Bill Text: TX SB5 | 2013 | 83rd Legislature 3rd Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for The University of Texas at Austin.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-07-30 - Filed [SB5 Detail]
Download: Texas-2013-SB5-Introduced.html
| By: Watson | S.B. No. 5 | |
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| relating to authorizing the issuance of revenue bonds for The | ||
| University of Texas at Austin. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1782 to read as follows: | ||
| 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 an engineering education and research center | ||
| for The University of Texas at Austin, 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 $95 million. | ||
| (b) The board may pledge irrevocably to the payment of bonds | ||
| authorized by Subsection (a) all or any part of the revenue funds of | ||
| an institution, branch, or entity of The University of Texas | ||
| System, including tuition charges required or authorized by law to | ||
| be imposed on students enrolled at an institution, branch, or | ||
| entity of The University of Texas System. 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 constitutional and statutory duties and | ||
| purposes. | ||
| SECTION 2. (a) If S.B. No. 215, 83rd Legislature, Regular | ||
| Session, 2013, does not become law, Subsection (e), Section | ||
| 61.0572, Education Code, is amended to read as follows: | ||
| (e) Approval of the board is not required to acquire real | ||
| property that is financed by bonds issued under Section 55.17(e)(3) | ||
| or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174, | ||
| 55.1742, 55.1743, 55.1744, 55.1751-55.17592, 55.1768, 55.1771, | ||
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| real property to be financed by bonds issued under those sections to | ||
| determine whether the property meets the standards adopted by the | ||
| board for cost, efficiency, and space use. If the property does not | ||
| meet those standards, the board shall notify the governor, the | ||
| lieutenant governor, the speaker of the house of representatives, | ||
| and the Legislative Budget Board. | ||
| (b) If S.B. No. 215, 83rd Legislature, Regular Session, | ||
| 2013, becomes law, this section has no effect. | ||
| SECTION 3. (a) If S.B. No. 215, 83rd Legislature, Regular | ||
| Session, 2013, does not become law, Subsection (b), Section 61.058, | ||
| Education Code, is amended to read as follows: | ||
| (b) This section does not apply to construction, repair, or | ||
| rehabilitation financed by bonds issued under Section 55.17(e)(3) | ||
| or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742, | ||
| 55.1743, 55.1744, 55.1751-55.17592, 55.1768, 55.1771, [ |
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| 55.17721, or 55.1782, except that the board shall review all | ||
| construction, repair, or rehabilitation to be financed by bonds | ||
| issued under those sections to determine whether the construction, | ||
| rehabilitation, or repair meets the standards adopted by board rule | ||
| for cost, efficiency, and space use. If the construction, | ||
| rehabilitation, or repair does not meet those standards, the board | ||
| shall notify the governor, the lieutenant governor, the speaker of | ||
| the house of representatives, and the Legislative Budget Board. | ||
| (b) If S.B. No. 215, 83rd Legislature, Regular Session, | ||
| 2013, becomes law, this section has no effect. | ||
| SECTION 4. 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 5. This Act takes effect October 1, 2013. | ||
