By:  Turner                                           S.B. No. 1541
                                 A BILL TO BE ENTITLED
                                        AN ACT
    1-1  relating to bonds issued by certain public institutions of higher
    1-2  education in this state.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Subchapter B, Chapter 55, Education Code, is
    1-5  amended by adding Section 55.173 as follows:
    1-6        Section 55.173 Prairie View A&M University.  (a)  In addition
    1-7  to the authority granted by Sections 55.13, 55.14, 55.17, 55.171,
    1-8  55.1711, 55.1712, 55.1713, and 55.19 of this code, the board of
    1-9  regents of The Texas A&M University System may acquire, purchase,
   1-10  construct, improve, renovate, enlarge, or equip property,
   1-11  buildings, structures, facilities, roads, or related infrastructure
   1-12  for Prairie View A&M University to be financed by the issuances of
   1-13  bonds in accordance with the subchapter and in accordance with a
   1-14  systemwide revenue financing program adopted by the board in
   1-15  aggregate principal amounts not to exceed $23 million.
   1-16        (b)  The board may pledge irrevocably to the payment of those
   1-17  bonds all or any part of the revenue funds of an institution,
   1-18  branch, or entity of The Texas A&M University System, including
   1-19  student tuition charges required or authorized by law to be imposed
   1-20  on students enrolled at an institution, branch, or entity of The
   1-21  Texas A&M University System.  The amount of pledge is made, or
   1-22  bonds issued to refund those bonds, are outstanding.
   1-23        (c)  If sufficient funds are not available to the board to
    2-1  meet its obligations under this section, the board may transfer
    2-2  funds among institutions, branches, and entities of The Texas A&M
    2-3  University System to ensure the most equitable and efficient
    2-4  allocation of available resources for each institution, branch, or
    2-5  entity to carry out its constitutional and statutory duties and
    2-6  purposes.
    2-7        SECTION 2.  EMERGENCY.  The importance of this legislation
    2-8  and the crowded condition of the calendars in both houses create an
    2-9  emergency and an imperative public necessity that the
   2-10  constitutional rule requiring bills to be read on three several
   2-11  days in each house be suspended, and this rule is hereby suspended.