Beshear signs House Bill 7
February 22, 2013
Staff Report | @KyKernel
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.
