Bill Text: TX SB325 | 2015-2016 | 84th Legislature | Introduced

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Bill Title: Relating to authorizing the issuance of revenue bonds to fund a college of business administration complex at The University of Texas at El Paso.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-02-02 - Referred to Higher Education [SB325 Detail]

Download: Texas-2015-SB325-Introduced.html

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84R3393 KEL-D
By: Rodríguez S.B. No. 325

A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund a
college of business administration complex at The University of
Texas 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 55.17823 to read as follows:
Sec. 55.17823. 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 a
college of business administration complex at The University of
Texas at El Paso 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 $94.5 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 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.
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.