Bill Text: TX HB625 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for a medical education building for the Texas Tech University Health Sciences Center.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-02-23 - Referred to Higher Education [HB625 Detail]
Download: Texas-2015-HB625-Introduced.html
| By: Landgraf | H.B. No. 625 | |
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| relating to authorizing the issuance of revenue bonds for a medical | ||
| education building for the Texas Tech University Health Sciences | ||
| Center. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.17891 to read as follows: | ||
| Sec. 55.17891. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL | ||
| REVENUE BONDS. (a) In addition to the other authority granted | ||
| under this subchapter, the board of regents of the Texas Tech | ||
| University System may acquire, purchase, construct, improve, | ||
| renovate, enlarge, or equip property, buildings, structures, | ||
| facilities, roads, or related infrastructure for a medical | ||
| education building to support the Texas Tech University Health | ||
| Sciences Center's educational programs in the city of Odessa, to be | ||
| financed by the issuance of bonds in accordance with this | ||
| subchapter, including bonds issued in accordance with a systemwide | ||
| revenue financing program and secured as provided by that program, | ||
| not to exceed $17,820,000. | ||
| (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 Tech | ||
| 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 Tech | ||
| 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 the Texas Tech University Health Sciences Center. | ||
| 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. | ||
