Oklahoma Commits $500M for College Improvement

On the final day of March, Gov. Brad Henry signed legislation establishing a $475 million bond issue for a slate of higher education projects, much of which targets research and laboratory facilities. The Oklahoma Higher Education Promise of Excellence Act of 2005, which the governor called "desperately needed," was one of his top legislative priorities for the year (see the Feb. 7, 2005, issue of the Digest). The bill containing the bond issue, H.B. 1191, also provides $25 million in the form of a bond bank to finance future improvements at the state's colleges and universities.

Projects slated for University of Oklahoma include construction of a chemistry and biochemistry teaching and research-laboratory complex, infrastructure improvements for the University Research Campus, and construction of new engineering and technology facilities. Oklahoma State University will receive $76 million for projects, including a new science and technology research center and renovation of existing research laboratory and office space.

Gov. Henry noted that college enrollments are at record highs, but that the bulk of state colleges and universities have not seen major construction work in more than 12 years. The measure is estimated to have an initial economic impact of $737 million and to result in more than 4,000 new construction jobs.

Financing to repay the bond will be derived from lottery proceeds and a new gross production tax.