Bill Text: TX SB11 | 2013 | 83rd Legislature 3rd Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for Texas A&M University--San Antonio.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-07-31 - Filed [SB11 Detail]
Download: Texas-2013-SB11-Introduced.html
| 83S30069 KSD-D | ||
| By: Uresti | S.B. No. 11 | |
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| relating to authorizing the issuance of revenue bonds for Texas A&M | ||
| University--San Antonio. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1781 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 a science and technology building for Texas A&M | ||
| University--San Antonio, 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, in an aggregate principal amount not to | ||
| exceed $86.5 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 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. | ||
| 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 on the 91st day after the | ||
| last day of the legislative session. | ||
