Bill Text: TX HB86 | 2013 | 83rd Legislature 1st Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds to fund capital projects at public institutions of higher education.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-06-19 - Filed [HB86 Detail]
Download: Texas-2013-HB86-Introduced.html
| 83S10469 KSD-D | ||
| By: McClendon | H.B. No. 86 | |
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| relating to authorizing the issuance of revenue bonds to fund | ||
| capital projects at public institutions of higher education. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Sections 55.1781, 55.1782, and 55.17891 to read | ||
| as follows: | ||
| Sec. 55.1781. THE TEXAS A&M UNIVERSITY SYSTEM; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted by this | ||
| subchapter, the board of regents of The Texas A&M University System | ||
| may acquire, purchase, construct, improve, renovate, enlarge, or | ||
| equip property and facilities, including roads and related | ||
| infrastructure, for projects to be financed through the issuance of | ||
| bonds in accordance with this subchapter and in accordance with a | ||
| systemwide revenue financing program adopted by the board for the | ||
| following institutions, not to exceed the following aggregate | ||
| principal amounts for the projects specified, as follows: | ||
| (1) Prairie View A&M University, $12.8 million for | ||
| critical deferred maintenance; and | ||
| (2) Texas A&M University--San Antonio, $63 million for | ||
| a science and technology building. | ||
| (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 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. | ||
| Sec. 55.1782. 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 property and facilities, including roads and related | ||
| infrastructure, for projects to be financed through the issuance of | ||
| bonds in accordance with this subchapter and in accordance with a | ||
| systemwide revenue financing program adopted by the board for the | ||
| following institutions, not to exceed the following aggregate | ||
| principal amounts for the projects specified, as follows: | ||
| (1) The University of Texas Health Science Center at | ||
| San Antonio, $11.2 million for a South Texas diabetes institute and | ||
| for an enhanced performance laboratory of the Barshop Institute for | ||
| Longevity and Aging Studies; and | ||
| (2) The University of Texas at San Antonio, $74.2 | ||
| million for an experimental science instructional building. | ||
| (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. | ||
| Sec. 55.17891. TEXAS SOUTHERN UNIVERSITY; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted by this | ||
| subchapter, the board of regents of Texas Southern University may | ||
| acquire, purchase, construct, improve, renovate, enlarge, or equip | ||
| property and facilities, including roads and related | ||
| infrastructure, for the Robert J. Terry Library at Texas Southern | ||
| University, to be financed through the issuance of bonds in | ||
| accordance with this subchapter, not to exceed the aggregate | ||
| principal amount of $52,814,129. | ||
| (b) The board may pledge irrevocably to the payment of bonds | ||
| authorized by this section all or any part of the revenue funds of | ||
| Texas Southern 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. | ||
| SECTION 2. 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 3. This Act takes effect October 1, 2013. | ||
