Bill not drafted by TLC or Senate E&E.

      Line and page numbers may not match official copy.

         By:  Sibley, West                             S.B. No. 574

              Ogden, Ellis

                                A BILL TO BE ENTITLED

                                       AN ACT

 1-1     relating to tuition revenue bonds for certain institutions of

 1-2     higher education.

 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 55.1719 as follows:

 1-6           Section 55.1719.  The Texas A&M University System:  Tarleton

 1-7     State University and Prairie View A&M University.  (a)  In addition

 1-8     to the authority granted by Sections 55.13, 55.14, 55.17, 55.171,

 1-9     55.1711, 55.1712, 55.1713 and 55.19 of this code, the board of

1-10     regents of The Texas A&M University System may acquire, purchase,

1-11     construct, improve, renovate, enlarge, or equip property,

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

1-13     for the following institutions to be financed by the issuance of

1-14     bonds in accordance with this subchapter and in accordance with a

1-15     systemwide revenue financing program adopted by the board in

1-16     aggregate principal amounts not to exceed the following amounts:

1-17                 (1)  Tarleton State University, $15,000,000; and

1-18                 (2)  Prairie View A&M University, $15,000,000.

1-19           (b)  The board may pledge irrevocably to the payment of those

1-20     bonds all or any part of the revenue funds of an institution,

1-21     branch, or entity of The Texas A&M University System, including

1-22     student tuition charges required or authorized by law to be imposed

 2-1     on students enrolled at an institution, branch, or entity of The

 2-2     Texas A&M University System.  The amount of a pledge made under

 2-3     this subsection may not be reduced or abrogated while the bonds for

 2-4     which the pledge is made, or bonds issued to refund those bonds,

 2-5     are outstanding.

 2-6           (c)  If sufficient funds are not available to the board to

 2-7     meet its obligations under Subsections (a) and (b), above, the

 2-8     board may transfer funds among institutions, branches, and entities

 2-9     of The Texas A&M University System to ensure the most equitable and

2-10     efficient allocation of available resources for each institution,

2-11     branch, or entity to carry out its constitutional and statutory

2-12     duties and purposes.

2-13           SECTION 2.  The importance of this legislation and the

2-14     crowded conditions of the calendars in both houses create an

2-15     emergency and an imperative public necessity that the

2-16     constitutional rule requiring bills to be read on three several

2-17     days in each house be suspended, and this rule is hereby suspended.