Bill Text: TX HB3052 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at Texas A&M University - Kingsville.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-03-17 - Referred to Higher Education [HB3052 Detail]
Download: Texas-2011-HB3052-Introduced.html
| By: Lozano | H.B. No. 3052 | |
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| relating to authorizing the issuance of revenue bonds for capital | ||
| projects at Texas A&M University - Kingsville. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.17811 to read as follows: | ||
| Sec. 55.17811. TEXAS A&M UNIVERSITY-KINGSVILLE. (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, buildings, structures, facilities, roads or related | ||
| infrastructure for a Music Building Expansion and Renovation at | ||
| Texas A&M University - Kingsville, to be financed by the issuance of | ||
| bonds in accordance with a system-wide 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. Section 61.0572(e), Education Code, is amended | ||
| to read as follows: | ||
| (e) Approval of the board is not required to acquire real | ||
| property that is financed by bonds issued under Section 55.17(e)(3) | ||
| or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174, | ||
| 55.1742, 55.1743, 55.1744, 55.1751-55, 17592, 55.1768, 55.1771, | ||
| 55.17721, or 55.17811, except that the board shall review all real | ||
| property to be financed by bonds issued under those sections to | ||
| determine whether the property meets the standards adopted by the | ||
| board for cost, efficiency, and space use. If the property does not | ||
| meet those standards, the board shall notify the governor, the | ||
| lieutenant governor, the speaker of the house of representatives, | ||
| and the Legislative Budget Board. | ||
| SECTION 3. Section 61.058(b), Education Code, is amended to | ||
| read as follows: | ||
| (b) This section does not apply to construction, repair, or | ||
| rehabilitation financed by bonds issued under Section 55.17(e)(3) | ||
| or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742, | ||
| 55.1743, 55.1744, 55.1751-55.17592, 55.1768, 55.1771, 55.17721, or | ||
| 55.17811, except that the board shall review all construction, | ||
| repair, or rehabilitation to be financed by bonds issued under | ||
| those sections to determine whether the construction, | ||
| rehabilitation, or repair meets the standards adopted by board rule | ||
| for cost, efficiency, and space use. If the construction, | ||
| rehabilitation, or repair does not meet those standards, the board | ||
| shall notify the governor, the lieutenant governor, the speaker of | ||
| the house of representatives, and the Legislative Budget Board. | ||
| SECTION 4. 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 5. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members of the 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, 2011. | ||
