Business and Economics.

Most of the projects are planned to finish in 2015-16, but design and some construction might start immediately, according to the Lexington Herald-Leader.