MO HB1502

Creates a "Higher Education Capital Fund" in the state treasury for the General Assembly to appropriate matching funds to public colleges and universities for capital projects.

Matching funds are limited to 50% of a project's cost and require institutions to demonstrate they have obtained the other 50% through private donations or grants.

Funds cannot be used to match money from operating budgets, tuition, fees, or revenue/general obligation bonds issued by the institution.

Commissioner of higher education administers the fund, creates application procedures, and may promulgate rules and regulations for implementation.

Fund balance does not revert to general revenue at the end of the biennium, and investment earnings are credited back to the fund.