The Iowa Board of Regents has sent a proposal to the Iowa Legislature requesting approximately $120 million during the next five years for building renovations.

The proposal has not been assigned a file number in either the Iowa House or Senate and has not been assigned to a committee.

Barb Boose, communication specialist for the Iowa Board of Regents, said the Board of Regents submits requests for capital funding every year.

“Because of budget constraints on the state, [capital funding] has been less likely,” she said.

The board has asked for bonds to help cover costs.

According to a memorandum dated Sept. 8, 2003, the Board suggested a multiyear bond and requested approximately $67.5 million for the fiscal year 2005.

These funds would be dispersed among the regent institutions.

The bonds would be low-interest, making now a good time to push for the option, Boose said.

“Because interest rates are favorable, [the bonds] are a plan that don’t cost the state any more money,” Vice President for Business and Finance Warren Madden said.

The bonds would help fund the Veterinary Teaching Hospital and Diagnostic lab at Iowa State, as well as renovations to Coover Hall and fire safety enhancements around campus, Boose said.

— Morgan McChurch