1010.60  State Board of Education; issuance of bonds pursuant to s. 11(f), Art. VII, State Constitution.--

(1)  Pursuant to s. 11(f), Art. VII of the State Constitution, the State Board of Education, supported by the building fee, the capital improvement fee, or any other revenue approved by the Legislature for facilities construction, is authorized to request the issuance of bonds or other forms of indebtedness pursuant to the State Bond Act to finance or refinance capital projects authorized by the Legislature. In order to take advantage of economic conditions, the Division of Bond Finance shall process requests by the State Board of Education to refinance capital projects under this section on a priority basis.

(2)  The State Board of Education may approve the issuance of revenue bonds or other forms of indebtedness by a direct-support organization when such revenue bonds or other forms of indebtedness are used to finance or refinance capital projects which are to provide facilities necessary and desirable to serve the needs and purposes of the university, as determined by the systemwide strategic plan adopted by the State Board of Education, and when the project has been approved by the Legislature.