By Junell                                       H.B. No. 1235

      75R5561 JSA-D                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to authorizing the issuance of revenue bonds for certain

 1-3     public institutions of higher education.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Subchapter B, Chapter 55, Education Code, is

 1-6     amended by adding Section 55.1719 to read as follows:

 1-7           Sec. 55.1719.  THE TEXAS A&M UNIVERSITY SYSTEM: ADDITIONAL

 1-8     BONDS.  (a)  In addition to the authority granted by Sections

 1-9     55.13, 55.14, 55.17, 55.171, 55.1711, 55.1712, 55.1713, and 55.19,

1-10     the board of regents of The Texas A&M University System may

1-11     acquire, purchase, construct, improve, renovate, enlarge, or equip

1-12     property, buildings, structures, facilities, roads, or related

1-13     infrastructure for Texas A&M International University to be

1-14     financed by the issuance of bonds in accordance with this

1-15     subchapter and in accordance with a systemwide revenue financing

1-16     program adopted by the board in aggregate principal amounts not to

1-17     exceed $5 million.

1-18           (b)  The board may pledge irrevocably to the payment of those

1-19     bonds all or any part of the revenue funds of an institution,

1-20     branch, or entity of The Texas A&M University System, including

1-21     student tuition charges required or authorized by law to be imposed

1-22     on students enrolled at an institution, branch, or entity of The

1-23     Texas A&M University System.  The amount of a pledge made under

1-24     this subsection may not be reduced or abrogated while the bonds for

 2-1     which the pledge is made, or bonds issued to refund those bonds,

 2-2     are outstanding.

 2-3           (c)  If sufficient funds are not available to the board to

 2-4     meet its obligations under this section, the board may transfer

 2-5     funds among institutions, branches, and entities of The Texas A&M

 2-6     University System to ensure the most equitable and efficient

 2-7     allocation of available resources for each institution, branch, or

 2-8     entity to carry out its constitutional and statutory duties and

 2-9     purposes.

2-10           SECTION 2.  The importance of this legislation and the

2-11     crowded condition of the calendars in both houses create an

2-12     emergency and an imperative public necessity that the

2-13     constitutional rule requiring bills to be read on three several

2-14     days in each house be suspended, and this rule is hereby suspended,

2-15     and that this Act take effect and be in force from and after its

2-16     passage, and it is so enacted.