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DENVER — Gov. John Hickenlooper signed a bill into law Thursday that will allocate an additional $100 million in state funding for Colorado’s colleges and universities to help offset several years of recession-driven cuts.

Hickenlooper signed Senate Bill 1 into law at a meeting of higher education executives downtown.

As part of the legislation, Colorado’s universities and colleges agreed not to raise tuition by more than six percent a year.

“They’re really making en effort to control their costs and make sure that students can afford to come,” said Lt. Gov. Joe Garcia.

Of the $100 million, $60 million will go to the universities to offset tuition hikes while $40 million will be used to fund financial aid packages for low-income students.

“The goal here is to help families and students, not institutions,” Garcia said.

Hickenlooper said improving the state’s higher education system pays dividends for the state’s economy.

“That is one of the big things that attracts entrepreneurs,” the governor said during remarks to the college trustees and board members in the room. “They need a talented workforce.”