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.