Bill Text: TX HB1731 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for an academic and student services building at Texas A&M University--Texarkana.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-12 - Referred to Higher Education [HB1731 Detail]
Download: Texas-2015-HB1731-Introduced.html
84R10125 AAF-F | ||
By: VanDeaver | H.B. No. 1731 |
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relating to authorizing the issuance of revenue bonds for an | ||
academic and student services building at Texas A&M | ||
University--Texarkana. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
amended by adding Section 55.17814 to read as follows: | ||
Sec. 55.17814. TEXAS A&M UNIVERSITY--TEXARKANA; 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 an academic and student services building at | ||
Texas A&M University--Texarkana 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 $40 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 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. | ||
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 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. |