House approves bonding bill for Commonwealth Stadium, other university projects

February 07, 2013 | | Comments 2

By Beth Musgrave

FRANKFORT — With overwhelming support and no debate, the House approved a bill Thursday that would allow six state universities to use their own money on building projects, including a renovation of Commonwealth Stadium at the University of Kentucky.

House Bill 7 passed 97-1. Rep. Toby Herald, R-Beattyville, was the only no vote. The measure now heads to the Senate, where Republican leaders have signaled that the bill will have little opposition.

The bill authorizes 11 projects that will be paid for with about $363 million in agency bonds, which means the universities will use their own money rather than state General Fund dollars.

UK’s projects include a $110 million renovation of Commonwealth Stadium, funded by UK Athletics; a $65 million expansion of the Gatton School of Business, funded mostly with private fundraising; and a $100 million science building, two-thirds of which will be paid by UK Athletics.

Filed Under: KY General AssemblyState BudgetState Government

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  1. David Adams says:

    Among Kentucky’s many problems is NOT that our colleges can’t borrow enough money.

  2. Chris Tobe says:

    Murray,NKU,Morehead,Western all have huge unfunded undisclosed pension liabilities in both KERS, and KTRS. They seem to be in a hurry to issues these bonds before they have to disclose this liability. I think the state before they let them issue bonds, should make them own up to their portion of the pension liability.