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A BILL TO BE ENTITLED
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AN ACT
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relating to authorizing the issuance of revenue bonds for capital |
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projects at The University of Texas of the Permian Basin. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 55, Education Code, is |
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amended by adding Section 55.1792 to read as follows: |
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Sec. 55.1792. THE UNIVERSITY OF TEXAS OF THE PERMIAN BASIN; |
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ADDITIONAL BONDS. (a) In addition to the other authority granted |
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under this subchapter, the board of regents of The University of |
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Texas System may acquire, purchase, construct, improve, renovate, |
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enlarge, or equip property and facilities, including roads and |
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related infrastructure, for The University of Texas of the Permian |
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Basin for renovation of the Mesa Building and campus |
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transformation, to be financed by the issuance of bonds in |
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accordance with a systemwide revenue financing program and secured |
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as provided by that program, in an aggregate principal amount not to |
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exceed $70 million. |
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(b) The board may pledge irrevocably to the payment of the |
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bonds authorized by this section all or any part of the revenue |
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funds of an institution, branch, or entity of The University of |
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Texas System, including student tuition charges. The amount of a |
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pledge made under this subsection may not be reduced or abrogated |
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while the bonds for which the pledge is made, or bonds issued to |
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refund those bonds, are outstanding. |
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(c) If sufficient funds are not available to the board to |
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meet its obligations under this section, the board may transfer |
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funds among institutions, branches, and entities of The University |
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of Texas System to ensure the most equitable and efficient |
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allocation of available resources for each institution, branch, or |
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entity to carry out its duties and purposes. |
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SECTION 2. This Act does not affect any authority or |
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restriction regarding the activities that a public institution of |
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higher education may conduct in connection with a facility financed |
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by bonds authorized by this Act. |
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SECTION 3. This Act takes effect on the 91st day after the |
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last day of the legislative session. |