Reference is to Printer's Date 5/9/13-S.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Chapter 101, Title 59 of the 1976 Code is amended by adding:
Section 59-101-1310. The purpose of this article is to specify the manner and time in which Joint Bond Review Committee approval is necessary for a permanent improvement project of a public institution of higher learning. To the extent that the provisions of this article conflict with any other provisions of law, the provisions of this article shall govern.
Section 59-101-1320. As
used in this article:
(1)
'Committee' means the Joint Bond Review Committee.
(2)
'Authority' means the State Budget and Control Board or
its successor entity the State Fiscal Accountability
Authority.
(3)
'Public institution of higher learning' has the meaning
provided in Section 59-103-5.
(4)
'Phase one construction submittal' or 'POCS' means a
request to acquire professional services for predesign or design
work, or both, through development of concept design and
preparation of a project budget for complete project design and
construction. The product of these services must be a statement
of project scope and budget. Predesign and design services must
include, but not be limited to, design objectives, site
requirements, project schedule, human, vehicular, and material
flow patterns, general space allocations, site measurements,
environmental considerations/impacts, utility systems, deed and
zoning analyses, and preliminary building plans and
elevations.
(5)
'Phase two construction submittal' or 'PTCS' means a
request to acquire and complete final design and construction
documents and to execute construction documents to begin and
complete construction.
(6)
'Limited review', with respect to new construction,
renovations, or acquisitions, means that a permanent improvement
project is exempt from receiving approval for a POCS from both
the committee and the authority. However, projects are still
required to receive PTCS approval from both the committee and
the authority.
(7)
'Modified review', with respect to new construction,
renovations or acquisitions, means that a permanent improvement
project's POCS is considered approved by the committee unless a
member of the committee objects within fifteen days of being
provided a copy of the POCS by committee staff. If no objection
is noted and the POCS stands approved, approval from the
authority is not required. However, projects are still required
to receive PTCS approval from both the committee and the
authority. With respect to leases, 'modified review' means the
lease request is considered approved by the committee unless a
member of the committee objects within fifteen days of being
provided a copy of the submission by committee staff. If no
objection is noted and the approval stands, approval from the
authority is not required and the lease request is considered to
have received final approval.
(8)
'Full review', with respect to new construction,
renovations or acquisitions, means the permanent improvement
project must receive both POCS and PTCS approval from both the
committee and the authority.
(9)
'Highly rated' means a public institution of higher
learning receiving AAA credit ratings from either Standard and
Poor's Ratings Services or Fitch Ratings or Aaa ratings from
Moody's Investors Service.
(10)
'Well rated' means a public institution of higher learning
receiving AA+, AA, or AA- credit ratings from either Standard
and Poor's Ratings Services or Fitch Ratings or Aa1, Aa2, or Aa3
ratings from Moody's Investors Service.
(11)
'Medium Rated' means a public institution of higher
learning receiving A+, A, or A- credit ratings from either
Standard and Poor's Ratings Services or Fitch Ratings or A1, A2,
or A3 ratings from Moody's Investors Service.
(12)
'Low or unrated' means a public institution of higher
learning receiving BBB+ or lower credit ratings from either
Standard and Poor's Ratings Services or Fitch Ratings or Baa1 or
lower rating from Moody's Investors Service or a public
institution of higher learning that has not received a credit
rating from Standard and Poor's Ratings Services, Fitch Ratings
or Moody's Investors Service in the past two years.
Section 59-101-1330. For a public institution of higher learning, a permanent improvement project funded in whole or in part with the use of institutional bonds of a public institution of higher learning requires a full review by the committee and authority.
Section 59-101-1340.
(A) For a highly rated public
institution of higher learning, a permanent improvement project
funded in whole or in part by revenue bonds of the institution
requires a:
(1)
limited review for a project for which the total cost is
less than forty million dollars; and
(2)
modified review for a project for which the total cost is
equal to or greater than forty million dollars.
