Arizona Governor Doug Ducey has signed legislation to allow the state's public universities to borrow $1 billion for facility upgrades.
Ducey says in a news release that the funds will be directed toward research and development infrastructure at Arizona State University, the University of Arizona, and Northern Arizona University.
“Today will be remembered as one that paved the way for decades of breakthroughs at our universities; one that opened the door for Arizona students to receive the highest-caliber university experience; and one that makes Arizona second to none in support of higher education,” says Ducey.
The Arizona Daily Star reports that the legislation comes after university officials had said the state's failure to provide adequate funding has resulted in buildings in serious disrepair.
The bill provides $27 million in the 2017-2018 school year for the first of 25 repayments on the bond; future allocations will increase by 2 percent a year until the debt is paid off. That allocation will enable the universities to sell about $1 billion in bonds for infrastructure improvements.