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House Bill 2805 |
House Author: Maldonado et al. |
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Effective: 6-19-09 |
Senate Sponsor: Ogden |
House Bill 2805 amends the Education Code to authorize a member institution of the East Williamson County Multi-Institution Teaching Center, a political subdivision, an entity created by a political subdivision, or a nonprofit corporation, individually or jointly, under the terms of a formal administration agreement, to issue bonds, notes, or other obligation to finance or refinance the acquisition, construction, renovation, enlargement, or equipping of physical facilities for the center's use. The bill authorizes such financing to be made through a long-term agreement with another member institution, political subdivision, or other entity described above, or through a guarantee of any bond, note, or other obligation but prohibits any such bond, note, obligation, long-term agreement, or guarantee from exceeding a term of 40 years. A bond, note, or other obligation issued or long-term agreement or guarantee made to finance such facilities is not subject to annual appropriation.
The bill authorizes a member institution or other entity described above to pledge irrevocably to the payment of bonds, notes, or other obligations issued or a long-term agreement or guarantee made under the above provisions, and to the extent permitted by law, all or any part of the available revenues, taxes, or any combination of revenues and taxes of the member institution or entity, but the amount of such a pledge may not be reduced or abrogated while any bonds, notes, or obligations for which the pledge is made, or any related refunding bonds, notes, or other obligations are outstanding. The bill authorizes an agreement providing for bonds, notes, or other obligations or a long-term agreement or guarantee under the above provisions to provide for a member institution or other related entity to have an ownership or other interest in the facilities to be financed in such manner or to participate in the facility's operation and authorizes a member institution or other entity to use a higher education facility authority for public or private schools to accomplish the purposes of these provisions.