To pay the cost of a project authorized under this chapter, the following funds may be used:

1. (1) Funds appropriated in any state fiscal year for the project by the general assembly, subject to allocation of the funds by the budget agency, with approval of the governor.
2. (2) Funds derived from the issuance and sale of bonds by the board of trustees of any of the state educational institutions, so long as the issuance of the bonds that are to be supported by mandatory student fees assessed all students has been approved by the general assembly for each applicable project.

3. (3) Funds derived from earnings, farm and miscellaneous sales, or other receipts, so long as a project to:

   1. (A) construct buildings or facilities with a cost greater than three hundred thousand dollars ($300,000); or

   2. (B) purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds one hundred fifty thousand dollars ($150,000);

      is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency.

4. (4) Federal funds granted and allowed a state educational institution for a project to construct buildings or facilities, so long as each project:

   1. (A) with a cost greater than three hundred thousand dollars ($300,000); or

   2. (B) to purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds one hundred fifty thousand dollars ($150,000);

      is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency.

5. (5) Available funds derived from gifts, bequests, devises, or other source not listed in subdivisions (1) through (4), so long as each project to:

   1. (A) construct buildings or facilities with a cost greater than three hundred thousand dollars ($300,000); or

   2. (B) purchase or lease-purchase land, buildings, or facilities the principal value of which exceeds one hundred fifty thousand dollars ($150,000);

      is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency.

      [Pre-2007 Higher Education Recodification Citation: 20-12-5.5-4.]

As added by P.L.2-2007, SEC.274. Amended by P.L.229-2011, SEC.239.