(a) (1) There is established within the Office of the State Treasurer a special account to be known as the "Community College Infrastructure Fund", with the intent that the General Assembly fund said account by an annual appropriation of at least $10 million through Fiscal Year 2029. Further, it is the intent that the General Assembly fully fund the College's annual capital improvement request for critical capital needs/deferred maintenance. At the end of Fiscal Year 2029, the College shall report on its progress in addressing its deferred maintenance needs and submit a reevaluation of the College's deferred maintenance needs to the General Assembly and the Governor. College requests for major capital construction shall continue to be funded through the annual major capital improvement budgetary process. (2) Additional nonappropriated amounts may be deposited by the College from other available sources including, but not limited to, student tuition and fees, private funds, nonstate grants and federal support. (b) The authorization amounts deposited into the Fund pursuant to paragraph (a)(1) of this section hereof are to be used to pay all or a portion the following: (1) Costs associated with major and minor capital improvements that the Board deems necessary for the sound expansion and development of the College, including equipping buildings and facilities, together with the incidental acquisition of land. (2) Costs associated with the maintenance and preservation of major and minor capital improvements. (3) Costs associated with enhancements to technology including the acquisition of computer hardware and software to support instruction, student services, and administration. (c) The nonappropriated amounts deposited into the Fund pursuant to paragraph (a)(2) of this section hereof are to be used for the following: (1) Costs listed in subsection (b) of this section above. (2) Principal and interest on promissory notes or bonds issued by the College under this subchapter. (3) Expenses associated with the issuance of promissory notes or bonds by the College or any expenses associated with the issuance of bonded indebtedness by the State to acquire a like principal amount of promissory notes or bonds issued by the College and for the purpose of refunding or refinancing outstanding issues of such bonds issued by the State. (d) No portion of the Fund may be used to pay the operating expenses of the College. (e) The Fund may be divided into 2 or more subaccounts: 1 subaccount for the amounts deposited in the Fund that constitute authorized amounts as set forth in paragraph (a)(1) of this section; and 1 subaccount for the nonappropriated funds in the Fund that constitute amounts as set forth in paragraph (a)(2) of this section. Each such subaccount may be divided further into additional subaccounts. (f) The State Treasurer is authorized and directed to draw warrants or drafts on such Fund in the amount of the principal of and interest on the state bonds or other obligations incurred to acquire a like principal amount of the College's promissory notes or bonds as the same shall become due and payable, and to deposit such money, so drawn, to the credit of the General Fund of the State. (g) Warrants or drafts on the Fund drawn by the College must be applied only for the purposes authorized by this chapter. (h) The principal and interest on promissory notes or bonds issued by the College under this chapter shall be payable solely from amounts on deposit in the Fund that constitute nonappropriated funds pursuant to paragraph (a)(2) of this section above and which are specifically pledged in each case by a certification from the Board, such certification to cover the sufficiency of such available nonappropriated funds to pay debt service on any such promissory notes or bonds issued hereunder. (i) Any promissory notes or bonds issued by the College under this chapter shall bear interest at a rate equal to the rate payable on bonds of the State issued to provide the moneys deposited into the Fund pursuant to subsection (a) of this section plus an amount to cover administrative expenses of the State in connection with such financing in an amount not exceeding ¼ of 1% per annum.
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