Bill Text: TX SB629 | 2013-2014 | 83rd Legislature | Introduced

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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) 2013-02-25 - Referred to Finance [SB629 Detail]

Download: Texas-2013-SB629-Introduced.html

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83R8573 KEL-D
By: Watson S.B. No. 629

A BILL TO BE ENTITLED
AN ACT
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, buildings, structures, or other 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 $100
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. Section 61.0572(e), 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,
[or] 55.17721, or 55.1782, except that the board shall review all
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.
SECTION 3. Section 61.058(b), 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, [or]
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.
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 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, 2013.