The Legislative and Judicial Branches manage their own capital construction programs and report any related proposed changes to the Committee. The Office of Financial Management reports the proposed issuance of all state bonds, as well as the projects to be funded by the bonds. In addition, the Office reports on school district bonds with participation by the School Facilities Construction Commission. The Capital Construction and Equipment Purchase Oversight Committee was established by an Extraordinary Session in 1979 to oversee the state's capital construction program. In 1988, the General Assembly broadened the scope of the Committee's jurisdiction to include oversight of state bond issues and the name was changed to the Capital Projects and Bond Oversight Committee.
Members elect a chair, and customarily a vice chair, to serve for two-year terms.
The regular monthly meeting date is the third Tuesday of the month. Authorization of Capital Projects With few exceptions, capital projects must be included as a line-item in an enacted budget of the General Assembly. Similarly, energy efficiency projects are permitted if first submitted to the Committee for review and if energy cost savings are projected to produce a payback in five years or less. Purchases of unbudgeted equipment for medical, scientific, or research purposes are permitted as unbudgeted projects but are required to be reported to the Committee. Project authorization may be carried over from one biennium to another without specific authorization in the new budget, depending on the project's stage of development.