DES MOINES – The Iowa House approved a $115 million bonding bill Friday for the Board of Regents to aid the University of Iowa in its rebuilding efforts, following last summer’s floods, as well as Iowa State’s College of Veterinary Medicine facilities.

The bill, House File 474, was approved by the House in a 52-40 vote and allows the Board of Regents to borrow up to $100 million in bonds for the University of Iowa.

The money is designated to fund the repair or replacement of certain buildings damaged or destroyed during the 2008 floods. Seven buildings are set to be repaired through these funds; two will be replaced.

An amendment added $15 million for the construction and renovation of Iowa State’s Veterinary Medicine facilities, which is set to begin phase II.

The amendment was approved 51-39.

The amount that would have to be paid back through the bonds is somewhere between $150 million and $240 million over the next couple decades.

Those opposed to the bill said it would be better to pay for projects as the money is available instead of borrowing it all at once.

Supporters said the money is needed now. Otherwise projects and reconstruction may never get done.

“If we were gonna do pay-as-you-go, it would be a long time before [the University of Iowa] would ever be able to use those buildings again,” said Dennis Cohoon, D-Des Moines.

The bill now goes to the Senate for discussion.

The bill is one of a handful of bills that would allow the state and other agencies to issue about $700 million in bonds to repair the state’s infrastructure and flood damage from last summer.