Bill Text: TX HB626 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds to fund an engineering building at The University of Texas of the Permian Basin.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-02-23 - Referred to Higher Education [HB626 Detail]
Download: Texas-2015-HB626-Introduced.html
| By: Landgraf | H.B. No. 626 | |
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| rela | ||
| ting to authorizing the issuance of revenue bonds to fund an | ||
| engineering building 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 55.17824 to read as follows: | ||
| Sec. 55.17824. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted by this | ||
| subchapter, the board of regents of The University of Texas System | ||
| may acquire, purchase, construct, improve, renovate, enlarge, or | ||
| equip facilities, including roads and related infrastructure, for | ||
| an engineering building at The University of Texas of the Permian | ||
| Basin to be financed through 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, in an aggregate principal amount not to exceed $45 | ||
| million. | ||
| (b) The board may pledge irrevocably to the payment of 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. | ||
| (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 University of Texas of the Permian Basin. | ||
| 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. | ||
