Bill Text: TX HB158 | 2021 | 87th Legislature 3rd Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at The University of Texas of the Permian Basin.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-10-15 - Referred to Appropriations [HB158 Detail]
Download: Texas-2021-HB158-Introduced.html
87S30780 MM-D | ||
By: Landgraf | H.B. No. 158 |
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relating to authorizing the issuance of revenue bonds for capital | ||
projects at The University of Texas of the Permian Basin. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
amended by adding Section 55.1792 to read as follows: | ||
Sec. 55.1792. THE UNIVERSITY OF TEXAS OF THE PERMIAN BASIN; | ||
ADDITIONAL BONDS. (a) In addition to the other authority granted | ||
under this subchapter, the board of regents of The University of | ||
Texas System may acquire, purchase, construct, improve, renovate, | ||
enlarge, or equip property and facilities, including roads and | ||
related infrastructure, for The University of Texas of the Permian | ||
Basin for renovation of the Mesa Building and campus | ||
transformation, to be financed by the issuance of bonds in | ||
accordance with a systemwide revenue financing program and secured | ||
as provided by that program, in an aggregate principal amount not to | ||
exceed $70 million. | ||
(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 University of | ||
Texas 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 University | ||
of Texas 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. | ||
SECTION 2. This Act does not affect any authority or | ||
restriction regarding the activities that a public institution of | ||
higher education may conduct in connection with a facility financed | ||
by bonds authorized by this Act. | ||
SECTION 3. This Act takes effect on the 91st day after the | ||
last day of the legislative session. |