Efficient use of state university system assets in Manatee and Sarasota Counties.

(1) DEFINITIONS.—As used in this section and in its applicability in contracts, leases, and other written instruments involved in implementing this section:

(a) The following terms have the same meaning and should be interpreted and used interchangeably:

1. “University of South Florida Sarasota/Manatee.”

2. “University of South Florida Sarasota-Manatee.”

3. “USF Sarasota/Manatee.”

4. “USF Sarasota-Manatee.”

(b) The term “New College” means New College of Florida.

(c) The term “USF” means the University of South Florida.

(2) TRANSFER OF ASSETS AND LIABILITIES BETWEEN STATE UNIVERSITY INSTITUTIONS AND CAMPUSES.—

(a) The board of trustees of New College of Florida shall, as soon as reasonably practical, but no later than December 31, 2026, complete all steps necessary or appropriate to assume, legally and financially, the full liability for any outstanding debt for any facilities constructed upon the properties that encompass the University of South Florida Sarasota/Manatee campus, including, but not limited to, any fees and costs associated with transferring, satisfying, retiring, defeasing, or repaying such debt obligations. The facilities contemplated in this paragraph include, but are not limited to, any dormitories or other campus facilities that were financed in whole or in part with debt payable by the board of trustees of the University of South Florida or the University of South Florida Financing Corporation and for which a balance of that debt remains outstanding on July 1, 2026.

(b) Until such time as New College of Florida completes the obligations listed in paragraph (a), New College of Florida shall transfer to the University of South Florida monthly a payment equal to the outstanding debt service on the facilities contemplated in this section, which shall be $166,617 per month. All payments described in this section shall be paid from sources available to New College of Florida and may not be paid or funded from the University of South Florida or the University of South Florida Sarasota/Manatee sources. The failure of New College of Florida to transfer the amounts described in this section shall invalidate the transfer of facilities, and such facilities shall revert to the University of South Florida.

(c) Subject to the requirements of paragraphs (b) and (d), all real property encompassing the University of South Florida Sarasota/Manatee campus, and any existing contracts, leases, obligations, responsibilities, and liabilities of the board of trustees of the University of South Florida which are principally associated with such real property or any facilities constructed upon those parcels, must be transferred to the board of trustees of New College of Florida by July 1, 2026. New College of Florida shall be solely responsible for all costs of operating, repairing, replacing, renovating, and maintaining the facilities contemplated in this section as of the date of transfer.

(d)1. The determination of the specific assets and liabilities to be transferred under this section must be made in a written joint transfer agreement, including the facility use agreement required by subsection (3), between the board of trustees of the University of South Florida and the board of trustees of New College of Florida by July 1, 2026. The boards of trustees must jointly submit the signed agreements to the Board of Governors. When determining the specific assets and liabilities to be transferred between institutions, the board of trustees of each institution must adhere to the following guiding principles:

a. Any academic, administrative, or residential buildings and other assets that are reasonably considered permanent and immovable from the existing University of South Florida Sarasota/Manatee campus parcels, including general educational and classroom furnishings and fixtures located therein, shall be transferred to the board of trustees of New College of Florida for the future use of New College of Florida students and faculty.

b. Any intellectual property, intangible property, educational and research equipment that is not permanently affixed to the facilities, computers and other equipment previously assigned to personnel remaining in employment with the University of South Florida, records, and any institutional insignia or items that have historical significance to the University of South Florida which are not specifically associated with the parcels of land or facilities that will be transferred shall remain the property of the board of trustees of the University of South Florida.

c. Contracts for the lease of a temporary residence on the University of South Florida Sarasota/Manatee campus between the University of South Florida and a student, or an individual acting on the student’s behalf, which are in place before the transfer of ownership of a residential facility on that campus must be:

(I) Transferred from the University of South Florida to New College of Florida.

(II) Fully honored in terms, duration, and price by the board of trustees of New College of Florida until at least August 15, 2027, unless the student or lessee voluntarily opts to vacate the residential contact before its expiration date, in which case New College of Florida must allow the lessee to go free of any cancellation fee or remaining rental charge.

2. In the event of a dispute on the transfer of any specific assets and liabilities required by this section before July 1, 2026, the boards must jointly notify the Board of Governors of the remaining points of disagreement. The Board of Governors, by majority vote, must resolve any remaining disputed issues and terms and order the specific transfers no later than September 30, 2026. When determining and ordering any disputed transfers, the Board of Governors must adhere to the guiding principles in subparagraph 1.

(3) FACILITY USE AGREEMENT.—

(a) A University of South Florida student who was admitted to the university before July 1, 2026, and who remains continuously enrolled must receive the highest priority for the use of space for classroom instruction and associated educational needs in any transferred property or facility until the student has been provided the opportunity to graduate from the University of South Florida within a reasonable period of time, not to exceed 4 full academic years after the date of the student’s initial enrollment, as determined by the board of trustees of the University of South Florida.

(b) The board of trustees of New College of Florida must enter into a facility use agreement with the board of trustees of the University of South Florida which makes available, free of any charge to the University of South Florida, sufficient academic and student support space in the transferred properties or facilities so that a University of South Florida student who was admitted to the university before July 1, 2026, has the reasonable opportunity to complete his or her University of South Florida degree programs on his or her local campus and to ensure that New College of Florida students, faculty, and staff have access to the educational and administrative space, when feasible, during and throughout the University of South Florida teach-out process.

(c) The University of South Florida may not allow a newly enrolled student whose initial offer of admission to the university came after July 1, 2026, to designate the University of South Florida Sarasota/Manatee campus as the student’s home campus of the University of South Florida.

(d) This subsection does not prohibit the University of South Florida and New College of Florida from jointly entering into any other mutual agreement to share or use space in any of the transferred properties or facilities when it is in the best interest of both institutions or the students thereof.

(4) IMMUNITY FROM LIABILITY.—The board of trustees of the University of South Florida and the board of trustees of New College of Florida, and their respective officers, trustees, employees, attorneys, and agents, are immune from any and all civil liability pertaining to or arising from compliance with this section, including the transfers required by, or those made as a direct result of, this section.

(5) REPEAL.—This section is repealed July 1, 2028, but after that date the asset transfers required by this section shall not be impacted solely by the repeal of this section.