The money will come from the sale of certificates of participation, and will finance 12 construction projects on numerous college campuses.
COLORADO SPRINGS, COLO. -- Governor Bill Ritter and State Treasurer Cary Kennedy made an important announcement Thursday.
More than $230 million in financing is on the way for college construction projects across the state. The money will come from the sale of certificates of participation, and will finance 12 construction projects on numerous college campuses.
The Certificates of Participation (COPs) were authorized by two recent state Senate bills and a state House joint resolution.
The University of Colorado at Colorado Springs (UCCS) will receive more than $17 million of that money.
"We were hoping that it was coming. We were planning on it. But given the recent the recent financial troubles in the United States, we were concerned about whether these bonds were going to be able to be sold, these Certificates of Participation," Brian Burnett
Burnett is Vice Chancellor for Administration and Finance at UCCS. He said his staff was relieved by Thursday's news and added that the money will be used to renovate the science building.
"It was the science building that was built when this campus had 2,000 students back in 1980. Today we have almost 8,00 students, so there is great demand on the building," Burnett.
He said the building also houses the campus' nursing school.
As for the money, it will come from Federal Mineral Lease Revenue.
"The federal government pays the state (of Colorado) for the extraction of materials like minerals, gases and oils from our state. They pay royalties to the federal government and the federal government shares them with the state of Colorado," Burnett said.
He said revenue is rising due to the increased demand for drilling.
Governor Ritter said the money will benefit the state as a whole, stimulating the economy and creating new jobs.
"At a time of great national and international economic uncertainty and with the stock market so unsettled, the successful sale of these C.O.P.'s demonstrates a tremendous amount of confidence in Colorado," Governor Ritter said in a written statement.
Burnett said they have already selected an architect and contractor and plan to begin work on the building in May 2009.
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