(B) For a well rated
public institution of higher learning, a permanent improvement
project funded in whole or in part by revenue bonds of the
institution requires a:
(1)
limited review for a project for which the total cost is
less than forty million dollars; and
(2)
full review for a project for which the total cost is
equal to or greater than forty million dollars.
(C) For a medium rated
public institution of higher learning, a permanent improvement
project funded in whole or in part by revenue bonds of the
institution requires a:
(1)
modified review for a project for which the total cost is
less than forty million dollars;
(2)
full review for a project for which the total cost is
equal to or greater than forty million dollars.
(D) For a low or
unrated public institution of higher learning, a permanent
improvement project funded in whole or in part by revenue bonds
of the institution requires full review regardless of total
cost.
Section 59-101-1350.
(A) For a highly rated public
institution of higher learning, a permanent improvement project
involving new construction utilizing one hundred percent private
funds or gifts requires a limited review for a project for which
the total cost is greater than five hundred thousand
dollars.
(B) For a well rated
public institution of higher learning, a permanent improvement
project involving new construction utilizing one hundred percent
private funds or gifts requires a:
(1)
limited review for a project for which the total cost is
greater than five hundred thousand dollars but less than ten
million dollars; and
(2)
modified review for a project for which the total cost is
equal to or greater than ten million dollars.
(C) For a medium rated
public institution of higher learning, a permanent improvement
project involving new construction utilizing one hundred percent
private funds or gifts requires a:
(1)
limited review for a project for which the total cost is
greater than five hundred thousand dollars but less than five
million dollars;
(2)
modified review for a project for which the total cost is
equal to or greater than five million dollars but less than ten
million dollars; and
(3)
full review for a project for which the total cost is
equal to or greater than ten million dollars.
(D) For a low or
unrated public institution of higher learning, a permanent
improvement project involving new construction utilizing one
hundred percent private funds or gifts requires a full review
for a project for which the total cost is equal to or greater
than five hundred thousand dollars.
Section 59-101-1360.
(A) For a highly rated public
institution of higher learning, a permanent improvement project
involving renovations utilizing one hundred percent private
funds or gifts requires a limited review for a project for which
the total cost is greater than one million dollars.
(B) For a well rated
public institution of higher learning, a permanent improvement
project involving renovations utilizing one hundred percent
private funds or gifts requires a:
(1)
limited review for a project for which the total cost is
greater than one million dollars but less than ten million
dollars; and
(2)
modified review for a project for which the total cost is
equal to or greater than ten million dollars.
(C) For a medium rated
public institution of higher learning, a permanent improvement
project involving renovations utilizing one hundred percent
private funds or gifts requires a:
(1)
limited review for a project for which the total cost is
greater than one million dollars but less than five million
dollars;
(2)
modified review for a project for which the total cost is
equal to or greater than five million dollars but less than ten
million dollars; and
(3)
full review for a project for which the total cost is
equal to or greater than ten million dollars.
(D) For a low or
unrated public institution of higher learning, a permanent
improvement project involving renovations utilizing one hundred
percent private funds or gifts requires a full review for a
project for which the total cost is equal to or greater than one
million dollars.
Section 59-101-1370.
(A) For a highly rated public
institution of higher learning, a permanent improvement project
involving new construction utilizing sources of funds that are
not debt requires a:
(1)
limited review for a project for which the total cost is
greater than five hundred thousand dollars but less than seven
million dollars; and
(2)
modified review for a project for which the total cost is
equal to or greater than seven million dollars.
(B) For a well rated
public institution of higher learning, a permanent improvement
project involving new construction utilizing sources of funds
that are not debt requires a:
(1)
limited review for a project for which the total cost is
greater than five hundred thousand dollars but less than five
million dollars; and
(2)
modified review for a project for which the total cost is
equal to or greater than five million dollars.
