Bill Text: TX HB1408 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at Prairie View A&M University.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2015-03-09 - Referred to Higher Education [HB1408 Detail]
Download: Texas-2015-HB1408-Introduced.html
| 84R7660 AAF-D | ||
| By: Bell | H.B. No. 1408 | |
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| relating to authorizing the issuance of revenue bonds for capital | ||
| projects at Prairie View A&M University. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1781 to read as follows: | ||
| Sec. 55.1781. PRAIRIE VIEW A&M UNIVERSITY; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted under this | ||
| subchapter, the board of regents of The Texas A&M University System | ||
| may acquire, purchase, construct, improve, renovate, enlarge, or | ||
| equip property and facilities, including roads and related | ||
| infrastructure, for Prairie View A&M University for the following | ||
| projects to be financed by the issuance of bonds in accordance with | ||
| a systemwide revenue financing program and secured as provided by | ||
| that program, in aggregate principal amounts not to exceed: | ||
| (1) $30,790,000 for a fabrication center and capital | ||
| improvements; and | ||
| (2) $10 million for the Innovation Commercialization | ||
| Center for Entrepreneurs facility. | ||
| (b) The board may pledge irrevocably to the payment of the | ||
| bonds authorized by this section all or any part of the revenue | ||
| funds of an institution, branch, or entity of The Texas A&M | ||
| University System, including student tuition charges. The amount | ||
| of a pledge made under this subsection may not be reduced or | ||
| abrogated while the bonds for which the pledge is made, or bonds | ||
| issued to refund those bonds, are outstanding. | ||
| (c) If sufficient funds are not available to the board to | ||
| meet its obligations under this section, the board may transfer | ||
| funds among institutions, branches, and entities of The Texas A&M | ||
| University System to ensure the most equitable and efficient | ||
| allocation of available resources for each institution, branch, or | ||
| entity to carry out its duties and purposes. | ||
| (d) Any portion of the proceeds of bonds authorized by this | ||
| section that is not required for the specific project for which the | ||
| bonds are authorized may be used to renovate existing structures | ||
| and facilities at Prairie View A&M University. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2015. | ||
