Why not suspend construction projects and use that funding to mitigate the cuts?
State funding for construction comes from either General Obligation Bonds or from Lease Revenue Bonds services, neither of which can be used for any purpose other than the projects for which they were approved. In particular, such funds cannot be used to mitigate the cuts, avoid layoffs, or address other programmatic issues related to the operating budget. The 18-month budget signed by the Governor in February did not include funding for the Universitys 2009-10 capital program and, because of the States fiscal condition, funding for many of our existing State-funded capital projects has been suspended.
Related Questions
- How will funding be disbursed after award? Will projects still need to obtain a separate construction loan from a private lender?
- What kinds of projects are eligible for funding under the Public Library Construction Grant Program?
- Why not suspend construction projects and use that funding to mitigate the cuts?
