Authorizing the state board of regents to approve public-private partnership agreements proposed by the institutions of higher education the state board governs, providing for the establishment of public-private partnership oversight boards, and including retroactive applicability provisions

This bill authorizes the state board of regents to approve, at its discretion, a proposal to enter into a public-private partnership agreement submitted by a university under its control. Once approved, such agreements may continue for the period of time specified in the agreement. The state board must, at least days prior to taking action on such a proposal, provide notice of the proposal and of its intent to take action on the proposal to the general assembly and the legislative services agency. However, no new agreement shall be approved or entered into on or after July 1, 2030. The bill defines public-private partnership to mean an agreement between the institution and a private entity to transfer ownership or control of a property that includes compensation and typically involves a long-term contract to renovate, construct, operate, maintain, or manage a facility or system, in whole or in part, that involves remuneration linked to performance. Each time the state board approves a public-private partnership agreement, it must establish an oversight board to make decisions on the use of the funds generated from the agreement. A member of the state board must serve on each such oversight board. The oversight board shall submit a quarterly report to the general assembly relating to the proposed and approved use of the moneys generated by the public-private partnership, including how the moneys were preserved, invested, and expended during the previous quarter, and the impact of the board’s decisions on the university’s students. The provision authorizing the state board of regents to approve public-private partnership agreements applies retroactively to December 1, 2019.