Bill Text: TX HB602 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for a Science, Technology, Engineering, and Mathematics Education and Research Center at Stephen F. Austin State University.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-02-23 - Referred to Higher Education [HB602 Detail]
Download: Texas-2015-HB602-Introduced.html
| 84R995 KSD-D | ||
| By: Clardy | H.B. No. 602 | |
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| relating to authorizing the issuance of revenue bonds for a | ||
| Science, Technology, Engineering, and Mathematics Education and | ||
| Research Center at Stephen F. Austin State 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 55.1788 to read as follows: | ||
| Sec. 55.1788. STEPHEN F. AUSTIN STATE UNIVERSITY; | ||
| ADDITIONAL BONDS. (a) In addition to the other authority granted | ||
| under this subchapter, the board of regents of Stephen F. Austin | ||
| State University may acquire, purchase, construct, improve, | ||
| renovate, enlarge, or equip property, buildings, structures, | ||
| facilities, roads, or related infrastructure for a Science, | ||
| Technology, Engineering, and Mathematics Education and Research | ||
| Center at Stephen F. Austin State University, to be financed by the | ||
| issuance of bonds in accordance with this subchapter in an | ||
| aggregate principal amount not to exceed $58 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 Stephen F. Austin State University, 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) Any portion of the proceeds of bonds authorized by this | ||
| section that is not required for the specified project for which the | ||
| bonds are authorized may be used to renovate existing structures | ||
| and facilities at the institution. | ||
| 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. | ||