(C) For a medium rated
public institution of higher learning, a permanent improvement
project involving new construction utilizing sources of funds
that are not debt requires a:
(1)
limited review for a project for which the total cost is
greater than five hundred thousand dollars but less than five
million dollars;
(2)
modified review for a project for which the total cost is
equal to or greater than five million dollars but less than
seven million dollars; and
(3)
full review for a project for which the total cost is
equal to or greater than seven million dollars.
(D) For a low or
unrated public institution of higher learning, a permanent
improvement project involving new construction utilizing sources
of funds that are not debt requires a full review for a project
for which the total cost is equal to or greater than five
hundred thousand dollars.
Section 59-101-1380.
(A) For a highly rated public
institution of higher learning, a permanent improvement project
involving renovations utilizing sources of funds that are not
debt requires a:
(1)
limited review for a project for which the total cost is
equal to or greater than one million dollars but less than seven
million dollars; and
(2)
modified review for a project for which the total cost is
equal to or greater than seven million dollars.
(B) For a well rated
public institution of higher learning, a permanent improvement
project involving renovations utilizing sources of funds that
are not debt requires a:
(1)
limited review for a project for which the total cost is
equal to or greater than one million dollars but less than five
million dollars; and
(2)
modified review for a project for which the total cost is
equal to or greater than five million dollars.
(C) For a medium rated
public institution of higher learning, a permanent improvement
project involving renovations utilizing sources of funds that
are not debt requires a:
(1)
limited review for a project for which the total cost is
equal to or greater than one million dollars but less than five
million dollars;
(2)
modified review for a project for which the total cost is
equal to or greater than five million dollars but less than
seven million dollars; and
(3)
full review for a project for which the total cost is more
than seven million dollars.
(D) For a low or
unrated public institution of higher learning, a permanent
improvement project involving renovations utilizing sources of
funds that are not debt requires a full review for a project for
which the total cost is greater than one million dollars.
Section 59-101-1390.
(A) For a highly rated public
institution of higher learning, an acquisition utilizing any
source of funds requires a:
(1)
limited review for an acquisition for which the total cost
is greater than two hundred fifty thousand dollars but less than
one million dollars; and
(2)
modified review for an acquisition for which the total
cost is equal to or greater than one million dollars.
(B) For a well rated
public institution of higher learning, an acquisition utilizing
any source of funds requires a modified review for an
acquisition for which the total cost is greater than two hundred
fifty thousand dollars.
(C) For a medium rated
public institution of higher learning, an acquisition utilizing
any source of funds requires a:
(1)
modified review for an acquisition for which the total
cost is greater than two hundred fifty thousand dollars but less
than one million dollars; and
(2)
full review for an acquisition for which the total cost is
equal to or greater than one million dollars.
(D) For a low or
unrated public institution of higher learning, an acquisition
utilizing any source of funds requires a full review for an
acquisition for which the total cost is greater than two hundred
fifty thousand dollars.
Section 59-101-1400.
(A) For a highly rated and a well
rated public institution of higher learning, a lease utilizing
any source of funds requires a:
(1)
modified review for a lease for which the total cost is
greater than one million dollars but less than three million
dollars; and
(2)
full review for a lease for which the total cost is equal
to or greater than three million dollars.
(B) For a medium rated
and a low or unrated public institution of higher learning, a
lease utilizing any source of funds requires a full review for a
lease for which the total cost is greater than one million
dollars.
Section 59-101-1410. Nothing in this article is intended to supercede committee or authority, or both committee and authority staff level approval for certain projects as provided in Title 2, Chapter 47.
Section 59-101-1420. Notwithstanding a credit rating to the contrary, a public institution of higher learning which is in deficit posture, has not completed its annual Comprehensive Annual Financial Report (CAFR) on time, received material findings in a procurement audit, state auditor's report, or an Inspector General's report, is deemed low or unrated for the purposes of this article. Upon completion of corrective action on any of these items, the public institution of higher learning shall operate subject to its stated credit rating."
SECTION 2. This act takes effect July 1, 2014. /
Renumber sections to conform.
Amend title to conform.