By Kamel H.B. No. 3202 74R9582 JSA-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the issuance of general obligation bonds to finance 1-3 classrooms at public institutions of higher education and to the 1-4 distribution and use of revenue from the sale of the bonds. 1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. Chapter 61, Education Code, is amended by adding 1-7 Subchapter Q to read as follows: 1-8 SUBCHAPTER Q. BONDS TO FINANCE CLASSROOMS 1-9 Sec. 61.841. ISSUANCE OF BONDS. (a) The board may issue 1-10 bonds in the amount authorized by Section 49-j, Article III, Texas 1-11 Constitution. 1-12 (b) The board shall issue the bonds in the manner provided 1-13 by general law. In issuing and administering bonds under this 1-14 subchapter, the board may exercise any power the board determines 1-15 appropriate that the board may exercise in connection with bonds 1-16 issued under Chapter 52. 1-17 Sec. 61.842. HIGHER EDUCATION CLASSROOM IMPROVEMENT FUND. 1-18 The board shall deposit all proceeds from the sale of bonds issued 1-19 under this subchapter to the credit of the higher education 1-20 classroom improvement fund to be maintained by the state treasurer 1-21 outside the state treasury. Money in the fund may be used only for 1-22 a purpose authorized for bond proceeds under Section 49-j, Article 1-23 III, Texas Constitution. 1-24 Sec. 61.843. DISTRIBUTION OF FUND. (a) The board by rule 2-1 shall adopt formulas or standards to determine the needs of 2-2 institutions of higher education for additional classrooms or 2-3 classroom buildings or for the improvement or maintenance of 2-4 existing classrooms or classroom buildings for which revenue is not 2-5 available from other sources. 2-6 (b) Each fiscal year in which money is available in the 2-7 higher education classroom improvement fund, the board shall 2-8 distribute all or part of that money as the board considers 2-9 appropriate to institutions of higher education in amounts that 2-10 fairly reflect the relative needs of each institution according to 2-11 the formulas or standards adopted under Subsection (a). 2-12 SECTION 2. This Act takes effect only if the constitutional 2-13 amendment proposed by the 74th Legislature, Regular Session, 1995, 2-14 authorizing the issuance of $150 million in general obligation 2-15 bonds to finance the acquisition, construction, improvement, and 2-16 maintenance of classrooms by public institutions of higher 2-17 education, is approved by the voters. If that proposed 2-18 constitutional amendment is not approved by the voters, this Act 2-19 has no effect. 2-20 SECTION 3. The importance of this legislation and the 2-21 crowded condition of the calendars in both houses create an 2-22 emergency and an imperative public necessity that the 2-23 constitutional rule requiring bills to be read on three several 2-24 days in each house be suspended, and this rule is hereby suspended, 2-25 and that this Act take effect and be in force from and after its 2-26 passage, and it is so enacted.