a.  Each state university shall maintain a Campus Master Plan that documents concepts and guiding principles for future land use and development of campus facilities and infrastructure.  Each state university shall submit to the Board President and Chief Executive Officer a new Campus Master Plan, or update to an existing Campus Master Plan, by January 1, 2015.  Each Campus Master Plan shall be updated and resubmitted to the Board President and Chief Executive Officer every ten years.

b.  New Campus Master Plans, or significant modifications to existing Campus Master Plans, shall

i.  address deferred maintenance needs;

ii.  include a plan to ensure compliance with space utilization standards established by the Board; and

iii.  be submitted to the Board for approval.

c.  Annually, in concert with the capital budget planning process, each university shall demonstrate that any capital improvement or repair project proposed to be financed in whole or in part with debt obligations can be accommodated within the university’s debt capacity as measured by the university’s ratios described in the university’s approved debt capacity plan. In consultation with the Board’s Director of Facilities, each university shall identify and present to the Board for approval any substantial change to its previously approved project debt financing plan.