S.1503

Establishes "Higher Education Deferred Maintenance Fund" to support deferred maintenance projects at public institutions of higher education.

The bill establishes the "Higher Education Deferred Maintenance Fund" to provide funding for deferred maintenance needs at public institutions of higher education. It requires public institutions to submit a deferred maintenance plan to the Secretary of Higher Education within 90 days of enactment, detailing their maintenance needs and costs. The fund, credited with legislative appropriations and other available funds, will support up to 50% of the costs for four-year institutions and 100% for county colleges.