Bill Text: TX SB19 | 2013 | 83rd Legislature 2nd Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds to fund capital projects for the Texas Tech University Health Sciences Center at El Paso.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-07-03 - Filed [SB19 Detail]
Download: Texas-2013-SB19-Introduced.html
| 83S20076 KEL-D | ||
| By: Rodriguez | S.B. No. 19 | |
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| relating to authorizing the issuance of revenue bonds to fund | ||
| capital projects for the Texas Tech University Health Sciences | ||
| Center at El Paso. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1789 to read as follows: | ||
| Sec. 55.1789. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted by this | ||
| subchapter, the board of regents of the Texas Tech University | ||
| System may acquire, purchase, construct, improve, renovate, | ||
| enlarge, or equip property and facilities, including roads and | ||
| related infrastructure, for projects for the Texas Tech University | ||
| Health Sciences Center at El Paso, 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, not to exceed the following aggregate principal amounts | ||
| for the projects specified as follows: | ||
| (1) $89.1 million for the El Paso Medical Science | ||
| Building II; and | ||
| (2) $27 million for the El Paso Clinical Sciences | ||
| Building. | ||
| (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 of the Texas Tech University Health Sciences Center | ||
| at El Paso. | ||
| SECTION 2. This Act takes effect on the 91st day after the | ||
| last day of the legislative session. | ||
