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.