Use and Finance Statement (Policy)
Office of Origin: President's Office
Date Adopted: 11-22-05
Date Last Reviewed: 05-04-17
Last Date Modified & Approved: 07-20-20
Lake Michigan College, as required by the State of Michigan and Joint Capital Outlay Subcommittee Policy, will submit a Use and Finance Statement for approval by the Legislative Joint Capital Outlay Subcommittee for any construction project, including but not limited to maintenance, remodeling, addition, land acquisition, utility, landscaping, equipment, telecommunications, road and parking lot projects in excess of $1,000,000.
Further, the College acknowledges that a project that is constructed in violation of this policy shall not receive state appropriations for purposes of operating the project, or support for future infrastructure enhancements that are necessitated in part or in total by construction of this project. In addition, the violation shall result in the loss of any state capital outlay funding for the institution for two years, and a prohibition of doing self-funded projects of any kind, except for emergencies where health or safety concerns warrant for one year.
Annual Capital Outlay Appropriations Act
State of Michigan Joint Capital Outlay Subcommittee Policy