Bill Text: TX HB782 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds to fund an academic building at the University of Houston.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-02-23 - Referred to Higher Education [HB782 Detail]
Download: Texas-2015-HB782-Introduced.html
| 84R5336 JSL-D | ||
| By: Miller of Fort Bend | H.B. No. 782 | |
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| relating to authorizing the issuance of revenue bonds to fund an | ||
| academic building at the University of Houston. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.17831 to read as follows: | ||
| Sec. 55.17831. UNIVERSITY OF HOUSTON SYSTEM; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted by this | ||
| subchapter, the board of regents of the University of Houston | ||
| System may acquire, purchase, construct, improve, renovate, | ||
| enlarge, or equip property and facilities, including roads and | ||
| related infrastructure, for an academic building located in Sugar | ||
| Land, Texas, 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 $91,350,000. | ||
| (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 Houston | ||
| 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 Houston 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 Houston. | ||
| 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. | ||
