By Robert B. Stein, Commissioner of Higher Education
Two staffers of the Missouri Department of Higher Education, Zora AuBuchon and Shannon Koenig, have been touring campus infrastructure at public colleges and universities around the state. Their visits are part of our agency’s mandate to submit a unified budget for higher education that uses taxpayers’ money in the most efficient way possible.
“We're finding a physical system on the brink of crisis,” Zora reports. “Colleges and universities have done the best they can with limited resources in recent years, but they need a major infusion of funds to address growing needs. Many buildings need major surgery, and current state appropriations are only enough for a band aid.”
Help for crumbling campus infrastructure is on the horizon in the form of the proposed Fifth State Building Fund, a measure introduced during the last legislative session to issue general obligation bonds for renovating and building on campuses statewide. According to its co-sponsor, Chris Kelly of Columbia, it “came within a whisker” of being sent to the citizens for a vote.
It is certainly a proposal that deserves the careful consideration and support of voters.
There are other practical reasons to support a bond issue now:
- Millions of dollars available for construction will create thousands of jobs around the state
- The Build America bond program, part of President Obama’s stimulus package, will pay 35 percent of interest costs
- Missouri’s AAA bond rating will create demand for the bonds, and interest rates are at record lows
- An existing revenue stream to pay back the bonds already exists
The latter point refers to the Third State Building Fund, adopted in 1982 under a similar bi-partisan plan led by then-governor Christopher Bond. Its payments will expire in two years, freeing up revenue for the Fifth State Building Fund.
Missouri’s public colleges and universities need a capital infusion to stay current with technology, meet student needs and become more energy efficient. But if Missouri’s citizens approve a Fifth State Building Fund, they will fund more than bricks and mortar. Capital infusion will stimulate Missouri’s economy while also building a stronger higher education infrastructure – the hallmark of future progress and prosperity.
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