September - University of Nebraska

TO: The Board of Regents Addendum IX-B-13
Business Affairs
MEETING DATE: September 5, 2008
SUBJECT: First Certification of Funds Required by LB 1116 related to relocating
the Nebraska State Fair and transferring the State Fairgrounds in
Lancaster County to the Board of Regents,
RECOMMENDED ACTION: Provide Certification to the Department of Administrative Services that
$7,500,000 has been appropriated or formally designated by the
University of Nebraska for compliance with LB 1116 for State Fair Park
and authority to transfer the funds to the State Treasurer.
PREVIOUS ACTION: None
EXPLANATION: LB 1116 requires that the University of Nebraska shall certify to the
State Department of Administrative Services that cash or legally binding
commitments in the amount of $7,500,000 by October 1, 2008 has been
provided for the purposes as required by the law:
“to provide for and carry out the plan to relocate the Nebraska State Fair
and transfer the Nebraska State Fairgrounds in Lancaster County to the
Board of Regents . . . Such funds may be provided over time, but they
shall in cumulative increments equal at least seven million five hundred
thousand dollars by October 1, 2008, fourteen million five hundred
thousand dollars by February 1, 2009, and twenty one million five
hundred thousand dollars by July 1, 2009”.
The University has identified and designated funding for this purpose.
Board approval is requested to permit the University to certify to the
Department of Administrative Services that the funds are available and to
transfer the funds to the State Treasurer when requested to do so.
PROJECT COST: $7,500,000 initially, to accumulate to $21,500,000 by July 1, 2009.
SOURCE OF FUNDS: Revolving Funds $ 4,500,000
Private Funds 3,000,000
$ 7,500,000
SPONSORS: Christine A. Jackson
Vice Chancellor for Business & Finance
Harvey Perlman, Chancellor
University of Nebraska-Lincoln
RECOMMENDED: James B. Milliken
President
DATE: August 13, 2008