By Coleman                                      H.B. No. 2412

      75R6378 CAG-F                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

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

 1-3     University of Houston--Downtown.

 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 55.1735 to read as follows:

 1-7           Sec. 55.1735.  THE UNIVERSITY OF HOUSTON SYSTEM.  (a)  In

 1-8     addition to the other authority granted by this subchapter, the

 1-9     board of regents of the University of Houston System may acquire,

1-10     purchase, construct, improve, renovate, enlarge, or equip property,

1-11     buildings, structures, facilities, roads, or related infrastructure

1-12     for the University of Houston--Downtown to be financed by the

1-13     issuance of bonds in accordance with this subchapter and in

1-14     accordance with a systemwide revenue financing program adopted by

1-15     the board in an aggregate principal amount not to exceed $8.2

1-16     million.

1-17           (b)  The board may pledge irrevocably to the payment of those

1-18     bonds all or any part of the revenue funds of an institution,

1-19     branch, or entity of the University of Houston System, including

1-20     student tuition charges required or authorized by law to be imposed

1-21     on students enrolled at an institution, branch, or entity of the

1-22     University of Houston System.  The amount of a pledge made under

1-23     this subsection may not be reduced or abrogated while the bonds for

1-24     which the pledge is made, or bonds issued to refund those bonds,

 2-1     are outstanding.

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

 2-3     meet its obligations under this section, the board may transfer

 2-4     funds among institutions, branches, and entities of the University

 2-5     of Houston System to ensure the most equitable and efficient

 2-6     allocation of available resources for each institution, branch, or

 2-7     entity to carry out its duties and purposes.

 2-8           SECTION 2.  The importance of this legislation and the

 2-9     crowded condition of the calendars in both houses create an

2-10     emergency and an imperative public necessity that the

2-11     constitutional rule requiring bills to be read on three several

2-12     days in each house be suspended, and this rule is hereby suspended,

2-13     and that this Act take effect and be in force from and after its

2-14     passage, and it is so enacted.