The state Board of Regents is applauding legislative approval of a program that will allow the state’s public universities to borrow up to $1 billion for new buildings and maintenance.

Legislative approval of the program early Friday morning as part of a new budget sends it to Gov. Doug Ducey, who championed the university financing measure.

Regents President Eileen Klein says the program will make possible new research and education facilities while addressing a critical backlog of repairs, renovations and upgrades to existing facilities.

Klein says it represents “a true investment for the future of our state.”

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